Interim Management Statement

RNS Number : 6100N

F&C Managed Portfolio Trust PLC

01 October 2012

 



To:      RNS

Date:  1 October 2012

From: F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 31 August 2012

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 2012	As at 31 May 2012	Movement %		Qtr end 31 August 2012	Since launch 2 %
Income shares
Total net assets	£26.3m	£24.7m	+6.7%
NAV per share	98.01p	91.86p	+6.7%		+8.4%	+23.5%
Share price	95.0p	91.5p	+3.8%		+5.2%	+17.3%
Discount	(3.1)%	(0.4)%	n/a
Growth shares
Total net assets	£25.9m	£24.4m	+6.3%
NAV per share	100.49p	93.97p	+6.9%		+6.9%	+2.5%
Share price	97.0p	93.0p	+4.3%		+4.3%	-3.0%
Discount	(3.5)%	(1.0)%	n/a
FTSE All-Share Index Total return					+8.6%	+13.6%

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  

Equities globally continued to make gains over the past three months despite the clear evidence from almost all economies, be they developed or emerging, that a slowdown is in progress. The prospect of monetary stimulus and also reasonable results from the corporate sector kept markets buoyant. The investment company sector slightly lagged the main equity indices, in part, the result of a strengthening currency against both the Euro and the dollar. Given the high level of exposure to overseas assets in investment companies this was a constraint on performance and affected the portfolios of F&C Managed Portfolio Trust which both slightly lagged the FTSE All-Share Index over the past three months.

Stand out performers for the Growth Portfolio were once again Jupiter European Opportunities Trust and Biotech Growth Trust which rose 18% and 16% respectively. For the Income Portfolio the most notable contributors to performance were the Schroder Real Estate Investment Trust which was up 20% and Aberdeen Asian Income Fund which over the long term has been an outstanding performer and gained 12% over the quarter under review.

Dividends

A fourth interim dividend of 1.2 pence per Income share and a special interim dividend of 0.3 pence per Income share, both in respect of the financial year to 31 May 2012, were paid on 6 July 2012.  For the financial year to 31 May 2012, dividends totalled 4.5p per Income share as compared to 4.4p per Income share in the previous financial year to 31 May 2011.

The normal pattern for the Company is to pay four quarterly interim dividends per financial year. In response to shareholder requests, the directors of the Company have reviewed their dividend policy and now intend to make the quarterly interim dividends of more equal amounts. On 13 September 2012, a first interim dividend of 1.1 pence per Income share was declared in respect of the financial year to 31 May 2013.  This dividend is payable on 5 October 2012.

In the absence of unforeseen circumstances the first three quarterly interim dividends will each be 1.1 pence per Income share. The directors will determine the amount of the fourth quarterly interim dividend when a clearer view emerges of income for the year but based on the annual dividend of 4.5 pence per Income share for the year to 31 May 2012 this would equate to 1.2 pence per Income share.

Share buy backs and issues

During the quarter to 31 August 2012, the Company has bought back 160,000 Growth shares. At 31 August 2012, the Company held 485,000 Income shares and 1,615,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 31 August 2012 was 26,879,936 Income shares and 25,789,843 Growth shares.

Top Ten Holdings at 31 August 2012

Income Portfolio

31 August 2012	31 May 2012	Company	% of net assets of Income Portfolio
1	1	Murray International Trust	5.9
2	2	Law Debenture Corporation	5.4
3	3	Aberdeen Asian Income Fund	5.3
4	4	British Assets Trust	4.5
5	5	Perpetual Income & Growth Investment Trust	4.4
6	7	Lowland Investment Company	4.3
7	6	Schroder Oriental Income Fund	4.2
8	8	Temple Bar Investment Trust	4.1
9	9	City of London Investment Trust	4.1
10	15	Schroder Real Estate Investment Trust	3.9
			46.1

Growth Portfolio

31 August 2012	31 May 2012	Company	% of net assets of Growth Portfolio
1	1	Perpetual Income & Growth Investment Trust	5.4
2	2	Templeton Emerging Markets Investment Trust	4.2
3	3	Lowland Investment Company	4.0
4	4	Murray International Trust	3.8
5	5	Polar Capital Technology Trust	3.5
6	9	Jupiter European Opportunities Trust	3.5
7	8	Finsbury Growth & Income Trust	3.4
8	6	Scottish Mortgage Investment Trust	3.3
9	7	Edinburgh Dragon Trust	3.2
10	10	JPMorgan American Investment Trust	3.1
			37.4

The Board is not aware of any significant events or transactions that have occurred between 31 August 2012 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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