Last checked at 
20 Aug 2010 14:00
SVM UK Emerging Fund plcInterim Management Statement
This interim management statement covers the three month period from 1 April to 30 June 2010. It has been produced for the sole purpose of providing information to the Company's shareholders in accordance with the 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.
Investment Objective
SVM UK Emerging Fund's investment objective is long term capital growth from investments in smaller UK companies with a particular focus on the Alternative Investment Market (AIM)
BenchmarkFTSE AIM IndexDividend
The Fund does not pay a dividend.
Material Events
The Fund posted its Annual Report for the year to 31 March 2010 and Notice of Annual General Meeting to shareholders on 14 June 2010.
At the Annual General Meeting held on 16 July 2010, all of the resolutions put to shareholders were passed, including resolutions which allow the Company to:
1. repurchase up to 900,750 of its own shares, representing approximately 15% of the Fund's issued share capital;
2. allot new shares or reissue treasury shares up to an aggregate nominal amount of £300,000, representing approximately 100% of the Fund's issued share capital.
3. continue as an investment trust for a further five years.
Largest Investments as at 30 June 2010 Sector Analysis as at 30 June 2010
% % 1 Archipelago Resources 7.9 Basic Materials 52.22 Norseman Resources 7.7 Industrials 9.33 China Pub Company 7.6 Oil & Gas 10.04 Hydrodec 6.3 Consumer Goods 0.05 Symphony Environmental 5.9 Consumer Services 18.06 Kirkland Lake Gold 4.6 Healthcare 2.07 ToLuna 4.5 Telecoms 0.08 Mantle Diamonds 4.2 Technology 0.09 Borders & Southern Petroleum 3.7 Financials 7.410 Pan Pacific Aggregates 3.4 Utilities 1.1 -------- -------- Total 55.8 100.0 -------- --------Financial Position As at As at 30 Jun 31 Mar 2010 2010 (unaudited) (audited) £'000 £'000 Investments 3,597 3,848Net current assets 353 267 ---------- ----------Net assets 3,950 4,115 ---------- ---------- NAV per share 65.78p 68.53p Changes to Share Capital Issued As at 31 March 2010 6,005,000Ordinary shares bought back 0Ordinary shares issued 0
--------------As at 30 June 2010 6,005,000 --------------Performance 3 months 1 year 3 years Remit change (*) % % % % Share price 0.0 +6.4 -31.0 +96.1Net asset value -4.1 +21.1 -9.5 +104.5FTSE AIM Index -5.6 +26.3 -43.3 -23.3
* - investment remit changed September 2004
Source: SVM/Lipper Hindsight, capital return to 30/06/2010
Past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.
We are not aware of any significant events or transactions which have occurred between 30 June 2010 and the date of publication of this interim management statement which would have a material impact on the financial position of the Fund.
Further Information
Further information regarding the Fund, including monthly factsheets, annual and half yearly reports, can be found at the Manager's website at: www.svmonline.co.uk.
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