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Independent Inv Tst (IIT)

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Monday 05 September, 2011

Independent Inv Tst

Interim Management Statement

RNS Number : 6083N
Independent Investment Trust PLC
05 September 2011
 



THE INDEPENDENT INVESTMENT TRUST PLC

 

Interim Management Statement - 3 months to 31 August 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 -9.7% and

-9.6% respectively.  The FTSE All-Share Index total return was -9.3%. (Source: Thomson Reuters Datastream)

· 

During the quarter, Hays was reintroduced to the portfolio, an addition was made to SThree and a new investment was made in Bankers Petroleum. Profits were taken in Aggreko, Dunelm, Stagecoach and Supergroup, and Chaucer was taken over for cash.

· 

The interim dividend of 2.0p per share was paid on 26 August 2011 to shareholders on the register at the close of business on 5 August 2011.

 

Sector Analysis


Top Ten Equity Holdings

Name

% of

shareholders'

funds at

31/08/11

% of

shareholders'

funds at

31/05/11


Name

% of

shareholders' funds at

31/08/11

% of

shareholders' funds at

31/05/11

Housebuilders

3.3

2.9


Aggreko

8.2

8.2

Industrials

16.4

16.6


Noble

7.3

8.0

Retailing

11.0

15.9


Herald Investment



Recruitment

8.4

6.8


   Trust

6.5

6.6

Technology and




Schlumberger

4.4

4.3

   Telecommunications

7.6

7.7


SThree

3.9

4.6

Mining

3.6

3.6


Dunelm Group

3.8

5.7

Offshore Drillers

8.7

9.4


Croda International

3.8

3.7

Oilfield Services

4.4

4.3


SuperGroup

3.5

5.6

Oil and Gas Producers

0.9

-


British American



Food Producers

2.2

2.3


   Tobacco

2.9

2.6

Tobacco

5.8

5.3


Imperial Tobacco

2.9

2.7

Pharmaceuticals

1.4

1.3





Leisure

1.6

0.5





Transport

3.0

3.8





Utilities

4.0

4.5





Insurance

5.8

7.7





Property

0.1

1.2





Miscellaneous







     Financials

2.2

2.0





Net Liquid Assets

9.6

4.2












Total

100.0

100.0


Total

47.2

52.0


 

Total Return Performance


%


3 Months

1 Year

3 Years

5 Years

Share Price

-9.6

16.8

23.9

-5.7

NAV

-9.7

15.6

25.6

7.7

FTSE All-Share Index

-9.3

7.3

8.9

11.2

Source: Thomson Reuters Datastream

 

Past performance is not a guide to future performance

 

 

General Information

 


31/08/11

31/05/11

Total assets (before deduction of  borrowings)*

£141.5m

£158.2m

Share price

205.5p

229.5p

Net asset value per share *

231.0p

258.2p

Discount

11.0%

11.1%

Total borrowings

-

-

Net cash

£13.1m

£7.0m

Net cash and bonds

£13.1m

£7.0m

Net cash as a % of shareholders' funds*

9.2%

4.4%

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

9.2%

4.4%

 

*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

 

Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

 

 

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 2011

Sector

Name

Value (£'000)


%

Housebuilders

Berkeley Group

2,360


1.7


Persimmon

2,266


1.6



4,626


3.3

Industrials

Aggreko

11,628


8.2


Croda International

5,412


3.8


IMI

2,679


1.9


Renishaw

3,522


2.5



23,241


16.4

Retailing

Dunelm Group

5,433


3.8


Halfords Group

2,454


1.7


Powerland - China

2,119


1.5


SuperGroup

4,998


3.5


Topps Tiles

640


0.5



15,644


11.0

Recruitment

Hays

3,773


2.7


Michael Page International

2,502


1.8


SThree

5,474


3.9



11,749


8.4

Technology and Telecommunications

Herald Investment Trust

9,150


6.5


Vodafone Group

1,610


1.1



10,760


7.6

Mining

BHP Billiton

1,579


1.1


BlackRock World Mining Trust

3,537


2.5



5,116


3.6

Offshore Drillers

Diamond Offshore Drilling - USA

1,959


1.4


Noble Corporation - USA

10,367


7.3



12,326


8.7

Oilfield Services

Schlumberger - USA

6,235


4.4

Oil and Gas Producers

Bankers Petroleum - Canada

1,256


0.9

Food Producers

Asian Citrus Holdings - China

1,380


1.0


Robert Wiseman Dairies

1,654


1.2



3,034


2.2

Tobacco

British American Tobacco

4,112


2.9


Imperial Tobacco

4,080


2.9



8,192


5.8

Pharmaceuticals

GlaxoSmithKline

1,966


1.4

Leisure

Domino's Pizza

2,252


1.6

Transport

First Group

1,463


1.0


Go-Ahead Group

1,265


0.9


Stagecoach Group

1,543


1.1



4,271


3.0

Utilities

National Grid

3,105


2.2


Scottish & Southern Energy

2,594


1.8



5,699


4.0

Insurance

Amlin

3,579


2.5


Beazley

1,750


1.2


Catlin Group

1,115


0.8


Polar Capital Global Insurance Fund

1,831


1.3



8,275


5.8

Property

Orchid Developments Group

165


0.1

Miscellaneous Financials

IG Group Holdings

3,130


2.2

Total Investments


127,937


90.4

Net Liquid Assets


13,591


9.6

Shareholders' Funds


141,528


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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