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22 Jun 2010 16:16
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 May 2010
To the members of North Atlantic Smaller Companies Investment Trust PLC
This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 February 2010 to 31 May 2010, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.
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
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Cumulative performance |
|||||
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As at 31 May 2010 |
3 months % |
6 months % |
1 year % |
3 years % |
5 years % |
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NAV * |
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|
|
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|
Basic |
1,508p |
1.1 |
8.7 |
22.0 |
(21.5) |
8.7 |
|
Diluted |
1,215p |
3.3 |
10.8 |
25.6 |
(8.5) |
36.0 |
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Mid-market price |
843.0p |
6.6 |
9.3 |
12.0 |
(32.7) |
5.2 |
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Discount to diluted NAV * |
30.6% |
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Standard & Poor's 500 Composite Index ** |
749.4 |
3.4 |
12.4 |
32.0 |
(3.1) |
14.3 |
|
Russell 2000 ** |
455.1 |
10.3 |
29.1 |
46.9 |
6.4 |
34.1 |
|
FTSE All-Share Index |
2,673.2 |
(2.3) |
0.9 |
18.7 |
(22.3) |
7.6 |
|
US Dollar/Sterling exchange rate |
1.4530 |
4.6 |
11.5 |
9.9 |
26.6 |
20.3 |
* Excluding retained revenue for the period.
** Sterling adjusted.
Material Events and Transactions
On 2 June 2010 the Board announced an agreed takeover offer of Castle Support Services Plc. Based on the net asset value as at 31 May 2010, the impact of the transaction on the Trust if successful will be to increase the net asset value by approximately 5%.
TEN LARGEST INVESTMENTS AT 31 MAY 2010
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% |
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Castle Support Services Plc |
UK Quoted on AIM |
11.27 |
|
Oryx International Growth Fund Limited * |
UK Listed |
7.68 |
|
Bionostics Holdings Ltd |
USA Unquoted |
5.58 |
|
US Treasury Bills |
US T Bills |
5.14 |
|
Bionostics Holdings Ltd Preference Shares |
USA Unquoted |
4.90 |
|
Inspired Gaming Group |
UK Quoted on AIM |
4.69 |
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BBA Aviation Group Plc |
UK Listed |
4.66 |
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RPC Group |
UK Listed |
4.46 |
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Nationwide Accident Repair Services Plc |
UK Quoted on AIM |
4.13 |
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Gleeson (M.J.) Group Plc |
UK Listed |
3.61 |
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% of total portfolio |
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56.12 |
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* Incorporated in Guernsey
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2010
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United |
United |
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States |
Kingdom |
Europe |
Total |
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|
% |
% |
% |
% |
|
General Industrials |
12.4 |
5.1 |
|
17.5 |
|
Investment Companies |
0.7 |
14.7 |
|
15.4 |
|
Support Services |
1.5 |
17.4 |
|
18.9 |
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Real Estate |
|
7.1 |
2.7 |
9.8 |
|
Health Care, Equipment & Services |
3.0 |
4.1 |
|
7.1 |
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Software & Computer Services |
1.4 |
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1.4 |
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Travel & Leisure |
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5.5 |
|
5.5 |
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Industrial Transportation |
|
4.7 |
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4.7 |
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Construction & Materials |
|
3.6 |
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3.6 |
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Industrial Engineering |
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3.2 |
|
3.2 |
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Treasury Bills |
5.1 |
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|
5.1 |
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Media |
|
2.7 |
|
2.7 |
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Communications |
|
2.9 |
|
2.9 |
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Technology Hardware & Equipment |
|
1.0 |
|
1.0 |
|
Oil & Gas |
|
0.9 |
|
0.9 |
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General Financials |
|
0.1 |
|
0.1 |
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Food Producers |
|
0.2 |
|
0.2 |
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Total at 31 May 2010 |
24.1 |
73.2 |
2.7 |
100.0 |
|
Total at 31 January 2010 |
11.3 |
85.3 |
3.4 |
100.0 |
The financial information for the period ended 31 May 2010 contained within this Interim Management Statement has not been audited.
By order of the Board
Mark Purnell for and on behalf of
J O Hambro Capital Management Limited as Company Secretary
22 June 2010
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