23 Aug 2013 14:16
Dunedin Smaller Companies Investment Trust PLC
Interim Management Statement - 3 months ended 31 July 2013
To the members of Dunedin Smaller Companies Investment Trust PLC
This interim management statement has been produced solely to provide additional information to shareholders as a body to meet 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 May 2013 to 31 July 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
To achieve long term growth from a portfolio of smaller companies in the United Kingdom.
Benchmark
FTSE SmallCap Index (excluding Investment Companies).
Material events
The Half Yearly Report for the six months ended 30 April 2013 was posted to shareholders on 27 June 2013.
An interim dividend of 2.05p per ordinary share for the year ending 31 October 2013 was paid on 26 July 2013 to shareholders on the register on 5 July 2013. The ex-dividend date was 3 July 2013.
Material transactions
There were no share transactions during the 3 month period ended July 2013. As at the date of this IMS, the Company's issued ordinary share capital is 47,857,317.
For latest NAV and share price information, please refer to the Company's website, www.dunedinsmaller.co.uk.
Ten largest equity holdings at 31 July 2013
% | |
RPC | 4.4 |
Fenner | 4.0 |
Wilmington | 3.8 |
XP Power | 3.6 |
Euromoney Institutional Investor | 3.5 |
Dechra Pharmaceuticals | 3.1 |
Elementis | 3.1 |
Rathbone Brothers | 3.1 |
Bellway | 3.0 |
Helical | 2.9 |
Total | 34.5 |
Sector allocation as at 31 July 2013
% | |
Industrials | 42.0 |
Consumer Services | 22.0 |
Financials | 12.7 |
Consumer Goods | 9.7 |
Basic Materials | 4.9 |
Technology | 4.2 |
Health Care | 3.1 |
Cash | 1.4 |
Total | 100.0 |
General description of Company's financial position and performance as at 31 July 2013
£m | |
Cash | 1.7 |
Debt | 5.0 |
Investments | 102.9 |
Gross Assets | 104.6 |
Net Assets | 99.6 |
Actual gearing* | 3.3% |
* Actual gearing is expressed as a percentage of investments divided by net assets
Cumulative Performance | |||||||
as at | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | |
31/07/2013 | % | % | % | % | % | % | |
Share Price | 203.5p | 9.1 | 8.3 | 14.1 | 59.1 | 99.3 | 145.5 |
NAVA | 208.1p | 7.3 | 8.9 | 17.1 | 38.7 | 73.4 | 106.6 |
FTSE SmallCap ex IC | 7.9 | 11.3 | 17.5 | 48.5 | 68.8 | 73.6 | |
Discrete Performance % | |||||
One Year Ending: | 31/07/2013 | 31/07/2012 | 31/07/2011 | 31/07/2010 | 31/07/2009 |
Share Price | 59.1 | -12.6 | 43.3 | 39.9 | -12.0 |
NAVA | 38.7 | -1.5 | 26.9 | 36.5 | -12.7 |
FTSE SmallCap ex IC | 48.5 | -6.2 | 21.1 | 15.6 | -11.0 |
Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.
Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.
AIncluding current year revenue.
Source: Aberdeen Asset Managers Limited, Lipper and Morningstar
The Board is not aware of any significant events or transactions which have occurred between 31 July 2013 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.dunedinsmaller.co.uk.
Please note that past performance is not necessarily a guide to the future and 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.
For Dunedin Smaller Companies Investment Trust PLC
Aberdeen Asset Management PLC, Secretary
23 August 2013
Dunedin Smaller Cos. Investment Trust PLC (DNDL)