Interim Management Statement

RNS Number : 1526P

F&C Managed Portfolio Trust PLC

27 September 2013

 



To:      RNS

Date:  27 September 2013

From: F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 31 August 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 31 August 2013	As at 31 May 2013	Movement %		Qtr end 31 August 2013	Since launch 2 %
Income shares
Total net assets	£30.7m	£31.3m	-2.1%
NAV per share	114.17p	117.68p	-3.0%		-1.8%	+50.2%
Share price	112.0p	116.5p	-3.9%		-2.7%	+44.4%
Discount	(1.9)%	(1.0)%	n/a
Growth shares
Total net assets	£31.5m	£31.2m	+0.9%
NAV per share	125.61p	124.78p	+0.7%		+0.7%	+28.2%
Share price	121.5p	123.0p	-1.2%		-1.2%	+21.5%
Discount	(3.3)%	(1.4)%	n/a
FTSE All-Share Index Total return					-0.8%	+35.0%

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  

Although the FTSE All-Share Index was only slightly lower than the start of the period, (down -0.8%), it masked some quite sharp moves in both directions. The announcement at the end of May that the Federal Reserve in the US was to consider tapering down their policy of Quantitative Easing was the principal cause of the underlying volatility. This policy has been highly supportive of equity markets and although the reason for doing so was signs of a strengthening recovery, particularly in the US, it nevertheless caused uncertainty. The areas most affected were Asian Pacific and Emerging Markets which highlights their continued sensitivity to international capital flows which sought safe havens in developed markets.

With around 19% of assets exposed to Asian Pacific markets, the Income Portfolio was more adversely affected than the Growth Portfolio. Although the Growth Portfolio does have holdings of both Asian Pacific and Emerging Market investment companies, significant positions in certain Technology and UK Mid and Small Cap investment companies, which performed strongly, more than offset the performance of the Asian and Emerging Market holdings. Unfortunately, both Technology and UK Mid and Small Cap investment companies tend to have low or no dividend yields and so it is difficult to gain exposure for the Income Portfolio.

Dividends

A fourth interim dividend of 1.3 pence per Income share in respect of the financial year to 31 May 2013 was paid on 5 July 2013.  For the financial year to 31 May 2013, dividends totalled 4.6p per Income share as compared to 4.5p per Income share in the previous financial year to 31 May 2012.

The normal pattern for the Company is to pay four quarterly interim dividends per financial year. On 12 September 2013, a first interim dividend of 1.1 pence per Income share was declared in respect of the financial year to 31 May 2014. This dividend is payable on 4 October 2013.

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.

Share buy backs and issues

During the quarter to 31 August 2013, the Company sold 250,000 Income shares and 175,000 Growth shares from treasury. It has also bought back 120,000 Growth shares into treasury. At 31 August 2013, the Company held 485,000 Income shares and 2,340,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 31 August 2013 was 26,879,936 Income shares and 25,064,843 Growth shares.

Top Ten Holdings at 31 August 2013

Income Portfolio

31 August 2013	31 May 2013	Company	% of net assets of Income Portfolio
1	2	Law Debenture Corporation	5.7
2	1	Murray International Trust	5.5
3	4	Lowland Investment Company	5.2
4	5	Perpetual Income & Growth Investment Trust	4.7
5	8	European Assets Trust	4.6
6	3	Aberdeen Asian Income Fund	4.6
7	7	Temple Bar Investment Trust	4.4
8	9	City of London Investment Trust	4.1
9	6	Schroder Oriental Income Fund	3.9
10	12	Schroder Real Estate Investment Trust	3.8
			46.5

Growth Portfolio

31 August 2013	31 May 2013	Company	% of net assets of Growth Portfolio
1	1	Perpetual Income & Growth Investment Trust	5.5
2	2	Lowland Investment Company	4.6
3	6	Schroder UK Mid Cap Fund	4.0
4	3	Jupiter European Opportunities Trust	3.9
5	9	RCM Technology Trust	3.7
6	5	Finsbury Growth & Income Trust	3.7
7	10	Diverse Income Trust	3.5
8	4	Murray International Trust	3.4
9	11	Polar Capital Technology Trust	3.3
10	12	The Mercantile Investment Trust	3.2
			38.8

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