Interim Management Statement

15 Jun 2009 13:57



NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 APRIL 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   30 April 2009	3 months %	6 months %	1 year %	3 years %	5 years %
NAV *
Basic	1,256p	4.3	(2.9)	(18.3)	(25.6)	3.2
Diluted	983p	4.1	(2.3)	(15.2)	(12.4)	31.6
Mid-market price	677.0p	9.5	6.6	(31.9)	(35.1)	7.4
Discount to diluted NAV *	31.1%
Standard & Poor's 500 Composite Index **	590.8	3.5	(1.5)	(15.4)	(18.1)	(5.4)
Russell 2000 **	329.0	7.0	(1.1)	(9.0)	(21.8)	4.2
FTSE All-Share Index	2,173.1	4.5	(0.5)	(29.9)	(29.3)	(2.9)
US Dollar/Sterling exchange rate	1.4818	(2.8)	8.3	25.2	18.5	16.4

* Excluding retained revenue for the period.

** Sterling adjusted.

Material Events

There were no material events to report during the period under review.

Material Transactions

The Company was part of a consortium that made a successful bid for GNE Group Plc during the quarter. 

TEN LARGEST INVESTMENTS AT 30 APRIL 2009

		%
Hampton Trust Group	UK Unquoted	7.04
Oryx International Growth Fund Limited *	UK Listed	6.94
Castle Support Services PLC	UK Quoted on AIM	6.62
Nationwide Accident Repair Services PLC	UK Quoted on AIM	4.91
RPC Group PLC	UK Listed	4.77
Bionostics Holdings Ltd	USA Unquoted	3.64
Trident Private Equity II LP	Cayman Islands Unquoted	3.64
US Treasury Bills	US T Bills	3.60
Asset Co Limited Preference Shares	UK Unquoted	3.47
BBA Aviation Group PLC	UK Listed	3.39
% of total portfolio		48.02

 

* Incorporated in Guernsey

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 30 APRIL 2009

	United	United
	States	Kingdom	Europe	Total
	%	%	%	%
Support Services	12.9	9.8	1.2	23.9
General Industrials	1.8	11.4		13.2
Investment Companies	0.5	11.0		11.5
Real Estate		8.1	3.0	11.1
Health Care, Equipment & Services	0.6	6.4		7.0
Manufacturing	4.5	0.3		4.8
Industrial Engineering		4.7		4.7
Construction & Materials	1.5	2.7		4.2
Travel & Leisure		3.8		3.8
Treasury Bills	3.6			3.6
Industrial Transportation		3.4		3.4
Technology Hardware & Equipment	1.3	1.7		3.0
Communications		2.6		2.6
Oil & Gas	0.7	0.9		1.6
Media		1.3		1.3
General Financials	0.2			0.2
Food Producers		0.1		0.1
Total at 30 April 2009	27.6	68.2	4.2	100.0
Total at 31 January 2009	20.7	75.2	4.1

The financial information for the quarter ended 30 April 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

12 June 2009 

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