Interim Management Statement

AURORA INVESTMENT TRUST Plc

Interim Management Statement 30th June 2009


Directors:

Alex Hammond-Chambers (Chairman); James Barstow FCA; David H. Hunter;
Richard Robinson

Fund Manager:

James Barstow of Mars Asset Management Ltd

Year End:    28th February

Dividend:     Final only. Latest dividend 3.25p plus Special dividend
  Payment 16th July 2009

Benchmark:   All-Share Index

Objective:

Capital Appreciation through investments listed mainly on the London
Stock Exchange.

Policy (Summary)

To invest primarily in equities but with some exposure also to Fixed
Interest.  In general the portfolio will be weighted towards the
larger rather than smaller capitalised stocks.  A distinctive feature
is an emphasis on investments in companies with exposure to economies
growing at a faster rate than the UK.

Largest Holdings    30th June 2009


                    £ 000's   %
BTG                  1743    8.4
AVIVA                1262    6.1
SCOTTISH & SOUTHERN  1252    6.1
BP                   1075    5.2
RSA 8.5%              942    4.6
BARCLAYS 9.75% CCV    924    4.5
PRUDENTIAL            827    4.0
VENTURE PRODUCTION    812    3.9
BG                    763    3.7
ASIAN CITRUS          745    3.6

                     Total  50.1%


Sector Analysis


                                     £ 000's  %
AIM                                   1`896  9.1
Banks Retail                           925   4.5
Electricity/Water                     1253   6.1
Financials(other)                      947   4.6
Fixed Interest                        1830   8.9
Information Technology                 539   2.6
Insurance                             2090   10.1
Convertibles                           924   4.5
Mining                                3423   16.6
Oil & Gas Exploration and Production  3641   17.6
Aerospace                              350   1.7
Software                               399   1.9
Pharmaceuticals                       1743   8.4
Transport                              710   3.4



Performance


                               NAV(ex-income)
FTSE All-Share
Since Launch to 30/06/09
+37.7%                                           +0.7%
5 years to 30/06/09
-24.3                                               -2.6
3 years to 30/06/09
-42.8                                               -16.8
1 year to 30/06/09
-35.7                                                -24.0
6 months to 30/06/09                         +11.5
                                             -1.7
4 months to 30/06/09
+20.4                                              +12.2


31/12/08                                            30/06/09
Share price
     87.75p                                             123.5p
Discount                                            27.3
%                                              8.3%


Review

The four month period under review  witnessed a sharp rebound in  the
UK stock-market, on hopes  of economic recovery,  led by the  mining,
industrial and financial  sectors during March,  April and May,  from
the trough attained  in early March.  June, by contrast,  encountered
some profit taking in line with the normal expected summer malaise.
Accordingly, the period provided more clement conditions for a growth
oriented trust against a  background where the  consensus was that  a
turning point in the economy  was close at hand. Furthermore,  recent
changes in the Budget  to raise the top  level of income tax,  whilst
leaving unchanged the rate levied  on capital gains, has also  helped
to change sentiment   from being highly  defensive and mainly  income
oriented to being more geared towards capital growth.
In  this  light,  the  trend  of  out-performance  by  the  company's
portfolio relative to its benchmark, which commenced at the start  of
2009, continued during the period  under review. The net asset  value
per share increased  by 20.4%  from 111.9p to  134.6p, by  comparison
with the rise in the FT All-share index which rose by 12.2%. The main
contributory  factors  behind  this  out-performance  were  that  the
portfolio at  the start  of  period was  fully invested  and  heavily
exposed to the mining and financial sectors in particular, as well as
to stocks exposed to the currently growing emerging economies.

Outlook
The most recent  inflation data  for the  UK economy  shows that  CPI
inflation has fallen below target for the first time since late 2007;
more-over RPI inflation has fallen  to -1.6% from -1.1% the  previous
month. The conclusion  to be  reached from these  statistics is  that
interest rates in the UK are likely to stay low for some time,  which
will prove beneficial both for the economy and for the  stock-market,
on account of the  needs of income  hungry investors. Indeed  certain
economists are keen  to point out  that under the  well known  Taylor
rule the  current   appropriate rate  of  interest, in  view  of  the
prevailing economic conditions, should be set at minus 3% !
Economic  recovery  after  every  downturn  always  takes  place   as
inventory levels are used up and spare capacity is reduced. This time
however, in view of the low rate of inflation, the economic  recovery
in the UK   is likely to  be slow  on  account of the  high level  of
indebtedness by both the  consumer and the government.  Unemployment,
always a lagging indicator,  looks set to continue  to rise for  many
months.
Against such a background, whilst being optimistic about the prospect
for making  money  for  shareholders,  the  portfolio  is  likely  to
continue to  avoid exposure  to the  UK consumer  and remain  heavily
oriented towards  companies benefiting  from the  rapid expansion  of
emerging economies particularly in non- Japan Asia.

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