Interim Management Statement

RNS Number : 0380B

Henderson Smaller Cos Inv Tst PLC

19 October 2009

 



HENDERSON GLOBAL INVESTORS 

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

19 October 2009    

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2009

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

Review of the first six month period, beginning 1 June 2009

Between 31 May 2009 and 30 September 2009 the net asset value per share (including current financial year revenue items and adjusting for the dividends, totalling 5.60p per share, that were paid on 9 October 2009) rose by 31.9%, while the Company's benchmark increased by 24.4% on a total return basis. The Company has maintained a modest level of gearing. As at 30 September 2009 the Company had total borrowings of £20.0 million, representing gearing of 10%.

The share price at 30 September 2009 was 199.50p, giving the Company a market capitalisation of £149.7 million.  Since 31 May 2009 the Company has bought back for cancellation a total of 2,310,000 of its ordinary shares.  The number of ordinary shares in issue is currently 75,060,296.  

There are no other material events or transactions to report.

Net Asset Value 

As at close of business on 30 September 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 261.0p.  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 254.1p.  

  THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2009

Performance

The Company's performance, on a total return basis, in the periods of 3 months and three years ended 30 September 2009 was as follows:

	3 months to 30.09.09	3 years to 30.09.09
Net asset value per share	35.2%	-9.9%
Share price	35.7%	-18.5%
Benchmark*	26.0%	-1.8%

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

Largest Investments

The top twenty holdings as at 30 September 2009 were:

Informa

WSP Group

W S Atkins

Bellway

Intermediate Capital

Spectris

Victrex

Carillion

Interserve

Premier Oil

Domino Printing

Paragon Group

Croda International

Northgate

Grainger 

Balfour Beatty

Rotork

Melrose

VT Group

Chemring

These investments represent 41.4% of the total portfolio valuation at 30 September 2009

of £216.6 million.

ENDS

  THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2009

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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