Interim Management Statement

RNS Number : 1424P

Henderson Smaller Cos Inv Tst PLC

19 October 2012

 



HENDERSON GLOBAL INVESTORS

19 October 2012                                         

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2012

The objective of The Henderson Smaller Companies Investment Trust plc is to maximise shareholders' total returns by investing mainly in smaller companies that are quoted in the United Kingdom.  The benchmark is the Numis Smaller Companies Index (excluding investment companies).  The Manager is Henderson Global Investors Limited.  Information about the Company can be found on the Manager's website www.itshenderson.com or www.hendersonsmallercompanies.com

Interim review for the period beginning 1 June 2012 to 30 September 2012

In the period from 1 June 2012 to 30 September 2012 the net asset value per share (including current financial year revenue items and adjusting for the dividend of 5.50p per share, which was paid to shareholders on 12 October 2012) increased by 15.0% while the Company's benchmark increased by 12.6% on a total return basis.  The Company has maintained a modest level of gearing.  As at 30 September 2012 the Company had total borrowings of £22.5 million, representing gearing of 7.1%.

The share price at 30 September 2012 was 340.25p, giving the Company a market capitalisation of £254.2 million. Since 1 June 2012 the Company has bought back 40,000 ordinary shares at an average price of 316.4p per share and an average discount of 23%. The number of ordinary shares in issue is currently 74,701,796. 

A final dividend of 5.50p per share, was approved at the Annual General Meeting held on 5 October 2012 and was paid on 12 October 2012 to shareholders on the register on 21 September 2012.

There are no other material events or transactions to report.

Net Asset Value

As at close of business on 30 September 2012, the unaudited net asset value per share, calculated in accordance with the AIC (Association of Investment Companies) formula, including current financial year revenue items, was 423.7p.  The unaudited net asset value per share, including current financial year revenue items but calculated by valuing the Company's debenture stock at market value, was 417.6p. 

Performance

The Company's performance, on a total return basis, in the following periods to 30 September 2012 was as follows:

	1 Month	6 months	12 months
Net asset value per share	3.8%	7.9%	36.8%
Share price	6.3%	8.4%	33.3%
Benchmark*	4.0%	3.4%	23.7%

* The benchmark is the Numis Smaller Companies Index (excl. investment companies).

Source: All total return figures are sourced from FundData

Largest Investments

The top twenty holdings as at 30 September 2012 were:

SPECTRIS

OXFORD INSTRUMENTS

INFORMA

E2V TECHNOLOGIES

BELLWAY

TAYLOR WIMPEY

MELROSE

VICTREX

SENIOR

INTERSERVE

ASHTEAD GRP

ATKINS (WS)

INTERMEDIATE CAP GRP

AZ ELECTRONIC MATERIALS

DOMINO PRINTING

PARAGON GRP COMPANIES

ROTORK

ANITE

PREMIER OIL

RENISHAW

These investments represent 42.9% of the total portfolio valuation at 30 September 2012

of £339.0 million.

ENDS

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

For further information, please contact:

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc

Telephone: [phone]                                                    

James de Sausmarez

Head of Investment Trusts                                                    

Henderson Global Investors                                                  

Telephone: [phone]

 

END

 

 

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