Holding(s) in Company

North Atlantic Smlr Co Inv Tst PLC
20 January 2004

                                  SCHEDULE 10

                   NOTIFICATION OF MAJOR INTERESTS IN SHARES


1)   Name of company

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

2)   Name of shareholder having a major interest

The Equitable Life Assurance Society

3)   Please state whether notification indicates that it is in respect of
     holding of the shareholder named in 2 above or in respect of a
     non-beneficial interest or in the case of an individual holder if it is a
     holding of that person's spouse or children under the age of 18

AS IN 2 ABOVE

4)   Name of the registered holder(s) and, if more than one holder, the
     number of shares held by each of them


NOT DISCLOSED


5)   Number of shares/amount of stock acquired

N/A


6)   Percentage of issued class

N/A

7)   Number of shares/amount of stock disposed


25,000


8)   Percentage of issued class


0.2%

9)   Class of security

ORDINARY SHARES OF 5P EACH

10)  Date of transaction


13 January 2004

11)  Date company informed

20 January 2004

12)  Total holding following this notification

1,093,000 ORDINARY SHARES


13)  Total percentage holding of issued class following this notification

8.91%

14)  Any additional information



15)  Name of contact and telephone number for queries

BONITA DRYDEN - 020 7747 5681

16)  Name and signature of authorised company official responsible for
     making this notification


     For and on behalf Of J O Hambro Capital Management Limited as Company
     Secretary of North Atlantic Smaller Companies Investment Trust PLC




     Date of notification ...20 JANUARY 2004..





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