Interim Management Statement

RNS Number : 7832R

North American Income Trust (The)

22 November 2012

 



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 August 2012 to 21 November 2012, 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

The Company paid an interim dividend of 6.50p to shareholders on 26 October 2012.  The ex-dividend date was 26 September 2011 and the register date was 28 September 2012. 

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

Over the three month period to 31 October 2012 the Company's net asset value fell 1.6% compared to a rise of 0.1% in the S&P 500 Index.  The Company has not bought back shares during the period 1 August 2012 to 21 November 2012.  The Company implemented a £30 million facility on 14 October 2012 of which £15 million had been drawn down at 21 November 2012.  The maximum gearing limit is 20 per cent. of its net assets.

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

Cumulative performance (%)

	as at	3 months	6 months	1 year	3 years	5 years
	31/10/2012
Share Price	688.0p	1.1	1.5	15.0	44.0	27.9
NAV	713.6p	(1.6)	0.9	11.9	42.5	25.2
S&P 500		0.1	3.0	15.4	48.4	31.3

Discrete Performance

	31/10/2012	31/10/2011	31/10/2010	31/10/2009	31/10/2008
Share Price	15.0	5.3	19.0	7.2	(17.2)
NAV¹	11.9	6.7	19.4	7.1	(17.9)
S&P 500	15.4	7.1	20.1	7.6	(17.8)
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 at 31 October 2012

	%
Johnson & Johnson	3.5
Telus	3.2
Chevron	3.1
Verizon Communications	3.0
CMS Energy	3.0
Kellogg Company	2.7
ConocoPhillips	2.6
Microsoft	2.6
Transcanada	2.6
Philip Morris	2.6
Total	28.9

Sector allocation at 31 October 2012

	%
Consumer Staples	21.2
Financials	15.1
Energy	12.1
Information Technology	10.4
Health Care	9.6
Telecommunication Services	8.0
Industrials	7.5
Consumer Discretionary	5.7
Utilities	5.3
Materials	5.1
Total	100.0

Assets at 31 October 2012

Investments	£224.3m
Cash	£0.3m
Total assets¹	£224.6m
No of shares in issue	31,478,582
Net asset value	713.6p
Discount	6.2%

(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

Aberdeen Asset Management PLC, Secretary

 

END

 

 

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