Interim Management Statement

RNS Number : 2724D

Aberdeen Smaller Co's High Inc Tst

25 April 2013

 



Aberdeen Smaller Companies High Income Trust PLC

Interim Management Statement - 3 months to 31 March 2013

To the members of Aberdeen Smaller Companies High Income 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 January 2013 to 31 March 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 provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of small companies and UK fixed income securities.

Benchmark

FTSE SmallCap Index (ex Investment Companies) total return

Ten largest equity holdings at 31 March 2013
	%
Berendsen	3.3
Wilmington	3.2
Dechra Pharmaceuticals	3.0
Euromoney Institutional Investor	2.9
XP Power	2.9
Fenner	2.8
RPC	2.8
Interserve	2.7
Bellway	2.7
TT Electronics	2.6
Total	28.9
Source: Aberdeen Asset Managers Ltd
Ten largest fixed income holdings at 31 March 2013
	%
General Accident 8.875%	2.2
Aviva 8.75%	2.2
Balfour Beatty Cum Cnv 10.75%	2.2
Society of Lloyds 6.875% 17/11/25	1.9
Ecclesiastical Insurance 8.625%	1.4
National Westminster 5.9779% 29/01/49	1.4
Stagecoach 5.75% 16/12/16	1.3
Wales & West Utilities Finance 6.75% 17/12/36	1.1
Anglian Water Serv Finance 4.5% 22/02/26	1.0
Electricite De France 6%	1.0
Total	15.7
Source: Aberdeen Asset Managers Ltd
Total number of investments	52
Sector allocation
Sector	Trust
Industrials	38.6
Consumer Services	23.1
Financials	19.5
Consumer Goods	8.4
Basic Materials	4.8
Health Care	3.6
Technology	2.0
Total	100.0
Gearing
	%	Assets	£'000	%
		Equities	43,823	102.6
Equities*	2.6	Convertibles	1,139	2.7
Total**	21.8	Fixed Income	7,061	16.5
		Total investments	52,023	121.8
		Cash	688	1.6
		Other net assets	-	0.0
		Debt	(10,000)	(23.4)
		Net assets	42,711	100.0
Source: Aberdeen Asset Managers Ltd
*Expressed as a percentage of total equities held divided by Shareholders' funds.
**Expressed as a percentage of gross assets divided by Shareholders's funds.

Cumulative Performance as at 1 month 3 months 6 months 1 year 3 years 5 years 31/03/2013 Share Price 183.5 3.7 22.3 40.9 62.1 117.3 78.3 NAVA 192.4 2.9 15.6 22.8 34.1 77.3 43.0 FTSE Small Cap ex ICs 2.1 11.0 20.2 28.0 47.4 37.6 Discrete Performance 31/03/2013 31/03/2012 31/03/2011 31/03/2010 31/03/2009 Share Price 62.1 (7.6) 45.0 112.3 (61.4) NAVA 34.1 (0.4) 32.7 98.8 (59.4) FTSE Small Cap ex ICs 28.0 (0.1) 15.2 68.7 (44.6)

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 par.

Source: Aberdeen Asset Managers Limited, Factset, and Morningstar

^A Excluding current year revenue.

The Company issued its Annual Report for the year ended 31 December 2012 in March and held its Annual General Meeting on 17 April 2013. All resolutions were duly passed.

The Company has declared a first interim dividend of 1.55p per share in respect of the year to 31 December 2012 payable on 30 April 2013 to shareholders on the register at close of business on 12 April 2013.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 March 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.aberdeensmallercompanies.co.uk.

Please note that past performance is not necessarily a guide to the future and that 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 Aberdeen Smaller Companies High Income Trust PLC

Aberdeen Asset Management PLC, Secretary

25 April 2013

 

END

 

 

IMSKMGZDDKKGFZM