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19 Dec 2011 09:28
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 OCTOBER 2011
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 August 2011 to 31 October 2011, 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
Cumulative performance | ||||||
As at 31 October 2011 | 3 months % | 6 months % | 1 year % | 3 years % | 5 years % | |
NAV * | ||||||
Basic | 1,581p | (2.5) | (5.3) | 1.9 | 21.9 | (8.8) |
Diluted | 1,405p | (2.4) | (4.0) | 3.0 | 39.4 | 18.1 |
Mid-market price | 980p | (7.5) | (11.2) | (6.2) | 51.9 | (12.7) |
Discount to diluted NAV * | 30.3% | |||||
Standard & Poor's 500 Composite Index ** | 779.1 | (1.0) | (4.6) | (5.6) | 29.3 | 7.8 |
Russell 2000 ** | 460.7 | (5.1) | (11.1) | (5.0) | 37.8 | 14.6 |
FTSE All-Share Index | 2,860.9 | (5.5) | (9.3) | (2.6) | 31.0 | (8.9) |
US Dollar/Sterling exchange rate | 1.6141 | 1.7 | 3.2 | (1.0) | 0.1 | 15.4 |
* Excluding retained revenue for the period.
** Sterling adjusted.
Material Events and Transactions during the Period
There have been no material events or transactions during the quarter ended 31 October 2011.
Transaction in Own Shares
There have been no transactions of own shares during the quarter ended 31 October 2011.
TEN LARGEST INVESTMENTS AT 31 OCTOBER 2011
% of portfolio | ||
Bionostics Holdings Ltd | US Unquoted | 10.2 |
Oryx International Growth Fund Limited * | UK Listed | 9.6 |
RPC Group PLC | UK Listed | 7.7 |
Hampton Investment Properties Limited | UK Unquoted | 6.9 |
Guinness Peat Group | New Zealand Listed | 6.0 |
Trident Private Equity Fund III LP | UK Unquoted | 5.9 |
MJ Gleeson Group PLC | UK Listed | 5.5 |
BBA Aviation Group PLC | UK Listed | 5.1 |
Celsis AG | UK/Swiss Unquoted | 4.4 |
Nationwide Accident Repair Services PLC | UK Quoted on AIM | 4.2 |
% of total portfolio | 65.5 | |
* Incorporated in Guernsey
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2011
United | United | New | |||
States | Kingdom | Europe | Zealand | Total | |
% | % | % | % | % | |
Investment Companies | 18.8 | 18.8 | |||
Manufacturing | 10.2 | 0.5 | 10.7 | ||
General Industrials | 1.5 | 7.7 | 9.2 | ||
Real Estate | 8.6 | 0.5 | 9.1 | ||
Health Care, Equipment & Services | 5.1 | 3.5 | 8.6 | ||
Household Goods | 5.5 | 5.5 | |||
Pharmaceuticals & Biotechnology | 0.7 | 0.7 | |||
Support Services | 1.5 | 6.7 | 8.2 | ||
Industrial Transportation | 5.1 | 5.1 | |||
General Financials | 4.9 | 6.0 | 10.9 | ||
Software & Computer Services | 4.1 | 4.1 | |||
Industrial Engineering | 0.3 | 0.3 | |||
General Retailers | 3.3 | 3.3 | |||
Technology Hardware & Equipment | 1.4 | 1.0 | 2.4 | ||
Travel & Leisure | 0.7 | 0.7 | |||
Alternative Energy | 1.8 | 1.8 | |||
Oil & Gas Producers | 0.6 | 0.6 | |||
Total at 31 October 2011 | 29.4 | 64.1 | 0.5 | 6.0 | 100.0 |
Total at 31 January 2011 | 36.4 | 63.1 | 0.5 | - | 100.0 |
The financial information for the period ended 31 October 2011 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
19 December 2011
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