Interim Management Statement

RNS Number : 0852G

Henderson Smaller Cos Inv Tst PLC

17 October 2008

 



HENDERSON GLOBAL INVESTORS 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

17 October 2008     

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2008

The objective of The Henderson Smaller Companies Investment Trust plc is to maximise shareholders' total returns by investing in smaller companies that are quoted in the United Kingdom. The benchmark is the Hoare Govett Smaller Companies (excluding investment companies) Index. The Manager is Henderson Global Investors Limited. Information about the Company can be found on the Manager's website www.itshenderson.com

Review of the first six month period, beginning 1 June 2008

Between 31 May 2008 and 31 August 2008 the net asset value per share (including current financial year revenue items) fell by 8.1%, while the Company's benchmark declined by 7.7% on a total return basis.  The Company has maintained a modest level of gearing. As at 31 August 2008 the Company had total borrowings of £29.5 million, representing gearing of 13%.

The share price at 31 August 2008 was 228p, giving the Company a market capitalisation of £180.4 million.  Since 31 May 2008 the Company has bought back for cancellation a total of 2,051,984 of its ordinary shares.  The number of ordinary shares in issue is currently 78,397,046.  

There are no other material events or transactions to report.

Net Asset Value 

As at close of business on 31 August 2008, the unaudited net asset value per share, calculated in accordance with the AIC (Association of Investment Companies) formula, including current financial year revenue items, was 287.1p.  The unaudited net asset value per share, including current financial year revenue items but calculated by valuing the Company's debenture stock at market value, was 279.8p.  

Performance

The Company's performance, on a total return basis, in the periods of 3 months and three years ended 31 August 2008 was as follows:

	3 months to 31.08.08	3 years to 31.08.08
Net asset value per share	-8.1%	25.1%
Share price	-8.0%	24.1%
Benchmark*	-7.7%	13.2%

*The benchmark is the Hoare Govett Smaller Companies Index (excluding investment companies).

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2008

Largest Investments

The top twenty holdings as at 31 August 2008 were:

Informa

WSP Group

W S Atkins

Spectris

Interserve

Domino Printing

Balfour Beatty

Bellway

Carillion

Intermediate Capital

Victrex

Synergy Healthcare

Laird

Mouchel Parkman

Wellstream

Rotork

Aveva

Charter Consolidated

Croda

Ultra Electronic 

These investments represent 42.9% of the total portfolio valuation at 31 August 2008

of £258.2 million.

ENDS

For further information, please contact:

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc 

Telephone: [phone]    

James de Sausmarez

Head of Investment Trusts    

Henderson Global Investors    

Telephone: [phone]

 

END

 

 

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