Interim Management Statement

RNS Number : 5604P

F&C Managed Portfolio Trust PLC

26 March 2009

 



To:        RNS

Date:     26 March 2009

From:    F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 28 February 2009

Company summary

The Company invests in a selection of listed investment companies that have underlying exposures across a range of geographic regions and sectors which assists in diversifying investment risk. 

The Company's investments are managed in two separate portfolios; the Income Portfolio and the Growth Portfolio, to which the Income shares and the Growth shares are respectively entitled.  

Investment objective

Income Portfolio

The objective for the Income Portfolio is to provide shareholders with an attractive level of income, with the potential for income and capital growth from a diversified portfolio of investment companies.

Growth Portfolio

The objective for the Growth Portfolio is to provide shareholders with capital growth from a diversified portfolio of investment companies. The focus for the Growth Portfolio is to maximise total returns, principally through capital growth. 

The benchmark index for both the Income Portfolio and the Growth Portfolio is the FTSE All-Share Index.

Performance summary

	Capital return				Total return 1
	As at 28 Feb 2009	As at 30  November  2008	Movement %		Qtr end  28 Feb  2009	Since  launch 2 %
Income shares
Total net assets	£13.1m	£13.9m	-            -6.1%
NAV per share	63.8p	67.4p	-5.4%		-4.0%	-32.6%
Share price	62.0p	67.5p	-8.1%		-6.8%	-35.8%
Premium/(Discount)	-2.9%	0.1%	n/a
Growth shares
Total net assets	£10.6m	£11.6m	-8.9%
NAV per share	55.8p	59.9p	-6.7%		-6.7%	-43.0%
Share price	54.5p	63.5p	-14.2%		-14.2%	-45.5%
Premium/(Discount)	-2.4%	6.1%	n/a
FTSE All-Share Index Total return					-8.7%	-35.1%

Source: F&C Investment Business Limited, Datastream.

1 All total returns are based on dividends re-invested.

2 The Company was launched on 16 April 2008.

Review for the period 

Once again we have witnessed a fairly dreadful period for stock market indices across the globe. As the economic news has continued to worsen and the results from major banks were truly horrible, investor sentiment continued to be very negative. Levels of activity in both portfolios were much lower than the latter half of last year and were mainly undertaken during the first part of January. As the rally, evident in December, ran out of steam, markets began to turn down again and it seemed sensible to conserve the cash balances in both portfolios. At the end of the period cash balances were between 12% and 13% for both portfolios. Two new purchases were made in the Income Portfolio, Henderson Far East Income and City Merchants High Yield. In the Growth Portfolio there was only one new holding acquired that of Fidelity European Values.

Dividends

A second interim dividend of 1.0 pence per Income share, in respect of the quarter to 30 November 2008, was paid on 9 January 2009.  On 16 March 2009, a third interim dividend of 1.0 pence per Income share was declared in respect of the quarter to 28 February 2009. This dividend is payable on 9 April 2009.

Including this third interim dividend the Company will have paid interim dividends totalling 3.5 pence per Income share covering the period from launch on 16 April 2008 to 28 February 2009.  This is in line with the expectations set out in the Launch Prospectus issued by the Company in February 2009.

Share buy backs and issues

During the quarter to 28 February 2009, the Company bought back 150,000 Income shares at a cost of £99,000 and 455,000 Growth shares at a cost of £266,000 to be held in treasury. 

Top Ten Holdings at 28 February 2009

Income Portfolio

Company	% of total assets of Income Portfolio
British Assets Trust	6.0
Murray International Investment Trust	5.5
Perpetual Income & Growth	4.7
Investors Capital Trust A Shares	4.6
Law Debenture	4.5
European Assets Trust	4.4
City of London Investment Trust	4.3
Edinburgh Investment Trust	4.2
Aberdeen Asian Income	4.0
Ecofin Water & Power	4.0
	46.2

Growth Portfolio

Company	% of total assets of Growth Portfolio
British Empire Securities & General Trust	6.7
Perpetual Income & Growth Trust	5.9
TR Property Investment Trust	4.4
JPMorgan Fleming Mercantile Investment Trust	3.9
Monks Investment Trust	3.7
Templeton Emerging Markets Investment Trust	3.5
Alliance Trust	3.5
Aberforth Smaller Companies Trust	3.4
RCM Technology Trust	3.3
JP Morgan American Investment Trust	3.1
	41.4

The Board is not aware of any significant events or transactions which have occurred between 28 February 2009 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Daily and key information

Further information regarding the Company, including daily net asset values published since the end of the period and monthly factsheets, can be found on the Company's website at www.fcmanagedportfolio.co.uk or on the website www.fandc.com.

For further information please contact:

Ian Ridge or Michael Campbell, 

For F&C Investment Business Limited, Company Secretary Tel: [phone]

 

END

 

 

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