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Independent Inv Tst (IIT)

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Friday 04 March, 2011

Independent Inv Tst

Interim Management Statement

RNS Number : 3906C
Independent Investment Trust PLC
04 March 2011
 



THE INDEPENDENT INVESTMENT TRUST PLC

 

Interim Management Statement - 3 months to 28 February 2011

 

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 9.4% and 12.1% respectively.  The FTSE All-Share Index total return was 9.1%. (Source: Thomson Reuters Datastream/Baillie Gifford & Co)

· 

Croda International, Halfords Group and Robert Wiseman Dairies were added to the portfolio and the holding in Marston's sold. Within the Top Ten Holdings, additions were made to Imperial Tobacco and SThree while the holding in Dunelm was trimmed. Net investment during the period totalled £4.9 million.

· 

Net cash fell from £16.2 million to £11.4 million, representing 7.3% of shareholders' funds at the end of February 2011.

· 

The final dividend of 3.0p per share, if approved by shareholders at the Annual General Meeting to be held on 24 March 2011, will be paid on 6 April 2011 to shareholders on the register at the close of business on 25 February 2011.

 

Sector Analysis


Top Ten Equity Holdings

Name

% of

shareholders'

funds at

28/02/11

% of

shareholders'

funds at

30/11/10


Name

% of

shareholders' funds at

28/02/11

% of

shareholders' funds at

30/11/10








Housebuilders

3.5

3.2


Noble Corporation

9.9

8.5

Industrials

10.8

9.5


SuperGroup

9.5

9.9

Retailing

17.6

19.4


Herald Investment



Recruitment

8.0

5.1


    Trust

6.5

6.1

Technology and




SThree

5.9

3.0

   Telecommunications

7.6

7.2


Aggreko

5.6

6.1

Mining

3.7

3.7


Dunelm Group

5.1

8.7

Offshore Drillers

11.5

9.9


Schlumberger

4.8

4.5

Oilfield Services

4.8

4.5


British American



Food Producers

1.0

-


    Tobacco

4.0

4.0

Tobacco

6.5

6.0


National Grid

2.6

2.8

Pharmaceuticals

1.1

1.3


Imperial Tobacco

2.5

2.0

Leisure

-

0.7





Transport

3.7

3.7





Utilities

4.2

4.4





Insurance

6.4

6.0





Property

1.2

1.4





Miscellaneous







     Financials

2.0

2.4





Net Liquid Assets

6.4

11.6





Total

100.0

100.0


Total

56.4

55.6


 

Total Return Performance


%


3 Months

1 Year

3 Years

5 Years

Share Price

12.1

34.6

22.5

2.9

NAV

9.4

32.6

27.8

20.2

FTSE All-Share Index

 

9.1

 

17.0

 

14.0

 

25.6

Source: Thomson Reuters Datastream /Baillie Gifford & Co

 

Past performance is not a guide to future performance

 

 

General Information

 


28/02/11

30/11/10

Total assets (before deduction of  borrowings)*

£155.3m

£143.6m

Share price

225.0p

203.5p

Net asset value per share *

253.5p

234.5p

Discount

11.2%

13.2%

Total borrowings

-

-

Net cash **

£11.4m

£16.2m

Net cash and bonds **

£11.4m

£16.2m

Net cash as a % of shareholders' funds*

7.3%

11.3%

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

7.3%

11.3%

 

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

**Cash stated inclusive of amounts due in respect of unsettled transactions.

 

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 28 February 2011

 

Sector

Name

Value (£'000)


%

Housebuilders

Berkeley Group

2,070


1.4


Persimmon

3,293


2.1



5,363


3.5

Industrials

Aggreko

8,682


5.6


Croda International

2,376


1.5


IMI

2,667


1.7


Renishaw

3,102


2.0



16,827


10.8

Retailing

Dunelm Group

7,960


5.1


Halfords Group

3,100


2.0


SuperGroup

14,778


9.5


Topps Tiles

1,500


1.0



27,338


17.6

Recruitment

Michael Page International

3,303


2.1


SThree

9,112


5.9



12,415


8.0

Technology and Telecommunications

Herald Investment Trust

10,070


6.5


Vodafone Group

1,743


1.1



11,813


7.6

Mining

BHP Billiton

1,825


1.2


BlackRock World Mining Trust

3,900


2.5



5,725


3.7

Offshore Drillers

Diamond Offshore Drilling - USA

2,403


1.6


Noble Corporation - USA

15,394


9.9



17,797


11.5

Oilfield Services

Schlumberger - USA

7,471


4.8

Food Producers

Robert Wiseman Dairies

1,496


1.0

Tobacco

British American Tobacco

6,155


4.0


Imperial Tobacco

3,948


2.5



10,103


6.5

Pharmaceuticals

GlaxoSmithKline

1,772


1.1

Transport

First Group

1,459


1.0


Go-Ahead Group

1,125


0.7


Stagecoach Group

3,107


2.0



5,691


3.7

Utilities

National Grid

3,993


2.6


Scottish & Southern Energy

2,476


1.6



6,469


4.2

Insurance

Amlin

2,325


1.5


Beazley

2,064


1.3


Catlin Group

1,129


0.7


Chaucer Holdings

2,460


1.6


Hiscox Insurance Portfolio Fund

1,996


1.3



9,974


6.4

Property

Tamar European Industrial Fund

1,540


1.0


Orchid Developments Group

360


0.2



1,900


1.2

Miscellaneous Financials

IG Group Holdings

3,137


2.0






Total Investments


145,291


93.6

Net Liquid Assets


9,986


6.4

Shareholders' Funds


155,277


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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