Interim Management Statement

Majedie Investments PLC                            

Interim Management Statement

The Board of Majedie Investments PLC announces its second Interim Management
Statement for the year ending 30 September 2013, as required by the UK Listing
Authority's Disclosure and Transparency Rules. This Statement is in respect of
the period from 1 April 2013.


Description

Majedie Investments PLC is an investment trust listed on the London Stock
Exchange. The original company was established in 1910 and owned several rubber
estates in Malaysia. It evolved into an investment company and obtained
investment trust status in 1985.

The Company owns a significant stake in the asset management boutique, Majedie
Asset Management Limited, and in 2010, it established a new asset management
business, Javelin Capital LLP, to manage the Company's assets as well as
external funds.


Investment Objective

To maximise total shareholder return whilst increasing dividends by more than
the rate of inflation over the long term.


Key Facts at 30 June 2013

Share Price                                  172.0p
                                            
NAV per Share (debt at par)                  226.1p
                                            
Discount                                      23.9%
                                            
Dividend Yield (excluding special)             6.1%
                                            
Five Year Dividend Growth                     10.8%
                                            
Net Gearing                                   23.2%
                                            
Net Assets                                  £117.7m
                                            
Market Capitalisation                        £90.0m
                                            
Total Assets                                £151.5m
                                            
Sector                                Global Growth
                                            
Ticker                                      MAJE.LN



% Performance to 30 June 2013

Total Return            3 Months to 30                Fiscal Year 
                          June 2013                      2013     
                                                                  
Net Asset Value             -0.40%                        9.9%     
                                                                  
Share Price                 5.00%                        17.9%    
                                                                  
Core Portfolio               0.2%                        13.3%    



Balance Sheet at 30 June 2013

                  £ Mil  % Total  Notes                                        
                          Assets                                               
                                                                               
   Core Portfolio  73.9    49%    Long-only equity portfolio invested in       
                                  mainstream global stocks with a focus on     
                                  dividends. Its benchmark is 70% FTSE         
                                  All-Share & 30% FTSE World ex. UK Index      
                                  (sterling) on a total return basis.          
                                                                               
  Javelin Capital  31.2    20%    A UCITS absolute return, emerging markets    
 Emerging Markets                 equity market neutral fund.                  
       Alpha Fund                                                              
                                                                               
         Non Core  5.5      4%    Investments in private equity and listed     
        Portfolio                 equities with low liquidity. Also includes   
                                  cash held awaiting reinvestment.             
                                                                               
   Total Equities 110.7    73%                                                 
                                                                               
    Majedie Asset  38.3    25%    A 26.7% stake in an unlisted asset management
       Management                 company.                                     
                                                                               
  Javelin Capital  2.5      2%    75% stake in an unlisted asset management    
              LLP                 partnership.                                 
                                                                               
     Other Assets  0.0      0%                                                 
                                                                               
     Total Assets 151.5    100%                                                
                                                                               
       Debentures (33.8)                                                       
                                                                               
       Net Assets 117.7                                                        



Top Ten Investments at 30 June 2013

Majedie Asset Management                        25.3%
                                                 
Javelin Capital Emerging Markets Alpha  Fund    20.6%
                                                 
Royal Dutch Shell                                2.6%
                                                 
BP                                               1.9%
                                                 
HSBC                                             1.9%
                                                 
GlaxoSmithKline                                  1.7%
                                                 
Vodafone                                         1.5%
                                                 
Barclays                                         1.2%
                                                 
Rio Tinto                                        1.2%
                                                 
BHP Billiton                                     1.0%
                                                 
                                                58.8%
     
Figures are % of total assets                    



Regional Allocation in Core Portfolio at 30 June 2013

UK                 64.0%
                        
North America      19.0%
                        
Europe ex UK        9.0%
                        
Rest of World       7.0%
                        
Cash                1.0%



Sector Allocation in Core Portfolio at 30 June 2013

Basic Materials                   9%
                                    
Consumer Goods                   10%
                                    
Consumer Services                12%
                                    
Equity Investment Instruments     0%
                                    
Financials                       20%
                                    
Health Care                       9%
                                    
Industrials                      12%
                                    
Oil & Gas                        15%
                                    
Technology                        1%
                                    
Telecommunications                6%
                                    
Utilities                         5%
                                    
Cash                              1%



Material events or transactions

Equity markets were particularly volatile during Q2 2013. Following a strong
rally during April and the early part of May, fears concerning a tapering of
the QE programme in the United States and a liquidity crisis combined with
forecasts of a sharp slowdown in growth in the Chinese economy provoked a
global market sell-off over the next month before a rally began in the last
week of June. In the UK, from peak to trough the All-Share index fell by 11%
although for the calendar year to date at the end of the quarter it had still
risen by 9%. Within markets generally, mining stocks were again the worst
performers whilst more defensive areas such as telecoms, utilities and
healthcare proved resilient. Some of the relatively highly rated international
consumer stocks which had performed so robustly during Q1 2013 also ran into
profit taking and as a group underperformed their respective markets. In
sterling terms, the best performing of the international markets was again
Japan, which rose by 4.5%, followed by the United States which gained 2.9%.
Europe ex-UK was ahead by around 1% whilst the Pacific Rim markets were hardest
hit, falling by 7.4%. The All Share index in the UK fell overall by 1.7% with
the largest capitalization stocks being substantially the worst performing part
of the market.

Fixed interest markets were also unsettled during the period as in Europe fears
grew about the prospects for the Portuguese and Greek economies; as a
consequence, bond yields in many peripheral European markets rose strongly
before gaining a degree of stability later in June. Fears were also expressed
about Italy, one of the largest sovereign bond markets globally, where the
economy still appears mired in intractable recession. Gilts fell by 3.8% over
the quarter in the UK, one of the worst quarterly performances for some time.
However, indications that the new incoming Governor of the Bank of England was
reluctant to see interest rates rise in the short term provided a degree of
reassurance.

During the quarter the Company received a dividend from Majedie Asset
Management Limited of £1.1m and additionally sold a portion of its equity
holding, realising around £5.2m. Following a revaluation of the holding in
March, the valuation of the stake in MAM now stands at £38.3m. A substantial
proportion of the sum raised was reinvested back into falling equity markets
during June.

In Q3 2013, the Company's NAV and share price returned -0.4% and +5.0%
respectively. The Core Portfolio returned 0.2%, around 1.1% ahead of its
benchmark, with its performance mainly driven by utilities, media and
industrial stocks. The value of Company's investment in the Javelin Capital
Emerging Markets Alpha Fund fell by 1.3% over the quarter.

There have been no other material events or transactions that have taken place
between 31 March 2013 and the date of publication of this statement.


Disclaimer

This Interim Management Statement has been issued by MajedieInvestments PLC on
24 July 2013. The news, information, and data in this statement should not be
deemed as a financial promotion or recommendation. Majedie Investments PLC is
not authorised to give financial advice.