Interim Management Statement

RNS Number : 5996X

F&C Managed Portfolio Trust PLC

26 June 2008

 



To:                RNS

Date:            26 June 2008

From:           F&C Managed Portfolio Trust plc

Interim Management Statement

For the period from 20 February 2008 (date of incorporation) to 31 May 2008

Launch

F&C Managed Portfolio Trust plc (the 'Company') was incorporated on 20 February 2008 and launched on 16 April 2008 following the rollover of assets held in F&C Asset Management's legacy managed investment trust portfolio services.

The Company invests principally in a diversified portfolio of closed-ended, listed investment companies which in turn invest across a range of geographic regions and sectors, giving shareholders a wide spread of risk. 

The Company has two distinct portfolios; one focussed on income, the other on capital growth and correspondingly the Company has two share classes; income shares and growth shares.  The Company issued 21,907,192 Income shares and 20,935,567 Growth shares pursuant to its listing on the Official List of the UKLA and they trade on the main market of the London Stock Exchange.

Investment objective

Income Portfolio

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

It is intended that the Income Portfolio will hold a portfolio of investments which focus on offering an income yield above that of the FTSE All-Share Index and will be diversified through holding at least 25 investments. Each investment will provide further diversification through holding a significant number of underlying investments.

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. Higher yielding investment companies can be acquired if it is believed they will offer superior total returns although it is not expected that such companies will form a significant part of the Growth Portfolio.

It is intended that the Growth Portfolio will be diversified through holding at least 25 investments. Each investment will provide further diversification through holding a significant number of underlying investments.

The benchmark index for both portfolios is the FTSE All-Share Index.

Performance summary

Capital return	As at 16 April 2008 (date of launch)	As at 31 May 2008	Movement
Income shares
Total net assets	£21.5 million	£21.7 million	+0.9%
Net asset value per share	98.0p	99.1p	+1.1%
Share price	100.0p	97.50p	- 2.5%
Premium/(Discount) to Net asset value	2.0%	-1.6%
Growth shares
Total net assets	£20.5 million	£20.8 million	+1.5%
Net asset value per share	98.0p	99.3p	+1.3%
Share price	100.0p	97.5p	- 2.5%
Premium/(Discount) to Net asset value	2.0%	-1.8%
FTSE All-Share Index	3,079.1	3,082.3	+0.1%
Total return	For the period from 16 April 2008 (date of launch) to 31 May 2008
Income shares
Net asset value per share	+ 1.1%
Share price	- 2.5%
Growth shares
Net asset value per share	+ 1.3%
Share price	- 2.5%
FTSE All-Share Index	+ 0.7%

Source: F&C Investment Business Limited, Datastream.

Review for the period

The main task for both Portfolios has been to broaden and expand the highly concentrated list of holdings that formed the F&C share plans prior to their rollover into the Company.  In round terms this will mean moving from a list of 12 stocks (Growth) and 15 stocks (Income) to a more diversified portfolio of between 25 and 30 holdings. This is now well underway with the Growth portfolio holding 26 stocks and the Income portfolio 22 stocks by the period end.

Examples of investment activity in the Growth portfolio are the entire sale of Herald Investment Trust and reductions of the holdings in TR European Growth Trust, TR Property Investment Trust and British Assets Trust.  Amongst others, new holdings have been taken in Scottish Mortgage Investment Trust, BlackRock World Mining, British Empire Securities & General Trust, Monks Investment Trust, Baring Emerging Europe, JPMorgan Russian Securities, Candover Investments and Jupiter European Opportunities Trust. 

In the Income Portfolio, Shires Income has been sold entirely and holdings in JPMorgan Income & Growth Units, Investors Capital Trust and Shires Smaller Companies reduced.  New holdings have been acquired in Aberdeen Asian Income Trust, BlackRock Commodities Income Trust, Keystone Investment Trust, Temple Bar, Henderson High Income and Schroders Oriental Income. 

Top Ten Holdings at 31 May 2008

Income Portfolio

Company	% of total assets of Income Portfolio
British Assets Trust	8.5
Law Debenture	7.6
Merchants Trust	7.2
Bankers Investment Trust	6.6
Perpetual Income & Growth	6.3
European Assets Trust	6.2
Shires Smaller Companies	6.2
Investors Capital Trust A Shares	5.8
JPMorgan Fleming Mercantile Investment Trust	5.0
BlackRock Commodities Income	4.8
	64.2

 

Growth Portfolio

Company	% of total assets of Growth Portfolio
F&C UK Select Trust	9.5
British Assets Trust	7.9
JPMorgan Fleming Mercantile Investment Trust	7.4
SVG Capital	6.7
Scottish Mortgage Investment Trust	5.6
BlackRock World Mining	5.4
British Empire Securities & General Trust	5.1
Edinburgh Investment Trust	5.1
Perpetual Income & Growth Trust	3.8
TR Property Investment Trust	3.6
	60.1

Since the end of the period, there have been falls in global stockmarkets as a result of increased concerns over inflation, with the FTSE All-Share Index down some 6.5%.

The Court of Session approved the cancellation of the Company's share premium account and the creation of a special reserve of £37.9 million on 23 June 2008.

The Board is not aware of any significant events or transactions which have occurred since 31 May 2008 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:

Michael Campbell or Ian Ridge, 

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

 

END

 

 

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