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Henderson Smllr Cos (HSL)

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Monday 19 October, 2009

Henderson Smllr Cos

Interim Management Statement

RNS Number : 0380B
Henderson Smaller Cos Inv Tst PLC
19 October 2009
 






HENDERSON GLOBAL INVESTORS 


THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

                

19 October 2009    



THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


First Interim Management Statement for the year beginning 1 June 2009


The objective of The Henderson Smaller Companies Investment Trust plc is to maximise shareholders' total returns by investing mainly in smaller companies that are quoted in the United Kingdom. The benchmark is the Hoare Govett Smaller Companies Index (excluding investment companies). The Manager is Henderson Global Investors Limited. Information about the Company can be found on the Manager's website www.itshenderson.com or www.hendersonsmallercompanies.com


Review of the first six month period, beginning 1 June 2009

Between 31 May 2009 and 30 September 2009 the net asset value per share (including current financial year revenue items and adjusting for the dividends, totalling 5.60p per share, that were paid on 9 October 2009) rose by 31.9%, while the Company's benchmark increased by 24.4% on a total return basis. The Company has maintained a modest level of gearing. As at 30 September 2009 the Company had total borrowings of £20.0 million, representing gearing of 10%.


The share price at 30 September 2009 was 199.50p, giving the Company a market capitalisation of £149.7 million.  Since 31 May 2009 the Company has bought back for cancellation a total of 2,310,000 of its ordinary shares.  The number of ordinary shares in issue is currently 75,060,296.  


There are no other material events or transactions to report.


Net Asset Value 

As at close of business on 30 September 2009, the unaudited net asset value per share, calculated in accordance with the AIC (Association of Investment Companies) formulaincluding current financial year revenue items, was 261.0p.  The unaudited net asset value per share, including current financial year revenue items but calculated by valuing the Company's debenture stock at market value, was 254.1p.  

  THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


First Interim Management Statement for the year beginning 1 June 2009


Performance

The Company's performance, on a total return basis, in the periods of 3 months and three years ended 30 September 2009 was as follows:



3 months to 30.09.09

3 years to 30.09.09

Net asset value per share

35.2%

-9.9%

Share price

35.7%

-18.5%

Benchmark*

26.0%

-1.8%


*The benchmark is the Hoare Govett Smaller Companies Index (excluding investment companies).



Largest Investments

The top twenty holdings as at 30 September 2009 were:

Informa

WSP Group

W S Atkins

Bellway

Intermediate Capital

Spectris

Victrex

Carillion

Interserve

Premier Oil

Domino Printing

Paragon Group

Croda International

Northgate

Grainger 

Balfour Beatty

Rotork

Melrose

VT Group

Chemring


These investments represent 41.4% of the total portfolio valuation at 30 September 2009

of £216.6 million.


ENDS


  THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


First Interim Management Statement for the year beginning 1 June 2009



For further information, please contact:


Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc 

Telephone: 020 7818 4351    



James de Sausmarez

Head of Investment Trusts    

Henderson Global Investors    

Telephone: 020 7818 3349


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