Interim Management Statement

RNS Number : 9969Z

F&C Managed Portfolio Trust PLC

30 September 2009

 



To:    RNS

Date:    30 September 2009

From:    F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 31 August 2009

Company summary

The Company invests in a selection of listed investment companies that have underlying exposure across a range of geographic regions and sectors. This assists in diversifying the overall portfolio 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 together with the potential for income and capital growth from a diversified portfolio of investment company shares.

Growth Portfolio

The objective for the Growth Portfolio is to provide shareholders with capital growth from a diversified portfolio of investment company shares. 

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 31 August 2009	As at  31 May 2009	Movement %		Qtr end 31 August 2009%	Since launch 2 %
Income shares
Total net assets	£16.8m	£15.0m	+11.9%
NAV per share	81.73p	73.86p	+10.7%		+12.9%	-10.6%
Share price	77.0p	75.0p	+2.7%		+4.5%	-17.4%
(Discount)/Premium	-5.8%	1.5%	n/a
Growth shares
Total net assets	£14.1m	£13.0m	+8.2%
NAV per share	78.01p	69.79p	+11.8%		+11.8%	-20.4%
Share price	75.5p	68.5p	+10.2%		+10.2%	-24.5%
Discount	-3.2%	-1.8%	n/a
FTSE All-Share Index Total return					+13.1%	-13.1%

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 of the period 

The rally in global equity markets, which began in March, continued apace over the summer. A perception that economic activity amongst the major developed economies is in the process of stabilising has led to a clear improvement in investor sentiment. The returns of the two portfolios over the period, whilst slightly behind that of the FTSE All Share Index, were comfortably ahead of the FTSE Equity Investment Instruments Index, which gained only 9.7% in total return terms. The general widening of discounts over the period contributed to the under-performance of investment companies relative to the FTSE All Share Index.

Both portfolios remained effectively fully invested throughout the period. Two new purchases were made in the Income Portfolio, Lowland Investment Company from the UK Growth and Income sector and the Invista Foundation Property Trust which holds a well diversified portfolio of properties across the UK. There were no new purchases in the Growth Portfolio.

Dividends

A fourth interim dividend of 1.4 pence per Income share, in respect of the quarter to 31 May 2009, was paid on 9 July 2009.  This brought the total interim dividends paid to 4.9p per Income share in respect of the period from launch, on 16 April 2008, to 31 May 2009.  

This was in line with expectations set out in the Launch Prospectus issued by the Company in February 2009.

On 14 September 2009, a first interim dividend of 1.0 pence per Income share was declared in respect of the financial year to 31 May 2010. This dividend is payable on 9 October 2009.

Share buy backs and issues

During the quarter to 31 August 2009, the Company sold, from treasury, 550,000 Income shares, receiving net proceeds of £413,000 and 100,000 Growth shares for net proceeds of £72,000. During the quarter the Company bought back 320,000 Income shares at a cost of £241,000 to be held in treasury and also bought back 690,000 Growth shares at a cost of £478,000 for cancellation.

At 31 August 2009, the Company held 1,327,000 Income shares and 1,910,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 31 August 2009 was 20,580,192 Income shares and 18,075,567 Growth shares.

Since the end of the quarter, the Company has bought back a further 100,000 Growth shares at a cost of £77,000 for cancellation.

Top Ten Holdings at 31 August 2009

Income Portfolio

Company	% of total assets of Income Portfolio
British Assets Trust	6.3
Murray International Trust	5.4
European Assets Trust	5.1
Law Debenture Corporation	4.8
Aberdeen Asian Income Fund	4.2
Perpetual Income & Growth Investment Trust	4.1
Investors Capital Trust (A Shares)	4.1
Temple Bar Investment Trust	4.0
City of London Investment Trust	4.0
Henderson Far East Income	4.0
	46.0

Growth Portfolio

Company	% of total assets of Growth Portfolio
British Empire Securities & General Trust	6.6
TR Property Investment Trust	5.0
Perpetual Income & Growth Investment Trust	5.0
The Mercantile Investment Trust	4.8
Templeton Emerging Markets Investment Trust	4.4
Aberforth Smaller Companies Trust	3.8
Monks Investment Trust	3.7
Pacific Assets Trust	3.4
Alliance Trust	3.2
BlackRock World Mining Trust	3.1
	43.0

Share Conversion Facility

As announced on 30 September 2009, the first share conversion will not now proceed and no shares will be converted on 28 October 2009. The total value of assets requested to be transferred by shareholders on 28 October 2009, at £17,000, was significantly less than the specified minimum of £250,000 which had been set in order to justify the costs of the exercise. 

The Board is not aware of any significant events or transactions that have occurred between 31 August 2009 and the date of publication of this statement that 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.

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

For further information please contact:

Ian Ridge, 

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

 

END

 

 

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