Interim Management Statement

RNS Number : 7489H

F&C Capital & Income Inv Tst PLC

16 July 2012

 



F&C Capital and Income Investment Trust PLC

Interim Management Statement

For the three month period to 30 June 2012

Objective

To secure long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies.

Dividends

The Board has declared a second interim dividend for 2012 of 2.05 pence per share paid on 29 June 2012 to shareholders on the register on 1 June 2012.

Performance summary

	At 30 June 2012	At 31 March 2012	% change
Net assets *	£192.38m	£191.99m	+0.2
Net asset value ("NAV") per share *	213.41p	220.21p	-3.1
FTSE All-Share Index - 3 month return	-	-	-3.7
Share price	216.25p	223.00p	-3.0
Premium to NAV per share	1.33%	5.66%	-
NAV per share total return - 3 month return	-	-	-2.2
FTSE All-Share Index - 3 month total return	-	-	-2.6
Effective gearing	0.4%	1.8%	-

* Includes undistributed income

Three month review

Over the three months to 30 June, the Company's NAV per share total return was -2.2% in comparison to a total return of -2.6% from its benchmark, the FTSE All-Share Index.  The share price fell 3.0% as the premium of 5.7% at 31 March 2012 decreased to a premium of 1.3% at 30 June 2012.

The Company's level of borrowing within its £20m committed facility has increased from £5m to €10m (equivalent to sterling borrowings of £8.1m) during the quarter.

During the three months to 30 June 2012 the Company issued shares 700,000 shares at a small premium to NAV to ensure there is no dilution for existing shareholders.

The Company did not purchase any of its own shares in the three months to 30 June 2012. 

Clare Dobie was appointed to the Board on 16 July 2012.

The Board is not aware of any significant events or transactions which have occurred between 30 June 2012 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Ten largest holdings

At 30 June 2012	At 31 March 2012	Company	Percentage of total investments at   30 June 2012
1	1	Vodafone	7.3
2	2	Royal Dutch Shell	5.4
3	4	GlaxoSmithKline	5.0
4	5	British American Tobacco	4.6
5	3	BP	4.5
6	6	HSBC	4.0
7	7	Scottish & Southern Energy	3.7
8	8	Rio Tinto	3.1
9	9	AstraZeneca	2.4
10	10	Standard Chartered	2.1
		Total	42.1

Investment portfolio by sector

	Percentage of total investments at 30 June 2012	Percentage of total  investments at 31 March 2012
Financials	19.3	20.5
Oil & gas	14.3	13.8
Industrials	12.7	11.5
Consumer goods	10.5	10.0
Telecommunications	9.5	8.8
Basic materials	8.9	10.3
Health care	8.2	7.2
Utilities	8.0	6.8
Consumer services	7.1	8.7
Technology	1.5	2.4

Daily and key information

Further information regarding the Company, including monthly factsheets and daily NAVs published since the end of the period, can be found on the internet at www.fandccit.com

Disclaimer

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

16 July 2012

 

END

 

 

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