Interim Management Statement

RNS Number : 6164V

Scottish Mortgage Inv Tst PLC

16 January 2012

 



Scottish Mortgage Investment Trust PLC

Interim Management Statement - 3 Months to 31 December 2011

Scottish Mortgage is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns.

Review of the Period		¾  Over the 3 month period, the Company's net asset value total return was 0.6% and the share price total return was (4.4)%. The FTSE All-World Index in sterling terms (the benchmark) total return was 7.4%. ¾  Performance is judged on a five year rolling period. Over the five years to 31 December 2011 the net asset value total return was 21.5% and the share price total return was 24.8% compared to a total return of 18.2% in the FTSE All-World Index in sterling terms. ¾  The interim dividend of 6.2p per share was paid on 25 November 2011.
Top Twenty Holdings* (as a % of total assets)			31/12/11 %	30/09/11 %
		Amazon.com	7.8	9.8
		Baidu	7.7	7.1
		PPR	5.6	5.1
		Brazil CPI Linked 2045	5.4	5.2
		Atlas Copco	5.0	4.1
		Tencent Holdings	3.6	3.8
		Google	3.5	2.8
		Banco Santander	2.8	3.1
		Intuitive Surgical	2.7	2.1
		Vale (CVRD)	2.6	2.6
		Inditex	2.4	2.5
		Novozymes	2.1	2.0
		New Oriental Education & Technology	2.1	2.0
		Illumina	2.0	2.7
		salesforce.com	2.0	2.2
		ABB	2.0	1.8
		Deere	1.8	1.9
		KGHM	1.6	2.0
		Meggitt	1.4	1.4
		Rolls-Royce Group	1.4	1.1
Total			65.5	65.3

*      Meggitt and Rolls-Royce have entered the Top Twenty Holdings and First Solar and Garanti Bankasi have dropped out. All the changes to the constituents of the Top Twenty Holdings were attributable to market movements.

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	(4.4)	(15.2)		73.7		24.8
		NAV (at fair)	0.6	(15.0)		68.6		21.5
		Benchmark*	7.4	(6.6)		32.2		18.6*
		Source: Morningstar/Baillie Gifford & Co *      Benchmark - On 1 April 2007 the Company changed its benchmark to 100% FTSE All-World Index (in sterling terms) from 50% FTSE All-Share Index and 50% FTSE World Ex UK Index (in sterling terms). For the purposes of the performance data above, the returns for their respective periods have been calculated by sequentially linking the original benchmark data until 31 March 2007 with the new benchmark data from 1 April 2007. The Company aims to achieve a greater return than the FTSE All-World Index (in sterling terms) over a five year rolling period. Past performance is not a guide to future performance
General Information					31/12/11		30/09/11
		Share price			590.0p		623.0p
		Net asset value per share† (after deducting borrowings at fair value)			646.6p		648.7p
		Net asset value per share† (after deducting borrowings at par)			675.0p		674.7p
		Discount (borrowings at fair value)			8.8%		4.0%
		Discount (borrowings at par)			12.6%		7.7%
		Total assets (before deduction of  borrowings)			£2,096.7m		£2,097.2m
		Total borrowings (at fair value)			£438.0m		£433.0m
		Total borrowings (at par)			£365.2m		£366.4m
		Potential gearing (borrowings at par)			21.1%		21.2%
		Actual gearing (borrowings at par)			13.4%		14.0%
		Potential gearing (borrowings at fair value)			26.4%		26.0%
		Actual gearing (borrowings at fair value)			18.3%		18.5%
		†      These figures have been calculated using the AIC cum income basis (includes current financial year retained income). Dividends are not reinvested. This interim management statement and up to date NAV and Share Price information are available at www.scottishmortgageit.com ‡ ‡      Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement. For further information, contact: Robert O'Riordan  0131 275 3181  [e-mail]

 

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