Interim Management Statement

RNS Number : 8731Q

Henderson Smaller Cos Inv Tst PLC

18 October 2013

HENDERSON GLOBAL INVESTORS

18 October 2013

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Interim Management Statement

Review of the period 1 June 2013 to 30 September 2013

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

In the period from 1 June 2013 to 30 September 2013 the net asset value per share (including current financial year revenue items and adjusting for the dividend of 6.5p per share) increased by 8.1% while the Company's benchmark increased by 8.6% on a total return basis. The Company has maintained a modest level of gearing. As at 30 September 2013 the Company had total borrowings of £34.9 million, representing gearing of 8.1%.

The share price at 30 September 2013 was 506.0p, giving the Company a market capitalisation of £378 million. During the period 1 June 2013 to 30 September 2013 there was no change in the issued share capital of the Company - the number of ordinary shares in issue is 74,701,796.

At 1 June 2013 the discount (share price to net asset value cum income with debt at fair value) was 15.15%. The discount has continued to narrow during the period and at 30 September 2013 was 11.74%.

A final dividend of 6.5p per share was approved at the Annual General Meeting held on 4 October 2013. The dividend was paid on 11 October 2013 to shareholders on the register on 20 September 2013.

The Board agreed a revision to the Company's accounting policy and, with effect from 1 June 2013, all investment management fees and finance costs are allocated 70% to the capital account and 30% to the revenue account.

There are no other material events or transactions to report.

Net Asset Value

As at close of business on 30 September 2013, 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 577.6p. 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 573.3p.

Performance

The Company's performance, on a total return basis, in the following periods to 30 September 2013 was as follows:

	1 Month	6 months	12 months
Net asset value per share	1.6%	11.1%	38.9%
Share price	2.9%	17.0%	50.6%
Benchmark*	2.8%	12.5%	34.4%

* 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 2013 were:

TAYLOR WIMPEY

BELLWAY

SPECTRIS

INFORMA

INTERSERVE

E2V TECHNOLOGIES

ASHTEAD

WS ATKINS

PARAGON

SENIOR

INTERMEDIATE CAPITAL

THOMAS COOK

VICTREX

HOWDEN JOINERY

LSL PROPERTY SERVICES

GRAINGER

ROTORK

NORTHGATE

PLAYTECH

DOMINO PRINTING

OXFORD INSTRUMENTS

These investments have a value of £197 million and represent 41.5% of the total portfolio valuation at 30 September 2013 of £474 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: 020 7818 4351

James de Sausmarez

Director and Head of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 3349

This information is provided by RNS

The company news service from the London Stock Exchange

END