Interim Management Statement

RNS Number : 2246U

North Atlantic Smlr Co Inv Tst PLC

19 December 2011

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 OCTOBER 2011

To the members of North Atlantic Smaller Companies Investment Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with 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 2011 to 31 October 2011, 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 objective of North Atlantic Smaller Companies Investment Trust PLC ("the Company") is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.

Financial Highlights

	Cumulative performance
	As at 31 October 2011	3 months %	6 months %	1 year %	3 years %	5 years %

NAV *
Basic	1,581p	(2.5)	(5.3)	1.9	21.9	(8.8)
Diluted	1,405p	(2.4)	(4.0)	3.0	39.4	18.1

Mid-market price	980p	(7.5)	(11.2)	(6.2)	51.9	(12.7)

Discount to diluted NAV *	30.3%

Standard & Poor's 500 Composite Index **	779.1	(1.0)	(4.6)	(5.6)	29.3	7.8
Russell 2000 **	460.7	(5.1)	(11.1)	(5.0)	37.8	14.6
FTSE All-Share Index	2,860.9	(5.5)	(9.3)	(2.6)	31.0	(8.9)
US Dollar/Sterling exchange rate	1.6141	1.7	3.2	(1.0)	0.1	15.4

* Excluding retained revenue for the period.

** Sterling adjusted.

Material Events and Transactions during the Period

There have been no material events or transactions during the quarter ended 31 October 2011.

Transaction in Own Shares

There have been no transactions of own shares during the quarter ended 31 October 2011.

TEN LARGEST INVESTMENTS AT 31 OCTOBER 2011

		% of portfolio

Bionostics Holdings Ltd	US Unquoted	10.2
Oryx International Growth Fund Limited *	UK Listed	9.6
RPC Group PLC	UK Listed	7.7
Hampton Investment Properties Limited	UK Unquoted	6.9
Guinness Peat Group	New Zealand Listed	6.0
Trident Private Equity Fund III LP	UK Unquoted	5.9
MJ Gleeson Group PLC	UK Listed	5.5
BBA Aviation Group PLC	UK Listed	5.1
Celsis AG	UK/Swiss Unquoted	4.4
Nationwide Accident Repair Services PLC	UK Quoted on AIM	4.2


% of total portfolio		65.5

* Incorporated in Guernsey

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2011

	United	United		New
	States	Kingdom	Europe	Zealand	Total
	%	%	%	%	%
Investment Companies		18.8			18.8
Manufacturing	10.2	0.5			10.7
General Industrials	1.5	7.7			9.2
Real Estate		8.6	0.5		9.1
Health Care, Equipment & Services	5.1	3.5			8.6
Household Goods		5.5			5.5
Pharmaceuticals & Biotechnology	0.7				0.7
Support Services	1.5	6.7			8.2
Industrial Transportation		5.1			5.1
General Financials	4.9			6.0	10.9
Software & Computer Services	4.1				4.1
Industrial Engineering		0.3			0.3
General Retailers		3.3			3.3
Technology Hardware & Equipment	1.4	1.0			2.4
Travel & Leisure		0.7			0.7
Alternative Energy		1.8			1.8
Oil & Gas Producers		0.6			0.6

Total at 31 October 2011	29.4	64.1	0.5	6.0	100.0
Total at 31 January 2011	36.4	63.1	0.5	-	100.0