Interim Management Statement

RNS Number : 9336G

Acorn Income Fund Ld

19 May 2011

 



ACORN INCOME FUND LIMITED (the "Company")

Interim Management Statement for the period 1 January 2011 to 19 May 2011.

Investment Objectives and Policy

The objectives of the Company are to provide shareholders with a high income and also the opportunity for capital growth.

The Company's portfolio is invested in equities and high income and fixed interest securities in order to achieve its investment objectives.  It is the aim of the Company to achieve its objectives predominantly through investment of approximately 70% of the portfolio in smaller capitalised United Kingdom companies admitted to the Official List of the United Kingdom Listing Authority and traded on the London Stock Exchange or traded on AIM; and by investing approximately 30% of its assets in high yielding securities which will be predominantly fixed interest securities (including corporate bonds, preference and permanent interest bearing shares, convertible and reverse convertible bonds and debentures) but may include up to 15% of the portfolio (measured at the time of acquisition) in high yielding investment company shares.

Financial Highlights

	31 December 2010	28 April 2011	% change or return
Ordinary share NAV	194.98p	225.52p	15.66%
Ordinary share mid price	167.00p	192.00p	14.97%
Total return on Gross Assets (adjusted for debt repayment)			15.13%
Hoare Govett Smaller Companies Index (ex Investment Companies) - total return	9,783.06	10,411.80	6.43%

Material Events and Transactions

There are no material events or transactions to report during the period.

Issued share capital of the Company at 19 May 2011:

Ordinary Shares:          8,724,790

Treasury Shares:            215,000

Dividends

The Company announced an interim dividend on 11 March 2011 of 1.75 pence per share, which was paid on 31 March 2011.  

Largest holdings (% of Gross Assets) as at 28 April 2011

Smaller Companies Portfolio
Devro plc	6.01%
RPC Group plc	5.99%
Diploma plc	5.58%
Renishaw plc	4.60%
James Halstead plc	4.42%
Castings plc	4.32%
Fenner plc	3.55%
VP plc	3.34%
Harvey Nash Group plc	3.13%
Lupus Capital plc	2.95%
Income  Portfolio
LBG Capital No.1 plc	1.39%
UK Gilt Treasury Stock	1.32%
Invesco Leveraged	1.16%
ICAP Group Holdings plc	1.00%
Greenwich Loan Income Fund ltd	0.99%
Aviva plc	0.88%
ING Bank NV	0.87%
Santander Issuances	0.85%
HSBC Holdings plc	0.77%
JP Morgan Chase	0.70%
Cash	4.50%

For further information contact:

Premier Fund Managers Limited

Investment Adviser

Tel: [phone]

Anson Fund Managers Limited

Secretary

Tel: [phone]

A copy of the document can be found at : http://www.anson-group.com/P8.pdf

19 May 2011

E&OE - in transmission

 

END

 

 

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