Interim Management Statement

RNS Number : 9003V

Mercantile Investment Trust(The)PLC

18 December 2013

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 31^st October 2013

This interim management statement relates to the quarter from 1st August 2013 to 31^st October 2013 and contains information that covers that period, unless otherwise stated. 

Financial performance -  Cumulative Total Return *

	3 months	1 year	3 years	5 years	10 years
Share price	8.9%	45.3%	68.8%	183.1%	240.2%
Net asset value	4.4%	34.6%	57.5%	178.2%	234.3%
Benchmark	5.8%	36.6%	61.4%	198.9%	244.7%

* total return with net dividends reinvested.  Net asset values are capital NAVs with debt at par.

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Financial position

	As at 31st October 2013	As at 17th December 2013
Total assets	£1,832.9m	£1,821.5m
Share price	1,498.0p	1,481.0p
Net asset value per share	1,685.3p	1,673.7p
Discount	11.1%	11.5%
Gearing	10.6%	10.2%

Share prices shown are closing mid

Net asset values are shown with debt at par

Source: JPMAM/Morningstar (www.morningstar.co.uk)

Material events

The Company's half year results were announced on 24^th September 2013.

Sir Richard Beckett will leave the Company's Board following the Company's Annual General Meeting in 2014.

Material transactions

During the quarter, the Company made no issues or buybacks of its own shares.

Payment of dividends

On 1^st August 2013 a first quarterly dividend of 8.0p per share was paid to shareholders on the register as at the close of business on 28^th June 2013.

On 4^th December 2013 the Board of the Company announced that a third quarterly dividend of 8.00p per share for the year ending 31^st January 2014 will be paid on 31^st January 2014 to shareholders on the register as at the close of business on 3^rd January 2014.

Portfolio

Top ten holdings as at 31^st October 2013:

Stock name	Sector	Weight %
Persimmon	Consumer Goods	4.3
Jardine Lloyd Thompson	Financials	3.1
Bovis Homes	Consumer Goods	2.8
Cable & Wireless	Telecommunications	2.6
Mondi	Basic Materials	2.4
Barratt Developments	Consumer Goods	2.2
Taylor Wimpey	Consumer Goods	2.0
Berkeley Group B	Consumer Goods	2.0
Bellway	Consumer Goods	1.9
St James's Place	Financials	1.8

Sector analysis as at 31^st October 2013:

Sector	Portfolio %
Financials	26.8
Industrials	18.7
Consumer Goods	17.5
Consumer Services	16.3
Oil & Gas	5.8
Telecommunications	4.5
Basic Materials	3.7
Technology	3.4
Utilities	2.1
Health Care	1.1
Cash	0.1
Total	100.0

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

18th December 2013

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

Telephone: [phone]

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.mercantileit.co.uk 

 

END

 

 

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