Interim Management Statement

RNS Number : 2756D

F&C Managed Portfolio Trust PLC

26 March 2014

 



To:      RNS

Date:  26 March 2014

From: F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 28 February 2014

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 2014	As at 30 November 2013	Movement %		Qtr end 28 February 2014	Since launch 2 %
Income shares
Total net assets	£32.3m	£31.9m	+1.4%
NAV per share	119.67p	118.49p	+1.0%		+2.0%	+60.4%
Share price	120.0p	115.5p	+3.9%		+4.9%	+57.7%
Premium/(Discount)	0.3%	(2.5)%	n/a
Growth shares
Total net assets	£35.7m	£33.3m	+7.3%
NAV per share	140.47p	133.51p	+5.2%		+5.2%	+43.3%
Share price	139.75p	132.5p	+5.5%		+5.5%	+39.8%
Discount	(0.5)%	(0.8)%	n/a
FTSE All-Share Index Total return					+3.9%	+46.9%

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 Investment Company sector Index slightly underperformed the FTSE All-Share Index during the period under review which is, perhaps not a surprise, given the persistent strength of sterling. This creates a headwind for the sector which has around half of assets invested in overseas equity markets and so returns, when translated back into sterling, have been diluted particularly for dollar and yen related markets e.g. Asia Pacific, Emerging Markets and Japan.

The respective trends in performance of the Income Portfolio and Growth Portfolio, evident over the last year, have continued over the past three months. A factor has been the performance of Asia/Pacific and Emerging Markets where the Income Portfolio has a greater weighting. This was a key element behind the outperformance of the Income Portfolio over the last 5 years however since the announcement of the tapering of the policy of Quantitative Easing by the Federal Reserve last May these markets have struggled.

In addition the trend, manifest across most Developed Markets for a number of years, of outperformance from mid and small cap companies has strongly assisted the Growth Portfolio which has a number of holdings in this area. It is much harder to attain suitable holdings for the Income Portfolio due to the lower yields that tend to exist for trusts exposed to these segments of the market.

Dividends

The normal pattern for the Company is to pay four quarterly interim dividends per financial year. A second interim dividend of 1.1 pence per Income share, in respect of the financial year to 31 May 2014, was paid on 3 January 2014. 

On 11 March 2014, a third 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 7 April 2014 to shareholders on the register on 21 March 2014.

Share buy backs and issues

During the quarter to 28 February 2014, the Company sold 100,000 Income shares and 500,000 Growth shares from treasury. At 28 February 2014, the Company held 385,000 Income shares and 1,990,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 28 February 2014 was 26,979,936 Income shares and 25,414,843 Growth shares.

Top Ten Holdings at 28 February 2014

Income Portfolio

28 February 2014	30 November 2013	Company	% of net assets of Income Portfolio
1	2	Lowland Investment Company	5.7
2	1	Law Debenture Corporation	5.4
3	4	Perpetual Income & Growth Investment Trust	5.1
4	5	European Assets Trust	4.8
5	6	Temple Bar Investment Trust	4.5
6	9	Schroder Real Estate Investment Trust	4.3
7	8	City of London Investment Trust	4.2
8	13	The Mercantile Investment Trust	3.9
9	12	Invesco Perpetual Enhanced Income Limited	3.7
10	11	Henderson High Income Trust	3.7
			45.3

Growth Portfolio

28 February 2014	30 November 2013	Company	% of net assets of Growth Portfolio
1	2	Lowland Investment Company	4.7
2	1	Perpetual Income & Growth Investment Trust	4.7
3	3	Schroder UK Mid Cap Fund	4.3
4	4	RCM Technology Trust	3.9
5	10	Biotech Growth Trust	3.8
6	5	Jupiter European Opportunities Trust	3.7
7	7	Diverse Income Trust	3.7
8	6	Finsbury Growth & Income Trust	3.5
9	9	The Mercantile Investment Trust	3.5
10	11	TR Property Investment Trust	3.3
			39.1

The Board is not aware of any significant events or transactions that have occurred between 28 February 2014 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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