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Independent Inv Tst (IIT)

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Tuesday 06 March, 2012

Independent Inv Tst

Interim Management Statement

RNS Number : 7854Y
Independent Investment Trust PLC
06 March 2012
 



THE INDEPENDENT INVESTMENT TRUST PLC

 

Interim Management Statement - 3 months to 29 February 2012

 

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 9.5% and 16.0% respectively.  The FTSE All-Share Index total return was 8.0%. (Source: Thomson Reuters Datastream/Baillie Gifford & Co)

· 

During the period, transactions affecting the Top Ten included a complete sale of Hays and a part sale of SThree. All other changes to the Top Ten were as a result of market movements. Other transactions during the period included a new investment in Ultra Petroleum and the complete sale of Robert Wiseman Dairies as a result of its takeover.

· 

The Company bought back 450,000 of its own shares for cancellation during the quarter, on terms that added approximately 0.1% to the net asset value.

· 

Net cash and gilts rose from £26.6 million to £31.8 million, representing 21.5% of shareholders' funds at the end of February 2012.

· 

The final dividend of 3.0p per share and special dividend of 0.6p per share, if approved by shareholders at the Annual General Meeting to be held on 29 March 2012, will be paid on 10 April 2012 to shareholders on the register at the close of business on 24 February 2012.

 

Sector Analysis


Top Ten Equity Holdings

Name

% of

shareholders'

funds at

29/02/12

% of

shareholders'

funds at

30/11/11


Name

% of

shareholders' funds at

29/02/12

% of

shareholders' funds at

30/11/11








Housebuilders

2.3

1.8

Noble Corporation

8.5

7.9

Industrials

7.9

7.0

Herald Investment



Retailing

8.9

8.2

    Trust

7.1

6.7

Recruitment

5.7

8.3

Schlumberger

4.3

4.5

Technology and



SThree

4.2

3.9

   Telecommunications

8.2

7.9


Dunelm Group

3.5

3.3

Mining

3.5

3.3


Halliburton

3.1

3.4

Oil and Gas Producers

1.9

0.9


Aggreko

3.0

2.7

Offshore Drillers

9.9

9.3


Croda International

2.9

2.6

Oilfield Services

7.4

7.9


Amlin

2.7

2.8

Food Producers

0.8

1.8


Imperial Tobacco

2.5

2.5

Tobacco

4.6

4.6





Pharmaceuticals

1.4

1.5





Leisure

1.8

1.5





Transport

2.9

2.6





Utilities

3.9

4.2





Insurance

6.4

6.6





Miscellaneous







     Financials

2.1

2.4





Fixed Interest

14.4

15.6





Net Liquid Assets

6.0

4.6





Total

100.0

100.0


Total

41.8

40.3


 

Total Return Performance


%


3 Months

1 Year

3 Years

5 Years

Share Price

16.0

-3.3

104.4

-16.5

NAV

9.5

-1.5

93.5

-1.5

FTSE All-Share Index

8.0

1.5

75.0

14.2

Source: Thomson Reuters Datastream /Baillie Gifford & Co

 

Past performance is not a guide to future performance

 

 

General Information

 


29/02/12

30/11/11

Total assets (before deduction of  borrowings)*

£148.0m

£138.2m

Share price

212.0p

186.0p

Net asset value per share *

244.2p

226.4p

Discount

13.2%

17.8%

Total borrowings

-

-

Net cash **

£10.5m

£5.1m

Net cash and bonds **

£31.8m

£26.6m

Net cash as a % of shareholders' funds*

7.1%

3.7%

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

21.5%

19.2%

 

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

**Cash stated inclusive of amounts receivable/net of amounts payable 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

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's 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 29 February 2012

 

Sector

Name

Value (£'000)


%

Housebuilders

Persimmon

3,373


2.3

Industrials

Aggreko

4,426


3.0


Croda International

4,306


2.9


IMI

2,907


2.0



11,639


7.9

Retailing

Dunelm Group

5,164


3.5


Halfords Group

2,525


1.7


Powerland - China

2,010


1.4


SuperGroup

2,700


1.8


Topps Tiles

685


0.5



13,084


8.9

Recruitment

Michael Page International

2,266


1.5


SThree

6,177


4.2



8,443


5.7

Technology and Telecommunications

Herald Investment Trust

10,440


7.1


Vodafone Group

1,693


1.1



12,133


8.2

Mining

BHP Billiton

1,528


1.0


BlackRock World Mining Trust

3,725


2.5



5,253


3.5

Oil and Gas Producers

Bankers Petroleum - Canada

1,230


0.8


Ultra Petroleum - USA

1,562


1.1



2,792


1.9

Offshore Drillers

Diamond Offshore Drilling - USA

2,142


1.4


Noble Corporation - USA

12,570


8.5



14,712


9.9

Oilfield Services

Halliburton - USA

4,578


3.1


Schlumberger - USA

6,316


4.3



10,894


7.4

Food Producers

Asian Citrus Holdings - China

1,147


0.8

Tobacco

British American Tobacco

3,177


2.1


Imperial Tobacco

3,737


2.5



6,914


4.6

Pharmaceuticals

GlaxoSmithKline

2,081


1.4

Leisure

Domino's Pizza

2,655


1.8

Transport

First Group

3,235


2.2


Go-Ahead Group

1,026


0.7



4,261


2.9

Utilities

National Grid

3,208


2.2


Scottish & Southern Energy

2,578


1.7



5,786


3.9

Insurance

Amlin

4,025


2.7


Beazley

2,148


1.5


Catlin Group

1,249


0.8


Polar Capital Insurance Fund

2,058


1.4



9,480


6.4

Miscellaneous Financials

IG Group Holdings

3,091


2.1

Fixed Interest

UK Treasury 5.25% 07/06/12

21,273


14.4

Total Investments


139,011


94.0

Net Liquid Assets


8,998


6.0

Shareholders' Funds


148,009


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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