Interim Management Statement

RNS Number : 8825B

Aberdeen Smaller Co's High Inc Tst

23 April 2012

 



Aberdeen Smaller Companies High Income Trust PLC

Interim Management Statement - 3 months to 31 March 2012

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 2012 to 31 March 2012, 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 2012

	% of net assets
Oxford Instruments	3.2
Morgan Sindall	3.0
RPC	2.9
XP Power	2.8
Fenner	2.7
Bellway	2.6
Euromoney Institutional Investor	2.6
Melrose	2.4
Dechra Pharmaceuticals	2.4
Wilmington Group	2.4
Total	27.0
Total number of investments	53

Sector allocation as at 31 March 2012

	%
Industrials	47.7
Consumer Services	20.9
Financials	13.2
Consumer Goods	8.2
Basic Materials	5.0
Technology	1.9
Health Care	3.1
Total	100.0

General description of Company's financial position and performance as at 31 March 2011

	£m
Gross Assets	43.1
Net assets	33.1
Equity Gearing	1.2%
Total Gearing	27.2%

Cumulative performance (%)

	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/2012
Share Price	118.5	-5.3	13.6	12.5	-7.6	184.5	-39.2
NAV	149.1	-1.0	14.2	14.6	-0.4	162.8	-30.1
FTSE SmallCap ex IC		2.4	18.2	14.0	-0.1	94.1	-23.7

Discrete performance (%)

	31/03/2012	31/03/2011	31/03/2010	31/03/2009	31/03/2008
Share Price	-7.6	45.0	112.3	-61.4	-44.7
NAV A	-0.4	32.7	98.8	-59.4	-34.5
FTSE SmallCap ex IC	-0.1	15.2	68.7	-44.6	-29.0

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 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 2011 in March and held its Annual General Meeting on 18 April 2012. All resolutions were duly passed.

The Company has declared a first interim dividend of 1.50p per share in respect of the year to 31 December 2012 payable on 27 April 2012 to shareholders on the register at close of business on 10 April 2012.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 March 2012 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

23 April 2012

 

END

 

 

IMSZMGZDDFZGZZM