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Foreign&Col Invest (FRCL)

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Tuesday 08 May, 2012

Foreign&Col Invest

Interim Management Statement

RNS Number : 8564C
Foreign & Col Invest Trust PLC
08 May 2012
 



Foreign & Colonial Investment Trust PLC

Interim management statement

For the three month period to 31 March 2012

 

Investment Objective

 

To secure long-term growth in capital and income through a policy of investing primarily in an internationally diversified portfolio of publicly listed equities, as well as unlisted securities and private equity, with the use of gearing.

 

 

 

 

Performance summary

 

 

31 March 2012

 

31 December 2011

 

Movement

 

 

 

 

Net asset value per share, with debt at market value

 

353.19p

322.86p

+9.39%

Share price

315.90p

288.50p

+9.50%

 

 

 

 

Discount with debt at market value

10.56%

10.64%

N/A

 

 

 

 

Effective gearing, with debt at par

14.4%

15.8%

N/A

 

(Source F&C Management Limited)

 

 

 

 

 

 

 

 

Total returns for the three months ended

31 March 2012

 

 

 

Net asset value, with debt at market value

 

 

9.69%

 

 

 

Share price

 

9.50%

 

 

 

Composite benchmark index

 

8.09%

 

 

           

 



Dividend policy

The final dividend for 2011 of 4.10 pence per share, giving a total for the year ended 31 December 2011 of 7.10 pence, will be paid on 11 May 2012 to shareholders on the register on 13 April 2012. The Board expects to be able to increase the total dividend for 2012.

 

Board changes

Sir Michael Bunbury and Sir David Clementi will retire from the Board immediately after the Annual General Meeting today.

 

Review of the first quarter

The NAV total return (with debt at market value) for the three months ended 31 March 2012 was 9.69% and the share price total return was 9.50%. This compares with 8.09% for the Company's benchmark (40% FTSE-All share and 60% FTSE WI World ex UK indices).

 

In the quarter there were private equity drawdown payments of £11.5m and distributions received of £15.6m. The private equity portfolio was valued at £417.4m, compared with £428.1m at 31 December 2011. This was due to distributions and exchange rate movements.  Our undrawn commitments decreased to £133m at 31 March 2012 (31 December 2011: £142m).  We made no new commitments to private equity funds.

 

Effective gearing (with debt at par value) decreased in the three months since 31 December 2011 from 15.8% to 14.4%. At 31 March short term borrowings were £125m and ¥ 6,665m (equivalent to £50.7m). On 23 April a new fixed rate 7 year loan of $80m and ¥ 6,600m equivalent to £100m was drawn down. This resulted in effective gearing of 15.0% on 30 April.

 

During the period, 5,803,000 shares were bought back for cancellation at a cost of £18.1 m. In April a further £3.4m has been spent buying back 1,105,000 shares, resulting in a total of 1.2% of the share capital being bought back in the year to date. The number of shares in issue at 30 April 2012 was 583,429,016.

 

The net outflow from the F&C savings schemes during the period was £8.4m compared with a net outflow of £5.4m in the first three months of 2011. The number of shareholders is now over 109,000.

 

 

 

Ten Largest Holdings

31 March 2012

31 December 2011

Company

Percentage of Gross assets

1

(3)

Pantheon Europe Fund V

2.4

2

(1)

Vodafone

2.4

3

(2)

Pantheon Europe Fund III

2.3

4

(4)

HarbourVest V Direct Fund

2.0

5

(6)

GlaxoSmithKline

1.9

6

(5)

Dover Street VII

1.8

7

(7)

BP

1.8

8

(8)

British American Tobacco

1.7

9

(10)

HSBC

1.7

10

(9)

HarbourVest Buyout VII Fund

1.5

 



 

Distribution of portfolio

Market

31 March 2012

Percentage of total investments

31 December 2011

Percentage of total investments

UK

33.2

34.0

North America

24.3

23.2

Private Equity

17.7

19.2

Emerging Markets

10.8

10.1

Europe ex UK

9.6

9.2

Japan

4.4

4.3

 

Further information regarding the Company, including a list of the Company's holdings can be found at www.foreignandcolonial.com.

 

The Board is not aware of any significant events or transactions that have occurred between 31 March 2012 and the date of publication of this statement, which would have a material impact on the financial position of the Company.

 

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

 

By order of the Board

F&C Management Limited - Secretary

8 May 2012


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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