Interim Management Statement

RNS Number : 3568F

North American Income Trust (The)

22 May 2013

 



The North American Income Trust plc - Interim management statement

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 February 2013 to 30 April 2013, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities.

Benchmark

S&P 500 Index

Material events and their impact on the Trust

At the Company's AGM on 22 May 2013, all resolutions were passed.

The Company will pay a final dividend of 13.0p per share to shareholders on 24 May 2013.  The ex-dividend date was 24 April 2013 and the register date was 26 April 2013.

Material transactions and their impact on the Trust's financial position

Over the three month period to 30 April 2013 the Company's net asset value rose 12.2% on a total return basis compared to a rose of 9.2% in the S&P 500 Index. 

For latest NAV and share price information, please refer to the Trust's website, www.northamericanincome.co.uk.

Cumulative performance (%)

	As at 30/04/13	3 months	1 year	3 years	5 years
Total return
Share price	835.0	14.9	25.1	42.0	61.5
NAV	835.2	12.2	19.9	36.6	57.1
S&P 500 Index		9.2	22.0	41.2	64.0

Discrete performance (%)

Year ending	30 April 2013	30 April 2012	30 April 2011	30 April 2010	30 April 2009
Total return
Share price	25.1	7.8	5.3	32.9	-14.4
NAV	19.9	6.4	7.1	33.7	-14.0
S&P 500 Index	22.0	7.6	7.6	34.4	-13.5

Total return; NAV to NAV, net income reinvested, GBP.  Share price total return is on a mid to mid basis

Dividend calculations are to reinvest as at the ex-dividend date.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

¹excluding income

The investment objective of the Company changed on 29 May 2012, with the Company moving to an objective "to provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominately of S&P 500 US equities" from its previous objective "to invest in a portfolio designed to track closely the S&P 500 Index, both in terms of capital and income." The performance figures shown, therefore, reflect periods of time when the Company ran with these 2 different objectives.

Ten largest equity holdings as at 30 April 2013

	%
Microsoft	4.2
Johnson & Johnson	3.8
CMS Energy	3.3
Verizon Communications	3.3
Telus	3.2
Chevron	3.1
Paychex	3.1
Intel	3.0
ConocoPhillips	2.9
Kraft Foods	2.9
Total	32.8
Total number of investments	58

Sector allocation at 30 April 2013

	%
Consumer Staples	18.5
Financials	15.5
Information Technology	14.3
Energy	11.2
Health Care	9.8
Telecommunication Services	8.8
Industrials	6.8
Materials	6.3
Utilities	4.9
Consumer Discretionary	3.9
Total	100.0

Geographical breakdown at 30 April 2013

	%
USA	87.9
Canada	10.6
Cash	1.5
Total	100.0

Assets at 30 April 2013

	%
Investments	£263.5m
Net current assets	£14.8m
Total assets¹	£278.3m
Debt	£15.4m
No of shares in issue	31,478,582
Net asset value	835.2p
Discount	0.0%

(¹ Excluding current year revenue)

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 and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

For The North American Income Trust plc                                                     22 May 2013

Aberdeen Asset Management PLC, Secretary

 

END

 

 

IMSZLLFLXEFFBBZ