Interim Management Statement

RNS Number : 8792S

F&C Managed Portfolio Trust PLC

29 September 2014

 



To:      RNS

Date:  29 September 2014

From: F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 31 August 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 31 August 2014	As at 31 May 2014	Movement %		Qtr end 31 August 2014	Since launch 2 %
Income shares
Total net assets	£33.0m	£33.0m	+0.2%
NAV per share	119.22p	119.85p	-0.5%		+0.8%	+63.4%
Share price	119.5p	122.0p	-2.0%		-0.8%	+60.5%
Premium	0.2%	1.8%	n/a
Growth shares
Total net assets	£36.0m	£35.3m	+1.8%
NAV per share	137.83p	136.41p	+1.0%		+1.0%	+40.6%
Share price	137.5p	136.0p	+1.1%		+1.1%	+37.5%
Discount	(0.2)%	(0.3)%	n/a
FTSE All-Share Index Total return					+0.6%	+49.0%

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  

Despite a series of worsening global geo-political problems e.g. Ukraine and the Middle East which dominated the headlines during the period under review, most markets made progress, albeit to varying degrees. The UK equity market moved sideways over the period constrained by an unexpectedly strong currency, particularly relative to the dollar. This had the effect of causing a number of companies to miss their estimated profits at the interim result stage.

That said, the FTSE All-Share Index still made progress and continued to be led by the largest companies in the FTSE 100 Index, although this trend was showing signs of weakening during August.

Both portfolios managed to modestly outperform the benchmark index. In the case of the Growth Portfolio this was helped by a strong showing from Investment companies exposed to Technology and Biotechnology sectors in the US. The Income Portfolio has a small exposure in this sector through a holding in BB Biotech a Swiss registered Investment company which also performed well. Holdings in Asia Pacific region also contributed positively.

Dividends

A fourth interim dividend of 1.5 pence per Income share in respect of the financial year to 31 May 2014 was paid on 4 July 2014.  For the financial year to 31 May 2014, dividends totalled 4.8p per Income share as compared to 4.6p per Income share in the previous financial year to 31 May 2013.

The normal pattern for the Company is to pay four quarterly interim dividends per financial year. On 9 September 2014, a first interim dividend of 1.15 pence per Income share was declared in respect of the financial year to 31 May 2015. This dividend is payable on 3 October 2014.

In the absence of unforeseen circumstances the first three quarterly interim dividends will each be 1.15 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 2014, the Company issued 200,000 Income shares from its block listing facility and sold 200,000 Growth shares from treasury. At 31 August 2014, the Company held nil Income shares and 1,290,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 31 August 2014 was 27,714,936 Income shares and 26,114,843 Growth shares.

Top Ten Holdings at 31 August 2014

Income Portfolio

31 August 2014	31 May 2014	Company	% of net assets of Income Portfolio
1	2	Law Debenture Corporation	4.8
2	3	Perpetual Income & Growth Investment Trust	4.8
3	1	Lowland Investment Company	4.6
4	4	European Assets Trust	4.4
5	5	Temple Bar Investment Trust	4.3
6	6	Schroder Real Estate Investment Trust	4.2
7	7	City of London Investment Trust	4.0
8	8	Invesco Perpetual Enhanced Income Limited	3.8
9	9	Henderson High Income Trust	3.6
10	10	The Mercantile Investment Trust	3.3
			41.8

Growth Portfolio

31 August 2014	31 May 2014	Company	% of net assets of Growth Portfolio
1	1	Perpetual Income & Growth Investment Trust	4.5
2	2	Lowland Investment Company	4.2
3	3	Jupiter European Opportunities Trust	3.6
4	6	TR Property Investment Trust	3.5
5	4	Finsbury Growth & Income Trust	3.5
6	5	Diverse Income Trust	3.4
7	9	Polar Capital Technology Trust	3.2
8	10	Scottish Mortgage Investment Trust	3.2
9	18	Biotech Growth Trust	3.1
10	8	The Mercantile Investment Trust	3.0
			35.2

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