Interim Management Statement

RNS Number : 0486J

F&C Managed Portfolio Trust PLC

23 March 2010

 



To:      RNS

Date:  23 March 2010

From: F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 28 February 2010

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 28 February 2010	As at 30 November 2009	Movement %		Qtr end 28 February 2010	Since launch 2 %
Income shares
Total net assets	£18.5m	£17.4m	+6.4%
NAV per share	87.68p	84.40p	+3.9%		+5.1%	-2.0%
Share price	86.5p	81.0p	+6.8%		+8.1%	-5.1%
(Discount)/Premium	-1.3%	-4.0%	n/a
Growth shares
Total net assets	£14.7m	£14.1m	+4.2%
NAV per share	84.65p	80.76p	+4.8%		+4.8%	-13.6%
Share price	81.0p	77.0p	+5.2%		+5.2%	-19.0%
Discount	-4.3%	-4.7%	n/a
FTSE All-Share Index Total return					+4.0%	-4.3%

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 past three months have proven to be quite turbulent for global financial markets. In the UK it was a case of two steps forward and one step back as December and February experienced decent gains while January witnessed a partial retreat. Historically the UK equity market has tended to do quite well when sterling weakens, with February being a case in point as some of the biggest companies in the index with a substantial exposure to overseas assets were in favour. Investment companies also benefit from sterling weakness as the results for the quarter from both the Income and Growth Portfolios bear out. There were two new purchases made during the period both in the Growth Portfolio. Genesis Emerging Markets from the global emerging markets sector and the Biotech Growth Trust from the specialist biotechnology sector. The holding in Fidelity European Values was sold also during the period. There were no new transactions in the Income Portfolio.

Dividends

A second interim dividend of 1.0 pence per Income share, in respect of the year to 31 May 2010, was paid on 8 January 2010. 

On 17 March 2010, a third 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 1 April 2010.

These interim dividends are at the same quarterly rate as in the first three quarters of the prior accounting period.

Share buy backs and issues

During the quarter to 28 February 2010, the Company sold, from treasury, 500,000 Income shares, receiving net proceeds of £422,500 and 150,000 Growth shares for net proceeds of £124,500.  During the quarter the Company bought back 250,000 Growth shares at a cost of £198,150 for cancellation.

At 28 February 2010, the Company held 827,000 Income shares and 1,760,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 28 February 2010 was 21,080,192 Income shares and 17,360,567 Growth shares.

Since the end of the quarter, the Company has sold, from treasury, a further 200,000 Income shares receiving net proceeds of £179,500.

Top Ten Holdings at 28 February 2010

Income Portfolio

Company	% of total assets of Income Portfolio
British Assets Trust	6.0
Murray International Trust	5.7
European Assets Trust	4.9
Law Debenture Corporation	4.6
Aberdeen Asian Income Fund	4.5
Investors Capital Trust	4.3
Perpetual Income & Growth Investment Trust	4.1
Henderson Far East Income	4.0
City of London Investment Trust	4.0
Temple Bar Investment Trust	4.0
	46.1

Growth Portfolio

Company	% of total assets of Growth Portfolio
British Empire Securities & General Trust	5.5
Templeton Emerging Markets Investment Trust	5.3
Perpetual Income & Growth Investment Trust	5.3
TR Property Investment Trust - Ordinary shares	4.7
The Mercantile Investment Trust	4.3
Monks Investment Trust	3.9
Pacific Assets Trust	3.8
BlackRock World Mining Trust	3.7
RCM Technology Trust	3.6
Aberforth Smaller Companies Trust	3.4
	43.5

The Board is not aware of any significant events or transactions that have occurred between 28 February 2010 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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