Interim Management Statement

RNS Number : 0398B

F&C Managed Portfolio Trust PLC

27 March 2013

 



To:      RNS

Date:  27 March 2013

From: F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 28 February 2013

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 29 February 2013	As at 30 November 2012	Movement %		Qtr end 28 February 2012	Since launch 2 %
Income shares
Total net assets	£30.0m	£27.0m	+10.9%
NAV per share	112.81p	101.45p	+11.2%		+12.3%	+45.2%
Share price	110.0p	100.5p	+9.5%		+10.6%	+38.8%
Discount	(2.5)%	(0.9)%	n/a
Growth shares
Total net assets	£30.1m	£27.0m	+11.5%
NAV per share	119.12p	105.15p	+13.3%		+13.3%	+21.6%
Share price	117.0p	104.0p	+12.5%		+12.5%	+17.0%
Discount	(1.8)%	(1.1)%	n/a
FTSE All-Share Index Total return					+9.9%	+29.7%

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 three months under review have continued the trend which began last June with equity markets making considerable gains in contrast to bond markets. For the quarter the FTSE All-Share Index gained 9.9% whilst the FTSE Government All Stocks Index fell 1.5%. Since June 2012 the FTSE All-Share Index has recorded nine consecutive monthly gains rising by a total of 24% whilst the FTSE Government All Stocks Index has actually fallen by 1.3% over the same nine months. The other major trend evident is the resumption of sterling as a weak currency again. Poor growth numbers allied to sticky inflation over recent months has served to undermine the UK currency.

The past three months have been favourable for both portfolios. The sharp decline of sterling boosted returns of most overseas markets relative to the UK and given the significant proportion of assets held overseas by both portfolios they benefitted when compared to UK indices. The "risk on" trade was reflected in the outperformers for both portfolios. For the Growth Portfolio, UK and European mid and small cap companies, frontier markets and biotechnology, none of which could be termed as defensive investments, were notable contributors. In this regard, the Schroder UK Mid Cap Fund rose 22% whilst Blackrock Frontiers also recorded a 22% gain and once again Biotech Growth Trust featured as strongly with a 19% gain. For the Income Portfolio, strong performance from UK and European Mid and Small Cap companies helped drive returns with substantial gains from European Assets Trust +27%, Mercantile Investment Trust +19% and Lowland Investment Company +16%.

Dividends

A second interim dividend of 1.1 pence per Income share, in respect of the financial year to 31 May 2013, was paid on 4 January 2013. 

On 14 March 2013, a third 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 8 April 2013 to shareholders on the register on 22 March 2013.

Share buy backs

During the quarter to 28 February 2013, the Company bought back 75,000 Income shares and 400,000 Growth shares. At 28 February 2013, the Company held 785,000 Income shares and 2,170,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 28 February 2013 was 26,654,936 Income shares and 25,234,843 Growth shares.

Top Ten Holdings at 28 February 2013

Income Portfolio

28 February 2013	30 November 2012	Company	% of net assets of Income Portfolio
1	1	Murray International Trust	6.0
2	2	Law Debenture Corporation	5.5
3	3	Aberdeen Asian Income Fund	5.3
4	6	Schroder Oriental Income Fund	4.6
5	7	Lowland Investment Company	4.5
6	4	Perpetual Income & Growth Investment Trust	4.4
7	10	European Assets Trust	4.3
8	8	Temple Bar Investment Trust	4.2
9	9	City of London Investment Trust	3.9
10	5	British Assets Trust	3.8
			46.5

Growth Portfolio

28 February 2013	30 November 2012	Company	% of net assets of Growth Portfolio
1	1	Perpetual Income & Growth Investment Trust	5.2
2	2	Lowland Investment Company	4.1
3	3	Jupiter European Opportunities Trust	3.9
4	4	Murray International Trust	3.8
5	5	Finsbury Growth & Income Trust	3.5
6	6	Scottish Mortgage Investment Trust	3.5
7	7	Edinburgh Dragon Trust	3.4
8	11	Schroder UK Mid Cap Fund	3.4
9	8	Polar Capital Technology Trust	3.2
10	9	Diverse Income Trust	3.1
			37.1

The Board is not aware of any significant events or transactions that have occurred between 28 February 2013 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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