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Henderson Smllr Cos (HSL)

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Friday 20 April, 2012

Henderson Smllr Cos

Interim Management Statement

RNS Number : 7433B
Henderson Smaller Cos Inv Tst PLC
20 April 2012
 



HENDERSON GLOBAL INVESTORS

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

 

20 April 2012                                         

 

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

 

Second Interim Management Statement for the year beginning 1 June 2011

 

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 Numis 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

 

*previously named the Hoare Govett Smaller Companies Index (excluding investment companies)

 

Review of the second six month period, beginning 1 December 2011

Between 30 November 2011 and 31 March 2012 the net asset value per share (including current financial year revenue items) increased by 18.6%, while the Company's benchmark increased by 15.9% on a total return basis.  The Company has maintained a modest level of gearing.  As at 31 March 2012 the Company had total borrowings of £27.3 million, representing gearing of 9.2%.

 

The share price at 31 March 2012 was 314.0p, giving the Company a market capitalisation of £235.0 million.  Since 30 November 2011 the Company has bought back 60,000 of its ordinary shares.  The number of ordinary shares in issue is currently 74,846,796. 

 

There are no other material events or transactions to report.

 

Net Asset Value

As at close of business on 31 March 2012, 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 398.36p.  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 392.05p. 

 

Performance

The Company's performance, on a total return basis, in the periods of three months and three years ended 31 March 2012 were as follows:

 


3 months to 31/03/12

3 years to 31/03/12

Net asset value per share

20.02%

156.91%

Share price

23.32%

164.80%

Benchmark*

18.12%

114.89%

 

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

 

 

 

 

 

 

 

 

 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

 

Second Interim Management Statement for the year beginning 1 June 2011

 

Largest Investments

The top twenty holdings as at 31 March 2012 were:

 

1.   Spectris Group

2.   Croda Intl

3.   Informa

4.   Oxford Instruments

5.   E2V Technologies

6.   Bellway

7.   Victrex

8.   Taylor Wimpey

9.   WSP Group

10.  Domino Printing

11.  Intermediate Cap Group

12.  Senior

13.  Melrose

14.  Anite

15.  Atkins (WS)

16.  Rotork

17.  Premier Oil

18.  Interserve

19.  Ashtead Group

20.  Paragon Group Companies

 

These investments represent 43.58% of the total portfolio valuation at 31 March 2012 of £327.9 million.

 

 

For further information, please contact:

 

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc

Telephone: 020 7818 4351                                                         

 

James de Sausmarez

Director and 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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