Interim Management Statement

RNS Number : 1032D

Henderson Smaller Cos Inv Tst PLC

25 March 2014

 



HENDERSON GLOBAL INVESTORS

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

25 March 2014

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Interim Management Statement

The objective of The Henderson Smaller Companies Investment Trust plc is to maximise shareholders' total returns by investing 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.hendersoninvestmenttrusts.com  or www.hendersonsmallercompanies.com .

Review of the period from 1 November 2013 to 28 February 2014

Between 1 December 2013 and 28 February 2014 the net asset value per share (including current financial year revenue items) increased by 11.73%, while the Company's benchmark increased by 9.55% on a total return basis.  The Company has maintained a modest level of gearing.  As at 28 February 2014 the Company had total borrowings of £46.2 million, representing gearing of 9.0%.

The share price at 28 February 2014 was 615.0p, giving the Company a market capitalisation of £459.4 million.  Since 30 November 2013 the Company has not bought back any of its ordinary shares.  The number of ordinary shares in issue is currently 74,701,796. 

The Company announced its results for the half year ended 30 November 2013 on 31 January 2014 and announced payment of an interim dividend of 3.0p which was paid on 7 March 2014.

There are no other material events or transactions to report.

Net Asset Value (NAV)

As at close of business on 28 February 2014, 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 680.2p.  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 675.4p. 

Performance

The Company's performance, on a total return basis, in the periods of one month, three months, one year and three years to 28 February 2014 was as follows:

	1 month	3 months	1 year	3 years
NAV per share	6.32	11.73	35.83	88.09
Share price	12.01	20.23	47.59	110.86
Benchmark*	5.13	9.55	32.19	69.28

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

Largest Investments

The top twenty holdings as at 28 February 2014 were:

	Company	Valuation £	% of portfolio
1.	Bellway	15,586,800	2.78
2.	Taylor Wimpey	14,687,500	2.62
3.	Spectris	13,267,800	2.37
4.	Paragon	12,793,750	2.29
5.	WS Atkins	11,856,000	2.12
6.	Interserve	11,715,850	2.09
7.	Informa	11,599,500	2.07
8.	e2v Technologies	11,480,426	2.05
9.	Howden Joinery	11,198,200	2.00
10.	Ashtead	11,169,000	1.99
11.	Grainger	11,048,710	1.97
12.	Thomas Cook	10,562,100	1.89
13.	Victrex	10,324,800	1.84
14.	Northgate	9,936,500	1.77
15.	Senior	9,922,200	1.77
16.	Intermediate Capital	9,452,100	1.69
17.	Oxford Instruments	9,088,839	1.62
18.	Domino Printing	8,599,841	1.54
19.	Playtech	8,175,000	1.46
20.	Restaurant Group	8,003,170	1.43
	Totals	220,468,086	39.36

For further information, please contact:

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc

Telephone: [phone]                                                

James de Sausmarez

Director and Head of Investment Trusts                            

Henderson Global Investors                                                

Telephone: [phone]

- ENDS -

 

END

 

 

IMSGMGZFGKFGDZM