Interim Management Statement

RNS Number : 4077O

RCM Technology Trust PLC

10 October 2012

 



RCM Technology Trust PLC              

Interim Management Statement

For the quarter ended 31 August 2012

This interim management statement relates to the quarter from 1 June 2012 to 31 August 2012 and contains information for that period unless otherwise stated. This statement is produced to provide information in accordance with the UK Listing Authority's Disclosure and Transparency Rules.

Investment policy and benchmark

The Company invests principally in the equity securities of quoted technology companies on a worldwide basis with the aim of achieving long-term capital growth.  The Company's benchmark is the Dow Jones World Technology Index (sterling total return).

Portfolio

Top ten holdings at 31 August 2012 and percentage of total gross assets:

	£		%
Apple		8,561,229	8.77
Microsoft		5,041,989	5.16
Google		3,788,167	3.88
Amazon		3,701,531	3.79
Rackspace Hosting		3,206,285	3.28
Quanta Services		3,035,885	3.11
Fusion.io		2,963,503	3.04
Cisco Systems		2,874,163	2.94
Salesforce.com		2,759,914	2.83
Netsuite		2,713,022	2.78
Top ten holdings		£38,645,688
Total gross assets		£97,622,420

Material events and transactions in the period

32,713 shares were purchased for holding in treasury in the period and therefore the share capital at the end of the period was 26,878,922 Ordinary Shares, with a further 1,423,958 Ordinary Shares held in treasury. Since the period end a further 177,177 shares have been purchased for holding in treasury.

Material events and transactions since 31 August 2012

Since 31 August 2012 the portfolio's holding in Microsoft was reduced to zero.  This was due to the Manager's negative view on the launch of Windows 8 and the replacement cycle of PCs as consumers purchase more tablets.

Financial Performance to 31 August 2012

			% change
	3m	6m		1yr	3yrs		5yrs
Share price	7.36	-3.02		-0.16	45.58		39.26
Net Asset Value	4.56	-5.44		2.36	47.53		44.74
Benchmark*	3.74	-0.27		20.09	44.06		42.42

* Dow Jones World Technology Index (sterling total return)

Source: Datastream

RCM were appointed as managers on 1 May 2007.

Financial position at 31 August and 9 October 2012

		31 August		9 October
Total gross assets		£97,622,420		£95,980,758
Net assets		£97,106,403		£95,785,616
Share price		321.00p		317.75p
Net asset value (undiluted)1		361.27p		358.72p
Net asset value (diluted) 1		359.25p		356.41p
Discount 2		11.15%		11.42%

¹  Net asset values per ordinary share are calculated and announced daily.

² The discount is the difference between the share price and the NAV per share (undiluted) expressed as a percentage of the NAV per share.

Company Information

Launch date		1995
EPIC		RTT
Year end		30 November
Report and Accounts		Final posted late February / early March, half-yearly posted July
AGM		March / April
Price Information		Financial Times, The Daily Telegraph
		www.rcmtechnologytrust.co.uk

Investor information

Further up to date information, including Net Asset Values and share prices, and the latest available factsheets and portfolio information, is provided on the Manager's website, which can be accessed at www.rcmtechnologytrust.co.uk  or at www.rcm.com/investmenttrusts.co.uk .  Information can also be obtained from the Investor Services' helpline on 0800 389 4696.

By order of the Board.

RCM Technology Trust PLC

155 Bishopsgate

London EC2M 3AD

10 October 2012

 

END

 

 

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