Interim Management Statement

RNS Number : 9139Z

F&C Capital & Income Inv Tst PLC

12 February 2014

 



F&C Capital and Income Investment Trust PLC

Interim Management Statement

For the three month period to 31 December 2013

Objective

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

Dividends

On 27 November 2013 in the announcement of the Audited Statement of Results for the year to 30 September 2013, the Directors declared a fourth interim dividend of 3.00 pence per share.  This was paid to shareholders on 31 December 2013.

The Board has declared a first interim dividend of 2.25 pence per share payable on 31 March 2014 to shareholders on the register on 28 February 2014. This represents an increase of 4.7% on last year's first interim dividend.

Performance summary

	At 31 December 2013	At 30 September 2013	% change
Net assets *	£235.9m	£195.1m	5.0%
Net asset value ("NAV") per share *	263.47p	251.40p	4.8%
Share price	271.00p	252.50p	7.3%
Premium to NAV per share	2.9%	1.6%	N/a
NAV per share total return - 3 month return	-	-	6.0%
FTSE All-Share Index - 3 month total return	-	-	5.5%
Net gearing	6.1%	3.8%	N/a

* Includes undistributed income

Three month review

Over the three months to 31 December, the Company's NAV per share total return was 6.0% outperforming the 5.5% total return of its benchmark's, the FTSE All-Share Index.  The share price rose 7.3% as the premium of 1.6% at 30 September 2013 increased to a premium of 2.9% at 31 December 2013.

The Company's level of borrowing within its £35m committed facility was maintained at £20m during the quarter. Net gearing increased over the period to 6.1% as cash balances were invested in equities.

150,000 ordinary shares were issued from the Company's general blocklisting authority during this period.  Since the period end the Company has issued a further 725,000 shares.

The Company did not purchase any of its own shares in the three months to 31 December 2013. 

The Board is not aware of any significant events or transactions which have occurred between 31 December 2013 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 31 December 2013	At 30 September 2013	Company	Percentage of total investments at   31 December 2013
1	1	HSBC	5.75
2	2	Royal Dutch Shell	5.57
3	3	GlaxoSmithKline	4.28
4	5	BP	4.01
5	4	Vodafone	3.94
6	7	Rio Tinto	3.33
7	-	Diageo	2.81
8	10	AstraZeneca	2.34
9	6	British American Tobacco	2.28
10	9	BAE systems	2.16
		Total	36.47

Investment portfolio by sector

	Percentage of total investments at 31 December 2013	Percentage of total  investments at 30 September 2013
Financials	30.2	31.1
Oil & gas	13.3	13.5
Utilities	2.2	2.4
Telecommunications	6.8	6.6
Consumer goods	10.0	7.8
Health care	7.4	7.4
Consumer services	9.1	9.9
Industrials	13.1	13.5
Basic materials	4.8	4.7
Technology	1.3	1.2
Convertibles	1.8	1.9

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

12 February 2014

 

END

 

 

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