18 Jun 2013 15:01
NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC
INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 MAY 2013
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 2013 to 31 May 2013, 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 2013 | 3 months % | 6 months % | 1 year % | 3 years % | 5 years % | |
Diluted NAV* | 1,749p | 1.6 | 8.7 | 22.7 | 43.5 | 50.0 |
Mid-market price | 1,440p | 3.3 | 17.6 | 55.7 | 70.8 | 41.9 |
Discount to diluted NAV * | 17.7% | |||||
Standard & Poor's 500 Composite Index ** | 1,073.0 | 7.4 | 21.3 | 26.2 | 43.2 | 51.9 |
Russell 2000 ** | 647.5 | 7.8 | 26.1 | 30.1 | 42.3 | 91.9 |
FTSE All-Share Index | 5,090.8 | 5.0 | 15.3 | 30.1 | 44.1 | 35.2 |
US Dollar/Sterling exchange rate | 1.5161 | 0.1 | 5.4 | 1.5 | (4.4) | 23.5 |
* Following the conversion of the Loan Stock, the performance is shown on the diluted NAV (excluding retained revenue for the period) only. The Board considers that this accurately reflects the underlying performance of the Company.
** Sterling adjusted.
Material Events and Transactions during the Period
During the period under review, the Company's Convertible Unsecured Loan Stock 2013 ("the Loan Stock") was all either converted voluntarily by the Loan Stockholders themselves, or was then compulsorily converted by the Trustee of the Loan Stock and subsequently sold with the proceeds from that sale then being distributed rateably to Stockholders. Following this, the Company no longer has any Loan Stock.
There have been no material transactions during the quarter ended 31 May 2013.
Transaction in Own Shares
There have been no transactions in the Company's own shares during the quarter ended 31 May 2013.
TEN LARGEST INVESTMENTS AT 31 MAY 2013 Percentage of Portfolio
Gleeson (MJ) Group | UK Listed | 11.0 |
US Treasury Bills | US Treasury Bills | 10.5 |
Oryx International Growth Fund Limited * | UK Listed | 9.6 |
Bionostics Holdings Limited | US Unquoted | 8.8 |
Trident Private Equity Fund III LLP | UK Unquoted | 7.8 |
Hampton Investment Properties Limited | UK Unquoted | 5.1 |
Celsis AG | US Unquoted | 4.7 |
Bioquell | UK Listed | 3.4 |
Guinness Peat Group ** | UK Listed | 3.4 |
AssetCo PLC | UK Listed | 3.3 |
% of total portfolio | 67.6 |
* incorporated in Guernsey
** incorporated in New Zealand
SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2013
United | United | Total | ||
States | Kingdom | Europe | % | |
% | % | % | ||
Investment Companies | 10.1 | 9.6 | 19.7 | |
Health Care, Equipment & Services | 0.2 | 11.1 | 11.3 | |
Construction & Materials | 11.0 | 11.0 | ||
Treasury Bills | 10.5 | 10.5 | ||
Manufacturing | 8.8 | 8.8 | ||
Real Estate | 7.5 | 0.4 | 7.9 | |
General Financials | 4.3 | 4.3 | ||
Support Services | 1.3 | 2.6 | 3.9 | |
Financial Services | 3.4 | 3.4 | ||
Industrial Engineering | 3.3 | 3.3 | ||
General Industrials | 1.2 | 1.5 | 2.7 | |
General Retailers | 2.7 | 2.7 | ||
Transportation | 2.6 | 2.6 | ||
Media | 0.5 | 1.8 | 2.3 | |
Travel & Leisure | 2.1 | 2.1 | ||
Oil & Gas Producers | 1.1 | 0.8 | 1.9 | |
Technology Hardware & Equipment | 1.6 | 1.6 | ||
The financial information for the period ended 31 May 2013 contained within this Interim Management Statement has not been audited.
By order of the Board
Bonita Guntrip
Company Secretary
18 June 2013
North Atl.smlr (NAS)