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20 Jun 2011 09:44
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 MAY 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 February 2011 to 31 May 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 May 2011 | 3 months% | 6 months % | 1 year % | 3 years % | 5 years % | |
NAV * | ||||||
Basic | 1,708p | 3.3 | 8.4 | 13.1 | 12.6 | 1.4 |
Diluted | 1,497p | 3.1 | 8.1 | 22.8 | 28.4 | 31.4 |
Mid-market price | 1,120p | (2.6) | 7.7 | 32.9 | 10.3 | 14.3 |
Discount to diluted NAV * | 25.2% | |||||
Standard & Poor's 500 Composite Index ** | 817.9 | 0.2 | 7.8 | 9.1 | 15.8 | 20.6 |
Russell 2000 ** | 515.7 | 1.8 | 10.4 | 13.3 | 36.6 | 34.0 |
FTSE All-Share Index | 3,121.1 | 0.5 | 9.1 | 16.8 | 1.3 | 7.0 |
US Dollar/Sterling exchange rate | 1.6448 | (1.2) | (5.7) | (13.1) | 17.0 | 12.2 |
* Excluding retained revenue for the period.
** Sterling adjusted.
Material Events and Transactions during the Period
There have been no major events or transactions to report however the Company has invested approximately £20 million in new investments during the period.
Transaction in Own Shares
On 25 March 2011, the Company announced that it had purchased 10,000 Ordinary shares of 5p each or cancellation representing approximately 0.07% of the issued share capital at a price of 1,080p per share.
On 1 April 2011, the Company announced that it had purchased 25,000 Ordinary shares of 5p each for cancellation representing approximately 0.18% of the issued share capital at a price of 1,095p per share.
On 5 April 2011, the Company announced that it had purchased 80,000 Ordinary shares of 5p each for cancellation representing approximately 0.57% of the issued share capital at a price of 1,095p per share.
Following the above transactions, the Company's issued share capital now consists of 13,942,252 ordinary shares with voting rights and there are 1,970,800 units of Convertible Unsecured Loan Stock 2013 outstanding.
TEN LARGEST INVESTMENTS AT 31 MAY 2011
% | ||
Oryx International Growth Fund Limited * | UK Listed | 9.3 |
RPC Group | UK Listed | 7.8 |
US Treasury Bills | US Treasury Bills | 6.7 |
Guinness Peat Group | New Zealand Listed | 6.4 |
Hampton Investment Properties, New | UK Unquoted | 6.2 |
Trident Private Equity Fund III LP | UK Unquoted | 6.1 |
Bionostics Holdings Ltd | US Unquoted | 5.3 |
BBA Aviation Group Plc | UK Listed | 5.3 |
Nationwide Accident Repair Services Plc | UK Quoted on AIM | 4.1 |
Interxion Holdings | US Listed | 3.7 |
% of total portfolio | 60.9 | |
* Incorporated in Guernsey
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2011
United | United | New | |||
States | Kingdom | Europe | Zealand | Total | |
% | % | % | % | % | |
Investment Companies | 19.0 | 19.0 | |||
Manufacturing | 9.1 | 0.5 | 9.6 | ||
General Industrials | 1.2 | 7.8 | 9.0 | ||
Real Estate | 7.6 | 0.5 | 8.1 | ||
Health Care, Equipment & Services | 4.3 | 3.2 | 7.5 | ||
Treasury Bills | 6.7 | 6.7 | |||
Media | 6.4 | 6.4 | |||
Support Services | 1.3 | 4.1 | 5.4 | ||
Industrial Transportation | 5.3 | 5.3 | |||
General Financials | 4.6 | 0.1 | 4.7 | ||
Business Services | 3.7 | 3.7 | |||
Construction & Materials | 3.3 | 3.3 | |||
Industrial Engineering | 3.2 | 3.2 | |||
General Retailers | 2.9 | 2.9 | |||
Technology Hardware & Equipment | 1.2 | 0.9 | 2.1 | ||
Travel & Leisure | 1.2 | 1.2 | |||
Energy | 1.1 | 1.1 | |||
Oil & Gas Producers | 0.8 | 0.8 | |||
Total at 31 May 2011 | 32.1 | 61.0 | 0.5 | 6.4 | 100.0 |
Total at 31 January 2011 | 36.4 | 63.1 | 0.5 | - | 100.0 |
The financial information for the period ended 31 May 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
20 June 2011
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