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15 Jun 2009 13:57
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 APRIL 2009
Investment Objective
The objective of North Atlantic Smaller Companies Investment Trust PLC ("the Company") is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.
Financial Highlights
|
Cumulative performance |
||||||
|
As at 30 April 2009 |
3 months % |
6 months % |
1 year % |
3 years % |
5 years % |
|
|
NAV * |
||||||
|
Basic |
1,256p |
4.3 |
(2.9) |
(18.3) |
(25.6) |
3.2 |
|
Diluted |
983p |
4.1 |
(2.3) |
(15.2) |
(12.4) |
31.6 |
|
Mid-market price |
677.0p |
9.5 |
6.6 |
(31.9) |
(35.1) |
7.4 |
|
Discount to diluted NAV * |
31.1% |
|||||
|
Standard & Poor's 500 Composite Index ** |
590.8 |
3.5 |
(1.5) |
(15.4) |
(18.1) |
(5.4) |
|
Russell 2000 ** |
329.0 |
7.0 |
(1.1) |
(9.0) |
(21.8) |
4.2 |
|
FTSE All-Share Index |
2,173.1 |
4.5 |
(0.5) |
(29.9) |
(29.3) |
(2.9) |
|
US Dollar/Sterling exchange rate |
1.4818 |
(2.8) |
8.3 |
25.2 |
18.5 |
16.4 |
* Excluding retained revenue for the period.
** Sterling adjusted.
Material Events
There were no material events to report during the period under review.
Material Transactions
The Company was part of a consortium that made a successful bid for GNE Group Plc during the quarter.
TEN LARGEST INVESTMENTS AT 30 APRIL 2009
|
|
%
|
|
|
|
|
|
|
Hampton Trust Group
|
UK Unquoted
|
7.04
|
|
Oryx International Growth Fund Limited *
|
UK Listed
|
6.94
|
|
Castle Support Services PLC
|
UK Quoted on AIM
|
6.62
|
|
Nationwide Accident Repair Services PLC
|
UK Quoted on AIM
|
4.91
|
|
RPC Group PLC
|
UK Listed
|
4.77
|
|
Bionostics Holdings Ltd
|
USA Unquoted
|
3.64
|
|
Trident Private Equity II LP
|
Cayman Islands Unquoted
|
3.64
|
|
US Treasury Bills
|
US T Bills
|
3.60
|
|
Asset Co Limited Preference Shares
|
UK Unquoted
|
3.47
|
|
BBA Aviation Group PLC
|
UK Listed
|
3.39
|
|
|
|
|
|
% of total portfolio
|
|
48.02
|
|
|
|
|
* Incorporated in Guernsey
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 30 APRIL 2009
|
United |
United |
|||
|
States |
Kingdom |
Europe |
Total |
|
|
% |
% |
% |
% |
|
|
Support Services |
12.9 |
9.8 |
1.2 |
23.9 |
|
General Industrials |
1.8 |
11.4 |
13.2 |
|
|
Investment Companies |
0.5 |
11.0 |
11.5 |
|
|
Real Estate |
8.1 |
3.0 |
11.1 |
|
|
Health Care, Equipment & Services |
0.6 |
6.4 |
7.0 |
|
|
Manufacturing |
4.5 |
0.3 |
4.8 |
|
|
Industrial Engineering |
4.7 |
4.7 |
||
|
Construction & Materials |
1.5 |
2.7 |
4.2 |
|
|
Travel & Leisure |
3.8 |
3.8 |
||
|
Treasury Bills |
3.6 |
3.6 |
||
|
Industrial Transportation |
3.4 |
3.4 |
||
|
Technology Hardware & Equipment |
1.3 |
1.7 |
3.0 |
|
|
Communications |
2.6 |
2.6 |
||
|
Oil & Gas |
0.7 |
0.9 |
1.6 |
|
|
Media |
1.3 |
1.3 |
||
|
General Financials |
0.2 |
0.2 |
||
|
Food Producers |
0.1 |
0.1 |
||
|
Total at 30 April 2009 |
27.6 |
68.2 |
4.2 |
100.0 |
|
Total at 31 January 2009 |
20.7 |
75.2 |
4.1 |
The financial information for the quarter ended 30 April 2009 contained within this Interim Management Statement has not been audited.
By order of the Board
Bonita Guntrip for and on behalf of
J O Hambro Capital Management Limited as Company Secretary
12 June 2009
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