Interim Management Statement

RNS Number : 4250U

Standard Life UK Small.Co's Tst PLC

14 May 2008

 



Standard Life UK Smaller Companies Trust plc

Interim Management Statement

Three months ended 31 March 2008

To the members of Standard Life UK Smaller Companies Trust plc ('the Company')

This Interim Management Statement ('IMS') has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This IMS relates to the period from 1 January 2008 to 31 March 2008 and contains information that covers this period, and up to the date of publication of this IMS, unless otherwise specified.

Investment objective

The objective of Standard Life UK Smaller Companies Trust plc ('the Company') is to achieve long term capital growth by investment in UK quoted smaller companies.

Investment policy

The Directors intend to achieve the investment objective by investing in a diversified portfolio consisting mainly of UK quoted smaller companies. The portfolio will normally comprise around 50 individual holdings representing the Manager's highest conviction investment ideas. In order to reduce risk in the Company without compromising flexibility:

- no holding within the portfolio will exceed 5% of total assets;

- and the top ten holdings will not, in aggregate, exceed 50% of total assets.

The Directors expect that, in normal market conditions, gearing will be between 0% and 20% of net assets. The Directors have delegated responsibility to the Manager for the operation of the gearing level within the above range.

The Manager's investment process combines asset allocation, stock selection, portfolio construction, risk management and dealing. The investment process is research-intensive and is driven by the Manager's distinctive 'focus on change' which recognises that different factors drive individual stocks and markets at different times in the cycle. This flexible but disciplined process ensures that the Manager has the opportunity to perform in different market conditions.

Benchmark

Extended Hoare Govett Smaller Companies Index (excluding Investment Trusts).

Material events

During the period, 360,000 Ordinary shares were bought back into treasury at prices per share ranging from 99.5 pence to 117.5 pence.

Ten largest equity holdings as at 31 March 2008 and Transactions in Period

Ranking as at 31 March 2008	Investment	Market Value at 31 March 2008	%	Ranking as at 31 December 2007
1	Aveva	2,007,100	3.8	3
2	Chloride	1,968,929	3.4	2
3	ASOS	1,836,817	3.4	1
4	Expro International	1,626,698	3.0	5
5	JKX Oil & Gas	1,521,262	2.9	6
6	Chemring	1,443,391	2.8	-
7	Paddy Power	1,421,362	2.8	7
8	Connaught	1,380,824	2.6	9
9	Wellstream	1,315,000	2.4	-
10	Bowleven	1,211,000	2.3	-
	Gross Assets		36.8

Total assets breakdown as at 31 March 2008

	%
Industrials	27.5
Consumer Services	20.6
Oil & Gas	14.0
Technology	11.1
Financials	8.1
Basic Materials	6.6
Healthcare	6.0
Telecoms	2.7
Consumer Goods	1.7
Utilities	1.7
Total	100.0

General description of Company's financial position and performance as at 31 March 2008

Gross Assets	£45.1m
Discount	14.2%
Current equity gearing	6.1%

Source: Standard Life Investments, Bloomberg and Thomson Datastream

Cumulative performance (%)*

	As at  31 March 2008	3 months	1 year	3 years	5 years
Share price	111.3p	6.7	-11.2	61.8	323.8
Net asset value	129.7p	-1.9	-10.9	53.8	176.9
Benchmark index#		-6.8	-20.2	23.6	125.8

*Total Return; Net Income Reinvested, GBP
# Extended Hoare Govett Smaller Companies Index (excluding Investment Companies)
Source: Standard Life Investments, Bloomberg and Thomson Datastream

The Board is not aware of any significant events or transactions which have occurred between 31 March 2008 and the date of publication of this IMS, other than those referred to above, which would have a material impact on the financial position of the Company. 

For the Manager's current Investment Review & Outlook, please refer to the latest Quarterly Update which is available via the Company's website, www.standardlifeinvestments.co.uk/its.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.

For Standard Life UK Smaller Companies Trust plc

Aberdeen Asset Management PLC, Secretary

14 May 2008

 

END

 

 

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