Interim Management Statement

RNS Number : 4402C

Henderson Smaller Cos Inv Tst PLC

16 April 2013

 



HENDERSON GLOBAL INVESTORS

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

16 April 2013

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Second Interim Management Statement for the year beginning 1 June 2012

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 Numis 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 second six month period, beginning 1 December 2012

Between 30 November 2012 and 31 March 2013 the net asset value per share (including current financial year revenue items) increased by 20.9%, while the Company's benchmark increased by 16.4% on a total return basis.  The Company has maintained a modest level of gearing.  As at 31 March 2013 the Company had total borrowings of £33.7 million, representing gearing of 8.6%.

The share price at 31 March 2013 was 438.0p, giving the Company a market capitalisation of £327.2 million.  Since 30 November 2012 the Company has not bought back any of its ordinary shares.  The number of ordinary shares in issue is currently 74,701,796. 

There are no other material events or transactions to report.

Net Asset Value

As at close of business on 31 March 2013, 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 527.17p.  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 521.70p. 

Performance

The Company's performance, on a total return basis, in the periods of three months and three years ended 31 March 2013 were as follows:

	3 months to 31/03/13	3 years to 31/03/13
Net asset value per share	15.94%	99.07%
Share price	18.22%	105.84%
Benchmark*	12.29%	57.06%

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

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

Second Interim Management Statement for the year beginning 1 June 2012

Largest Investments

The top twenty holdings as at 31 March 2013 were:

1.    Spectris

2.    Informa

3.    Taylor Wimpey

4.    Bellway

5.    Oxford Instruments

6.    Ashtead

7.    Paragon

8.    Interserve

9.    Victrex

10.  Intermediate Cap

11.  E2V Technologies

12.  Atkins (WS)

13.  Senior

14.  Rotork

15.  Domino Printing

16.  Howden Joinery

17.  Restaurant

18.  AZ Electronic Materials

19.  Filtrona

20.  Renishaw

These investments represent 43.27% of the total portfolio valuation at 31 March 2013 of £429.1 million.

For further information, please contact:

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc

Telephone: [phone]                                                

James de Sausmarez

Director and Head of Investment Trusts                            

Henderson Global Investors                                                

Telephone: [phone]

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