Interim Management Statement

10 Dec 2009 09:53



NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 OCTOBER 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 31 October 2009	3 months %	6 months %	1 year %	3 years %	5 years %
NAV *
Basic	1,378p	4.8	10.0	6.3	(20.5)	10.5
Diluted	1,090p	5.9	11.2	8.1	(8.4)	35.4
Mid-market price	781.5p	(1.3)	15.4	21.2	(30.4)	4.9
Discount to diluted NAV *	28.3%
Standard & Poor’s 500 Composite Index **	629.8	6.6	6.7	4.5	(12.8)	2.4
Russell 2000 **	342.1	2.7	3.8	2.3	(14.9)	7.6
FTSE All-Share Index	2,584.6	9.8	18.9	18.4	(17.7)	12.5
US Dollar/Sterling exchange rate	1.6484	0.6	(11.2)	(2.0)	13.6	10.0

* Excluding retained revenue for the period.

** Sterling adjusted.

Material Events and Transactions During the Quarter

The Company was a party to the successful bid for Celsis International Plc during the quarter.

TEN LARGEST INVESTMENTS AT 31 OCTOBER 2009

		%
Castle Support Services Plc	UK Quoted on AIM	12.23
Oryx International Growth Fund Limited *	UK Listed	8.49
RPC Group	UK Listed	5.72
BBA Aviation Group Plc	UK Listed	5.14
Nationwide Accident Repair Services Plc	UK Quoted on AIM	4.33
Gleeson (M.J.) Group Plc	UK Listed	4.01
Norcliffe Investments Limited	UK Unquoted	4.00
Asset Co Limited Preference Shares	UK Unquoted	3.61
Trident Private Equity Fund II LP	Cayman Islands Unquoted	3.42
Bionostics Holdings Limited	USA Unquoted	3.41
% of total portfolio		54.36

* Incorporated in Guernsey

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2009

	United	United
	States	Kingdom	Europe	Total
	%	%	%	%
General Industrials	1.7	17.9		19.6
Investment Companies	0.6	16.0		16.6
Support Services	1.5	10.2	1.2	12.9
Real Estate		4.4	3.2	7.6
Health Care, Equipment & Services	0.8	6.7		7.5
Travel & Leisure		5.2		5.2
Industrial Transportation		5.1		5.1
Manufacturing	4.3	0.7		5.0
Construction & Materials		4.0		4.0
Industrial Engineering		3.9		3.9
Treasury Bills	3.4			3.4
Media		3.1		3.1
Communications		2.8		2.8
Technology Hardware & Equipment	1.2	0.6		1.8
Oil & Gas	0.7	0.5		1.2
General Financials	0.2			0.2
Food Producers		0.1		0.1
Total at 31 October 2009	14.4	81.2	4.4	100.0
Total at 31 January 2009	20.7	75.2	4.1

The financial information for the quarter ended 31 October 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

10 December 2009

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