Interim Management Statement

RNS Number : 1002Q

Henderson Smaller Cos Inv Tst PLC

03 April 2009

 



HENDERSON GLOBAL INVESTORS 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

3 April 2009    

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Second 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.hendersonsmallercompanies.com

Review of the second six month period, beginning 1 December 2008

Between 30 November 2008 and 31 March 2009 the net asset value per share (including current financial year revenue items) increased by 7.2%, while the Company's benchmark increased by 6.6% on a total return basis.  The Company no longer has any short term borrowings but has maintained a modest level of gearing against its issue of Debenture Stock 2016. As at 31 March 2009 the Company had total gross borrowings of £20 million and total net borrowings of £17.1 million, representing gearing of 13%.

The share price at 31 March 2009 was 125.5p, giving the Company a market capitalisation of £97.1 million.  Since 30 November 2008 the Company has bought back for cancellation a total of 596,750 of its ordinary shares.  The number of ordinary shares in issue is currently 77,400,296.  

There are no other material events or transactions to report.

Net Asset Value 

As at close of business on 31 March 2009, 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 167.6p.  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 159.7p.  

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Second Interim Management Statement for the year beginning 1 June 2008

Performance

The Company's performance, on a total return basis, in the periods of one and three years ended 31 March 2009 was as follows:

	1 year to 31.03.09	3 years to 31.03.09
Net asset value per share	-45.6%	-42.8%
Share price	-48.3%	-48.2%
Benchmark*	-34.8%	-35.5%

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

Largest Investments

The top twenty holdings as at 31 March 2009 were:

Informa

WSP Group

Bellway

W S Atkins

Balfour Beatty

Carillion

Interserve

Spectris

Victrex

Domino Printing

Croda

Rotork

Premier Oil

Costain

Mouchel 

Playtech

BSS Group

VT Group

Ultra Electronic 

Chemring

These investments represent 44.4% of the total portfolio valuation at 31 March 2009

of £147.2 million.

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Second Interim Management Statement for the year beginning 1 June 2008

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]

ENDS

 

END

 

 

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