Interim Management Statement

RNS Number : 0822I

Mercantile Investment Trust(The)PLC

08 June 2011

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 30^th April 2011

This interim management statement relates to the quarter from 1^st February 2011 to 30^th April 2011 and contains information that covers that period, unless otherwise stated. 

Financial performance -  Cumulative Total Return *

	3 months	1 Year	3 Years	5 Years	10 Years
Share price	1.5%	20.3%	26.0%	24.0%	150.9%
Net asset value	2.6%	15.8%	24.3%	21.5%	137.3%
Benchmark	5.2%	18.6%	30.4%	34.5%	132.3%

* total return with net dividends reinvested

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Financial position

	As at 30th April 2011	As at 7th June 2011
Total assets	£1416.0m	£1406.9m
Share price	1107.0p	1090.0p
Net asset value per share	1237.0p	1231.1p
Discount	10.5%	11.5%
Gearing	108.9%	98.9%

Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Material events

At the Company's Annual General Meeting held on 18^th May 2011, all resolutions were passed, including special resolutions which allow the Company to allot new shares (up to 5%), disapply pre-emption rights and repurchase its own shares (up to 14.99%).  All Directors were re-elected.

Material transactions

Changes to share capital

	Issued Ordinary Shares of 25p
As at 31st January 2011	99,035,719
Shares bought back and cancelled	-
Shares issued	-
As at 30th April 2011	99,035,719

Payment of dividends

On 1^st February 2011 a third quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 7^th January 2011.

On 3^rd May 2011 a fourth quarterly dividend of 18.0p per share was paid to shareholders on the register as at the close of business on 15^th April 2011.

Portfolio

Top ten holdings as at 30^th April 2011:

Stock name	Sector	Weight %
Cable & Wireless Communications	Telecommunications	2.5
Jardine Lloyd Thompson	Financials	2.4
Persimmon	Consumer Goods	2.1
Cove Energy	Oil & Gas	2.1
Pennon	Utilities	2.1
Logica	Technology	1.8
Hiscox	Financials	1.7
Meggitt	Industrials	1.6
Mitchells & Butlers	Consumer Services	1.6
African Barrick Gold	Basic Materials	1.6

Sector analysis as at 30^th April 2011:

	Portfolio %
Financials	18.6
Industrials	14.2
Consumer Services	14.0
Consumer Goods	11.5
Basic Materials	9.7
Technology	6.4
Oil & Gas	5.7
Telecommunications	4.7
Utilities	3.8
Health Care	2.1
Cash	9.3
Total	100.00

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

8^th June 2011

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

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.

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

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.mercantileit.co.uk 

 

END

 

 

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