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Independent Inv Tst (IIT)

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Friday 03 September, 2010

Independent Inv Tst

Interim Management Statement

RNS Number : 1539S
Independent Investment Trust PLC
03 September 2010
 



THE INDEPENDENT INVESTMENT TRUST PLC

 

Interim Management Statement - 3 months to 31 August 2010

 

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.  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 total returns were 5.8% and 6.4% respectively.  The FTSE All-Share Index total return was 1.7%. (Source: Thomson Reuters Datastream)

· 

During the quarter, the Company bought back 125,000 of its own shares for cancellation at a cost of £211,000, creating an uplift of 0.03% in the net asset value per share.

· 

During the period, the Company made additions to its holdings in SThree, Persimmon, National Grid and Renishaw; made partial sales of Dunelm Group and Aggreko; and sold its holding in Alliance Trust.

· 

The interim dividend of 2.0p per share was paid on 27 August 2010 to shareholders on the register at the close of business on 6 August 2010.

 

Sector Analysis


Top Ten Equity Holdings

Name

% of

shareholders'

funds at

31/08/10

% of

shareholders'

funds at

31/05/10


Name

% of

shareholders' funds at

31/08/10

% of

shareholders' funds at

31/05/10

Housebuilders

3.9

3.3


Noble Corporation

9.0

9.3

Industrials

6.8

7.3


SuperGroup

7.9

4.9

Capital Goods

3.0

2.5


Dunelm Group

7.8

9.2

Retailing

16.6

14.9


Aggreko

6.8

7.3

Recruitment

4.8

4.5


Herald Investment



Technology and




Trust

6.0

5.9

   Telecommunications

7.3

7.1


British American



Mining

3.4

3.6


    Tobacco

4.4

4.2

Offshore Drillers

12.6

13.6


Diamond Offshore



Oilfield Services

3.6

4.2


    Drilling

3.6

4.3

Oil and Gas




Schlumberger

3.6

4.2

    Producers

0.9

1.2


National Grid

3.1

2.3

Tobacco

6.6

6.5


IG Group Holdings

2.9

2.2

Pharmaceuticals

1.4

1.4





Leisure

1.5

1.6





Transport

3.9

4.5





Utilities

4.9

4.0





Insurance

6.9

7.1





Property

1.5

1.9





Miscellaneous







     Financials

2.9

2.8





Net Liquid Assets

7.5

8.0












Total

100.0

100.0


Total

55.1

53.8


 

Total Return Performance


%


3 Months

1 Year

3 Years

5 Years

Share Price

6.4

22.9

-30.3

12.6

NAV

5.8

17.7

-17.2

22.7

FTSE All-Share Index

1.7

10.6

-7.3

21.0

Source: Thomson Reuters Datastream

 

Past performance is not a guide to future performance

 

 

General Information

 


31/08/10

31/05/10

Total assets (before deduction of  borrowings)*

£125.5m

£120.5m

Share price

180.0p

171.0p

Net asset value per share *

204.8p

196.3p

Discount

12.1%

12.9%

Total borrowings

-

-

Net cash

£8.9m

£9.4m

Net cash and bonds

£8.9m

£9.4m

Net cash as a % of shareholders' funds*

7.1%

7.8%

Net cash and bonds as a % of shareholders' funds*

7.1%

7.8%

 

*These figures have been calculated using the AIC cum income basis (includes current financial year retained income).

 

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 558 8602

 



List of Investments as at 31 August 2010

 

Sector

Name

Value (£'000)


%

Housebuilders

Berkeley Group

1,638


1.3


Persimmon

3,269


2.6



4.907


3.9

Industrials

Aggreko

8,502


6.8

Capital Goods

IMI

2,047


1.6


Renishaw

1,710


1.4



3,757


3.0

Retailing

Dunelm Group

9,793


7.8


SuperGroup

9,860


7.9


Topps Tiles

1,135


0.9



20,788


16.6

Recruitment

Michael Page International

2,546


2.0


SThree

3,467


2.8



6,013


4.8

Technology and Telecommunications

Herald Investment Trust

7,600


6.0


Vodafone Group

1,570


1.3



9,170


7.3

Mining

BHP Billiton

1,373


1.1


BlackRock World Mining Trust

2,870


2.3



4,243


3.4

Offshore Drillers

Diamond Offshore Drilling - USA

4,543


3.6


Noble Corporation - USA

11,317


9.0



15,860


12.6

Oilfield Services

Schlumberger - USA

4,508


3.6

Oil and Gas Producers

BP

1,142


0.9

Tobacco

British American Tobacco

5,540


4.4


Imperial Tobacco

2,699


2.2



8,239


6.6

Pharmaceuticals

GlaxoSmithKline

1,831


1.4

Leisure

Marston's

1,860


1.5

Transport

First Group

1,391


1.1


Go-Ahead Group

875


0.7


Stagecoach Group

2,580


2.1



4,846


3.9

Utilities

National Grid

3,839


3.1


Scottish & Southern Energy

2,288


1.8



6,127


4.9

Insurance

Amlin

2,437


1.9


Beazley

1,677


1.3


Catlin Group

987


0.8


Chaucer Holdings

1,790


1.4


Hiscox Insurance Portfolio Fund

1,826


1.5



8,717


6.9

Property

Tamar European Industrial Fund

1,475


1.2


Orchid Developments Group

450


0.3



1,925


1.5

Miscellaneous Financials

IG Group Holdings

3,651


2.9

Total Investments


116,086


92.5

Net Liquid Assets


9,395


7.5

Shareholders' Funds


125,481


100.0

All holdings are in equities domiciled in the UK unless otherwise stated.

 


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