Interim Management Statement

RNS Number : 9646Z

Edinburgh New Income Trust plc

30 September 2009

 



Edinburgh New Income Trust plc

Interim Management Statement - 3 months to 31 August 2009

To the members of Edinburgh New Income Trust plc

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 June 2009 to 31 August 2009, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective and policy

To provide ordinary shareholders with an attractive level of income, together with the potential for capital and income growth and to provide ZDP shareholders with a pre-determined capital entitlement on 31 May 2011 of 141.85p.   

The Company will invest mainly in UK quoted equities selected primarily for their potential, in the opinion of the Investment Manager, to provide an attractive dividend yield and capital appreciation. 

Benchmark

The Company does not have a benchmark, but the portfolio is largely drawn from large, mid and small cap components of the FTSE All-Share Index. 

Material transactions 

A fourth interim dividend of 2.1p per ordinary share was paid to shareholders on 24 August 2009. 

Ten largest equity holdings at 31 August 2009

	%
British American Tobacco	4.1
HSBC	3.7
AstraZeneca	3.6
Royal Dutch Shell 'B'	3.2
BP	3.0
Centrica	2.7
Vodafone	2.4
National Grid	2.3
GlaxoSmithKline	2.2
Standard Chartered	1.9
Total	29.1

Sector allocation as at 31 August 2009

	%
Fixed Interest	28.4
Financials	12.9
Consumer Goods	9.3
Oil & Gas	7.6
Industrials	6.6
Utilities	6.5
Consumer Services	6.0
Health Care	5.7
Basic Materials	3.7
Telecommunication Services	2.4
Cash	10.9
Total	100.0

General description of Company's financial position and performance as at 31 August 2009

	£m
Ordinary shareholder funds¹	10.1
ZDP shareholder funds	19.4
Gross assets¹	29.5
(¹ Excluding current year revenue)
Actual gearing (equities/ordinary shareholders funds)	177%

Cumulative performance (%)*

	As at  31 August 2009	3 months	6 months	1 year	3 years
Share Price Ordinary	48.5	17.4	40.8	-27.0	-41.2
Share Price ZDP	130.0	1.8	7.9	9.9	19.8
NAV Ordinary	49.1	28.8	69.0	-36.4	-48.3
NAV ZDP	128.1	1.6	3.1	6.1	19.3
FTSE All-Share		13.1	33.8	-8.2	-6.3

Discrete performance (%)*

Year ending	31/8/09	31/8/08	31/8/07	31/8/06
Share Price Ordinary	-27.0	-32.9	20.0	17.2
Share Price ZDP	9.9	3.1	5.8	4.3
NAV Ordinary	-36.4	-30.0	15.9	27.6
NAV ZDP	6.1	6.0	6.0	6.0
FTSE All-Share	-8.2	-8.7	11.8	16.8

*Total Return; Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited, Factset, Financial Times and Fundamental Data
NAV returns based on NAVs excluding income and with debt valued at par

The Trust continues to be affected by the significant volatility in stockmarkets. Otherwise, the Board is not aware of any significant events or transactions which have occurred between 31 August 2009 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. The Company's NAVs are published daily and are available on the Company's website, www.edinburghnewincome.co.uk.

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.

For Edinburgh New Income Trust plc

Aberdeen Asset Managers Limited, Secretary

30 September 2009

 

END

 

 

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