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Independent Inv Tst (IIT)

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Friday 06 March, 2009

Independent Inv Tst

Interim Management Statement

RNS Number : 4621O
Independent Investment Trust PLC
06 March 2009
 



The issuer advises that the following replaces the Interim Management Statement announcement released today at 09.02am under RNS number 4415O


THE INDEPENDENT INVESTMENT TRUST PLC


Interim Management Statement 3 months to 28 February 2009


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 and share price both increased by 0.4%. The FTSE All-Share Index fell by 8.7%. All figures are total return.

During the quarter, the Company bought back 1,245,000 of its own shares for cancellation at a cost of £1,390,000creating an uplift of 0.35% in the net asset value per share.

Complete sales during the period were Home Retail Group, Lloyds Banking Group, Ensco, Halliburton, Intermediate CapitalProgress Energy, Rio Tinto, Tristar Oil & Gas and Xstrata. Part sales were made of Dunelm, Michael Page, SThree, Hays and Robert Walters. The only purchases were additions to the Company's holdings in Aggreko and Chaucer Holdings.

Net cash and bonds rose from £14.4 to £31.2m, representing 34.7% of shareholders' funds at the end of February 2009.


Sector Analysis



Top Ten Equity Holdings


Name

% of

shareholders'

funds at

28/02/09

% of

shareholders'

funds at

30/11/08


Name

% of

shareholders' funds at

28/02/09

% of

shareholders' funds at

30/11/08

Housebuilders

0.2

0.4


Noble Corp

7.7

7.4

Industrials

2.4

1.9


Dunelm Group

6.1

6.2

Retailing

6.6

9.9


Diamond Offshore



Recruitment

9.8

11.4


  Drilling

5.9

6.1

Technology and




Transocean

4.7

4.6

  Telecommunications

4.2

3.9


Herald Investment



Mining

2.5

3.0


  Trust

4.2

3.9

Offshore Drillers

18.2

19.4


Schlumberger

3.9

4.6

Oilfield Services

6.4

9.0


Michael Page



Oil and Gas




  International

3.6

4.6

  Exploration

0.3

2.9


SThree

2.9

2.7

Renewable Energy

0.5

0.7


Imperial Tobacco

2.8

2.6

Banks

-

3.2


Alliance Trust

2.7

2.7

Tobacco

4.8

4.4





Transport

1.4

2.1





Miscellaneous







  Financials

3.9

5.5





Property

1.6

1.9





Insurance

5.1

4.9





Fixed Interest

9.7

8.6





Net Liquid Assets

22.4

6.9





Total

100.0

100.0


Total

44.5

45.3



Total Return Performance


%


3 Months

1 Year

3 Years

5 Years

Share Price

 0.4

-42.1

-51.3

-20.5

NAV

 0.4

-33.8

-38.8

-0.7

FTSE All-Share Index

-8.7

-33.0

-27.2

2.4

Source: Thomson Financial Datastream



Past performance is not a guide to future performance


General Information



28/02/09

30/11/08

Total assets (before deduction of borrowings)

£89.8m

£94.2m

Share price

118.0p

117.5p

Net asset value per share *

140.5p

144.6p

Discount 

16.0%

18.7%

Total borrowings

-

-

Net cash

£22.5m

£6.3m

Net cash and bonds

£31.2m

£14.4m

Net cash as a % of shareholders' funds

25.0%

6.7%

Net cash and bonds as a % of shareholders' funds

34.7%

15.3%


*Net asset value per share at 28 February 2009 excludes current year income and is stated after deduction of the proposed final dividend of 3.00p and a special dividend of 0.75p, payable 7 April 2009 (ex-dividend 11 March 2009), in accordance with AIC guidance.


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, is available on the Company's 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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