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Henderson Smllr Cos (HSL)

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Monday 19 April, 2010

Henderson Smllr Cos

Interim Management Statement

RNS Number : 4252K
Henderson Smaller Cos Inv Tst PLC
19 April 2010
 



 

HENDERSON GLOBAL INVESTORS

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

 

19 April 2010                                       

 

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

 

Second 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 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 second six month period, beginning 1 December 2009

Between 30 November 2009 and 31 March 2010 the net asset value per share (including current financial year revenue items) increased by 12.5%, while the Company's benchmark increased by 12.3% on a total return basis.  The Company has maintained a modest level of gearing, primarily against its issue of Debenture Stock 2016.  As at 31 March 2010 the Company had total gross borrowings of £23 million and total net borrowings of £22 million, representing gearing of 10.5%.

 

The share price at 31 March 2010 was 223p, giving the Company a market capitalisation of £167.3 million.  Since 30 November 2009 the Company has bought back for cancellation a total of 24,500 of its ordinary shares.  The number of ordinary shares in issue is currently 75,035,796. 

 

There are no other material events or transactions to report.

 

Net Asset Value

As at close of business on 31 March 2010, the unaudited net asset value per share, calculated in accordance with the AIC (Association of Investment Companies) formula, including current financial year revenue items, was 279.19p.  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 271.66p. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

 

Second Interim Management Statement for the year beginning 1 June 2009

 

Performance

The Company's performance, on a total return basis, in the periods of three months and three years ended 31 March 2010 were as follows:

 


3 months to 31.03.10

3 years to 31.03.10

Net asset value per share

7.8%

-23.1%

Share price

20.4%

-25.1%

Benchmark*

8.5%

-10.1%

 

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

 

 

Largest Investments

The top twenty holdings as at 31 March 2010 were:

Informa

WSP Group

Bellway

Spectris

Carillion

Croda International

Victrex

Domino Printing

Intermediate Capital

WS Atkins

VT Group

Chemring

Rotork

Balfour Beatty

Melrose

Interserve

Grainger

Premier Oil

Restaurant Group

Charter International

 

These investments represent 40.3% of the total portfolio valuation at 31 March 2010

of £232.8 million.

 

 



 

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

 

Second 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

 

 

ENDS

 


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