Interim Management Statement

RNS Number : 4564I

Midas Income & Growth Trust PLC

11 March 2010

 



Midas Income & Growth Trust PLC

Unaudited Interim Management Statement - 3 months to 31 January 2010

To the shareholders of Midas Income & Growth Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 November 2009 to 31 January 2010, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

The Company seeks to achieve an absolute return with low volatility through investment in a multi- asset portfolio. This will be achieved by investing in a diverse portfolio comprising principally of UK equities and fixed interest securities, together with overseas equities, property, alternative assets and structured products.

The portfolio will ordinarily contain some 50 - 65 holdings, and targets a benchmark return of 8% per annum through a combination of high and growing income and additional capital growth. Investment will be made in a combination of direct holdings together with a range of other investment funds where more specialised management skills are necessary.

Benchmark

The Company does not compare its performance to an index, but has instead adopted a target benchmark of 8% per annum.

Material events

On 16 November 2009 the Company declared a second interim dividend of 1.63p per Ordinary share which was paid on 15 December 2009.

On 21 December 2009 the Company published its Half Yearly Report.

On 18 February 2010 the Company declared a third interim dividend of 1.63p per Ordinary share which will be payable on 19 March 2010 to Ordinary shareholders on the register on 25 February 2009.

For latest NAV and share price information please refer to the trust'swebsite, www.midascapital.co.uk.

Ten largest "direct equity" holdings at 31 January 2010

A J Bell Holdings Limited*	4.0%
BP plc	2.5%
Scottish & Southern Energy plc	2.1%
GlaxoSmithKline plc	2.0%
AstraZeneca plc	2.0%
National Grid plc	1.9%
William Hill plc	1.8%
Royal Dutch Shell B Shares plc	1.8%
Vodafone Group plc	1.7%
Standard Life plc	1.7%
Total	21.5%

*Unquoted Investment.

Ten largest "other" holdings as at 31 January 2010

Royal London Sterling Extra High Yield Bond Fund	3.5%
Blackrock Commodities Income Investment Trust	2.9%
Threadneedle Property Unit Trust	2.8%
Partners Group Global Opportunities	2.8%
City Merchants High Yield Trust	2.7%
Harewood US Enhanced Income Fund (Hedged)	2.7%
Acencia Debt Strategies	2.5%
Ignis Argonaut European Income Fund	2.2%
Bellway 9.5% Preference Share	2.1%
Ecclesiastical 8.625% Preference Shares	2.1%
Total	26.3%

General description of Company's financial position and performance as at 31 January 2010

Total Gross Assets*:	£51.8m
Debt:	£7.0m
Total Net Assets*:	£44.8m
Gearing:	15.6%
Undiluted Net Asset Value*:	117.6p
Fully Diluted NAV*:	116.8p
Mid-Market Share Price:	108.0p
Discount	(7.5%)
Warrants:	13.8p
Annual Management Fee Charged on Net Assets:	1.0%

* Excluding current period revenue

A performance fee is payable of 10% of any out performance of the benchmark of 8%. This is subject to a high water mark.

Cumulative performance (%)

	as at 31/01/10	3 months	6 months	1 year	2 year	3 year	19/08/2005 to Date
Share Price	108.0	5.1	17.9	25.7	-12.5	-25.3	-7.38
NAV	116.8	5.1	15.0	27.6	-13.3	-17.3	-1.93
Index (8% p.a.)		1.9	3.9	8.0	16.6	26.0	40.9

Discrete performance (%)

	31/01/2010	31/01/2009	31/01/2008	31/01/2007
Share Price	25.7	-30.4	-14.7	13.4
NAV	27.6	-32.0	-4.6	11.4
Index (8% p.a.)	8.0	8.0	8.0	8.0

Total Return; NAV to NAV, Net Income Reinvested, GBP

Source: Aberdeen Asset Managers Limited, Fundamental Data and Russell Mellon

NAV returns based on NAVs excluding income and with debt valued at par

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back the amount they originally invested.

For Midas Income & Growth Trust PLC

Aberdeen Asset Management PLC, Secretary

11 March 2010

 

END

 

 

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