Interim Management Statement

RNS Number : 3784I

North American Income Trust (The)

29 May 2014

 



The North American Income Trust plc - Interim management statement

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 February 2014 to 30 April 2014, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities.

Benchmark

S&P 500 Index

Material events and their impact on the Trust

At the Company's AGM on 29 May 2014, all resolutions were passed.

The Company will pay a final dividend of 10.0p per share to shareholders on 3 June 2014.  The ex-dividend date was 7 May 2014 and the register date was 9 May 2014.

Material transactions and their impact on the Trust's financial position

Over the three month period to 30 April 2014 the Company's net asset value rose 3.8% on a total return basis compared to a rose of 3.4% in the S&P 500 Index. 

For latest NAV and share price information, please refer to the Trust's website, www.northamericanincome.co.uk.

Cumulative performance (%)

	As at 30/04/14	3 months	1 year	3 years	5 years
Total return
Share price	824.0	6.3	(4.1)	35.8	90.0
NAV	846.7	3.8	0.9	31.5	88.1
S&P 500 Index		3.4	3.1	45.7	110.6

Discrete performance (%)

Year ending	30 April 2014	30 April 2013	30 April 2012	30 April 2011	30 April 2010
Total return
Share price	0.7	25.1	7.8	5.3	32.9
NAV	2.5	19.9	6.4	7.1	33.7
S&P 500 Index	11.0	22.0	7.6	7.6	34.4

Total return; NAV to NAV, net income reinvested, GBP.  Share price total return is on a mid to mid basis

Dividend calculations are to reinvest as at the ex-dividend date.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

The investment objective of the Company changed on 29 May 2012, with the Company moving to an objective "to provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominately of S&P 500 US equities" from its previous objective "to invest in a portfolio designed to track closely the S&P 500 Index, both in terms of capital and income." The performance figures shown, therefore, reflect periods of time when the Company ran with these 2 different objectives.

Ten largest equity holdings as at 30 April 2014

	%
Microsoft	4.2
Potash Corp	3.4
PepsiCo	3.3
ConocoPhillips	3.2
Digital Reality	3.2
Philip Morris	3.2
Royal Bank of Canada	3.1
Nucor	2.9
TransCanada Corp	2.9
Republic Serv Com	2.8
Total	32.2
Total number of investments	60

Sector allocation at 30 April 2014

	%
Financials	17.6
Consumer Staples	16.5
Energy	11.8
Materials	11.0
Information Technology	10.3
Industrials	8.6
Health Care	7.3
Telecommunication Services	6.8
Utilities	6.0
Consumer Discretionary	4.1
Total	100.0

Geographical breakdown at 30 April 2014

	%
USA	85.3
Canada	12.7
Cash available for investment	0.3
Other cash¹	1.7
Total	100.0

¹ Represents cash being used as collateral against open equity options positions, and there not available for investment.

Assets at 30 April 2014

	%
Investments	£285.5m
Net current assets	£11.0m
Total assets¹	£296.5m
Debt	£14.2m
No of shares in issue	33,338,582
Net asset value	846.7p
Discount	2.7%

(¹ Excluding current year revenue)

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

For The North American Income Trust plc                                                     29 May 2014

Aberdeen Asset Management PLC, Secretary

 

END

 

 

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