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Independent Inv Tst (IIT)

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Thursday 04 September, 2008

Independent Inv Tst

Interim Management Statement

RNS Number : 7772C
Independent Investment Trust PLC
04 September 2008
 



THE INDEPENDENT INVESTMENT TRUST PLC


Interim Management Statement 3 months to 31 August 2008


The Company's objective is to provide good absolute returns over long periods by investing the great majority of its assets in UK and international quoted securities.  The major part of the Company's portfolio is currently invested in UK equities but this will not necessarily remain the case.  Full details of the Company's investment policy are set out in the Company's Annual Report which is available on the Company's website or can be requested from the Company (see contact details below).


Review of the Period


Over the period, the Company's net asset value fell by 4.2% and the share price by 3.3%. The FTSE All-Share Index fell by 5.9%. All figures are total return.

During the quarter, the Company bought back 245,895 of its own shares for cancellation at a cost of £444,000, creating a 0.04% uplift in the net asset value per share.

Movements in the Top Ten Equity Holdings included part-sales of Michael Page and ENSCO, which dropped out of the Top Ten as a result, and an addition to the holding in SThree.

The interim dividend of 2.0p per share was paid on 29 August 2008 to shareholders on the register at the close of business on 8 August 2008.




Sector Analysis




Top Ten Equity Holdings


Name

% of

shareholders'

funds at

31/08/08

% of

shareholders'

funds at

31/05/08


Name

% of

shareholders' funds at

31/08/08

% of

shareholders' funds at

31/05/08

Housebuilders

0.6

3.6


Noble

6.2

6.7

Retailing

7.6

8.9


Schlumberger

5.1

4.6

Recruitment

10.2

7.6


Wellstream

4.7

4.8

Technology and      

 Telecommunications

4.5

4.3


Dunelm Group

4.6

4.5

Mining

7.7


7.1


Diamond Offshore Drilling


4.5

4.8

Offshore Drillers

17.7

20.8


Herald Investment Trust


4.5

4.3

Oilfield Services

11.6

11.1


Transocean

4.2

4.2

Oil and Gas 

 Exploration

3.9

4.8


Michael Page International

4.2

3.8

Renewable Energy

1.8

2.5


Lloyds TSB

3.2

3.8

Banks

5.9

6.3


SThree

3.0

2.2

Insurance

1.3

1.2





Miscellaneous

  Financials

2.3

2.4





Property

3.9

6.5





Net Liquid Assets

21.0

12.9





Total

100.0

100.0


Total

44.2

43.7



Total Return Performance


%


3 Months

1 Year

3 Years

5 Years

Share Price

-3.3

-34.4

6.1

34.3

NAV

-4.2

-23.7

13.1

57.2

FTSE All-Share Index

-5.9

-8.7

19.2

63.9

Source: Thomson Financial Datastream



Past performance is not a guide to future performance


General Information



31/08/08

31/05/08

Total assets (before deduction of borrowings)

£132.4m

£143.0m

Share Price

185.5p

194p

Net asset value per share 

200.9p

216.3p

Discount 

7.7%

10.3%

Total borrowings

-

-

Net (Borrowings)/cash

£29.5m

£20.8m

Net (Borrowings)/cash as a % of Shareholders' Funds

22.3%

14.6%


The Company's Net Asset Value is calculated daily and can be viewed on the London Stock Exchange website at www.londonstockexchange.com


The Share Price is published daily in the Financial Times.


The interim management statement together with the Company's Annual and Half Yearly reports are available on the Companys' website at

 www.independentinvestmenttrust.co.uk



Contact details:

The Independent Investment Trust PLC

17 Dublin Street

Edinburgh EH1 3PG

Tel: 0131 558 9434

Fax: 0131 550 0460


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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