Interim Management Statement

RNS Number : 7397L

F&C Managed Portfolio Trust PLC

15 January 2009

 



To:         RNS

Date:    15 January 2009

From:    F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 30 November 2008

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 30 Nov 2008	As at 31 August 2008	Movement %		Qtr end 30 Nov 2008	Since launch 2 %
Income shares
Total net assets	£13.9m	£19.2m	-27.6%
NAV per share	67.4p	91.7p	-26.5%		-25.0%	-29.8%
Share price	67.5p	86.5p	-22.0%		-20.3%	-31.1%
Premium/(Discount)	0.1%	-5.7%	n/a
Growth shares
Total net assets	£11.6m	£17.6m	-34.1%
NAV per share	59.9p	89.9p	-33.4%		-33.4%	-38.9%
Share price	63.5p	84.5p	-24.9%		-24.9%	-36.5%
Premium/(Discount)	6.1%	-6.0%	n/a
FTSE All-Share Index Total return					-24.8%	-28.8%

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

The period under review can be characterised as extremely negative for equity markets globally. The collapse of Lehman Brothers in September significantly intensified the banking crisis which had begun in the U.S.A. but rapidly engulfed many other financial institutions across Europe, Asia and beyond.  It also hastened the onset of recession, which looks set to be particularly severe and persist through 2009 and possibly beyond, due in part to the lack of available credit from the banking system for both business and consumers. 

In these difficult circumstances a cautious investment strategy has been maintained. This has been manifest through well above average levels of cash balances, in the range of 20% to 25%, held for both portfolios throughout the period. A few new purchases were undertaken in the quarter. In the Growth portfolio, holdings in Alliance Trust and JPMorgan American were added and in the Income portfolio TR Property was bought.

Dividends

A first interim dividend in respect of the four and a half month period from launch on 16 April 2008 to 31 August 2008 of 1.5 pence per Income share was paid on 9 October 2008.  

On 17 December 2008, a second interim dividend of 1.0 pence per Income share was declared in respect of the quarter to 30 November 2008. This was subsequently paid on 9 January 2009.

Share buy backs and issues

During the quarter to 30 November 2008, the Company bought back 340,000 Income shares at a cost of £272,000 and 230,000 Growth shares at a cost of £162,000 to be held in treasury. During this period the Company sold from treasury 43,000 Income shares for proceeds of £30,000 and 25,000 Growth shares for proceeds of £20,000.

Top Ten Holdings at 30 November 2008

Income Portfolio

Company	% of total assets of Income Portfolio
British Assets Trust	6.7
Murray International Investment Trust	5.3
European Assets Trust	4.8
City of London Investment Trust	4.5
Investors Capital Trust A Shares	4.5
Law Debenture	4.4
Perpetual Income & Growth	4.1
Merchants Trust	3.9
Aberdeen Asian Income	3.8
Temple Bar Investment Trust	3.6
	45.6

Growth Portfolio

Company	% of total assets of Growth Portfolio
British Empire Securities & General Trust	6.3
Perpetual Income & Growth Trust	5.8
TR Property Investment Trust	4.1
JPMorgan Fleming Mercantile Investment Trust	3.7
Monks Investment Trust	3.5
Alliance Trust	3.3
RCM Technology Trust	3.0
Aberforth Smaller Companies Trust	2.9
British Assets Trust	2.9
SVM Global Fund	2.7
	38.2

The Board is not aware of any significant events or transactions which have occurred since 30 November 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

At 14 January 2009, after payment of the second interim dividend, the NAV per Income share was 69 pence and the NAV per Growth share was 61.1 pence.

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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