Interim Management Statement

RNS Number : 5967W

North Atlantic Smlr Co Inv Tst PLC

12 June 2008

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 30 APRIL 2008

Investment Objective

The objective of North Atlantic Smaller Companies Investment Trust PLC ('the Company') is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.

Financial Highlights

	Cumulative performance
	As at 30 April 2008	3 months %	6 months %	1 year %	3 years %	5 years %

NAV *
Basic	1,538p	(4.5)	(12.3)	(13.1)	14.0	54.1
Diluted	1,159p	(4.1)	(11.7)	(5.5)	33.4	90.6

Mid-market price	994.5p	(3.0)	(16.9)	(12.8)	29.0	118.6

Discount to diluted NAV *	14.2%

Standard & Poor's 500 Composite Index **	699.6	0.9	(6.2)	(5.6)	15.5	22.0
Russell 2000 **	361.6	0.8	(9.3)	(11.2)	19.2	45.0
FTSE All-Share Index	3,099.9	3.3	(10.3)	(7.6)	29.3	63.9
US Dollar/Sterling exchange rate	1.9806	0.4	4.7	1.0	(3.7)	(23.9)

* Excluding retained revenue for the period.

** Sterling adjusted.

Material Events

There were no material events to report during the period under review.

Material Transactions

There were no material transactions during the quarter ended 30 April 2008.

TWENTY LARGEST INVESTMENTS AT 30 APRIL 2008

		%

Castle Support Services PLC	UK Quoted on AIM	10.5
Oryx International Growth Fund Limited *	UK Listed	8.3
Motherwell Bridge Limited	UK Unquoted	7.4
Nationwide Accident Repair Services PLC	UK Quoted on AIM	5.6
W-H Energy Services Inc.	USA Listed	5.3
Hampton Trust Group	UK Unquoted	4.8
Gleeson (MJ) Group PLC	UK Listed	4.6
BBA Aviation Group PLC	UK Listed	4.2
Filtronic PLC	UK Listed	3.7
Trident Private Equity II LP	Cayman Islands Unquoted	3.5
Worldport Communications Inc.	USA Unquoted	3.0
Martley Limited	Jersey Unquoted	2.8
Sterling Construction Inc.	USA Listed	2.2
Inspired Gaming Group PLC	UK Quoted on AIM	2.2
Georgica PLC	UK Quoted on AIM	2.2
RPC Group PLC	UK Listed	2.1
NAV Bidco Limited	UK Unquoted	2.1
Communisis PLC	UK Listed	2.0
Avanti Communications	UK Quoted on AIM	1.8
Catalyst Media Group PLC	UK Quoted on AIM	1.5

% of total portfolio		79.8

* Incorporated in Guernsey

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 30 APRIL 2008

	United	United
	States	Kingdom	Europe	Total
	%	%	%	%
Investment Companies	2.6	13.0	-	15.6
General Industrials	-	12.7	-	12.7
Real Estate	-	7.0	2.8	9.8
Support Services	1.0	8.7	-	9.7
Industrial Engineering	0.3	8.3	-	8.6
Construction & Materials	2.2	4.6	-	6.8
Oil & Gas	5.3	0.8	-	6.1
Travel & Leisure	-	4.5	-	4.5
Industrial Transportation	-	4.2	-	4.2
Telecommunications	-	5.5	-	5.5
General Financial	3.0	0.1	-	3.1
Healthcare, Equipment & Services	0.5	2.0	-	2.5
Media	1.0	1.5	-	2.5
Consumer Cyclical	-	1.5	-	1.5
Technology Hardware & Equipment	0.8	-	-	0.8
Food Producers	-	0.5	-	0.5
Gas & Water Multi-Utilities	0.2	-	-	0.2
Manufacturing	0.1	-	-	0.1
	17.0	74.9	2.8	94.7
Treasury Bills	5.3	-	-	5.3
Total at 30 April 2008	22.3	74.9	2.8	100.0
Total at 31 January 2008	23.9	73.7	2.4