Interim Management Statement

RNS Number : 3459K

North Atlantic Smlr Co Inv Tst PLC

17 December 2008

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE QUARTER ENDED 31 OCTOBER 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 31 October 2008	3 months %	6 months %	1 year %	3 years %	5 years %

NAV *
Basic	1,297p	(10.4)	(15.7)	(26.0)	(16.6)	15.0
Diluted	1,008p	(10.0)	(13.0)	(23.2)	(1.8)	45.2

Mid-market price	645.0p	(23.0)	(35.1)	(46.1)	(32.1)	16.7

Discount to diluted NAV *	50.0%

Standard & Poor's 500 Composite Index **	599.6	(6.3)	(14.3)	(19.6)	(12.1)	(3.2)
Russell 2000 **	332.7	(7.8)	(8.0)	(16.5)	(8.9)	6.9
FTSE All-Share Index	2,183.7	(20.6)	(29.6)	(36.8)	(19.8)	2.7
US Dollar/Sterling exchange rate	1.61575	(18.4)	(18.4)	(22.2)	(8.7)	(4.8)

* 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 31 October 2008.

TEN LARGEST INVESTMENTS AT 31 OCTOBER 2008

		%

Castle Support Services PLC	UK Quoted on AIM	11.03
Oryx International Growth Fund Limited *	UK Listed	7.76
Nationwide Accident Repair Services PLC	UK Quoted on AIM	6.87
Hampton Trust Group	UK Unquoted	5.68
Trident Private Equity II LP	Cayman Islands Unquoted	4.28
Inspired Gaming Group PLC	UK Quoted on AIM	4.12
RPC Group PLC	UK Listed	3.95
Martley Limited	Jersey Unquoted	3.85
Bionostics Holdings Ltd	USA Unquoted	3.84
BBA Aviation Group PLC	UK Listed	2.94

% of total portfolio		54.32

* Incorporated in Guernsey

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 OCTOBER 2008

	United	United
	States	Kingdom	Europe	Total
	%	%	%	%
General Industrials		14.9		14.9
Support Services	1.7	12.4		14.1
Investment Companies		13.4		13.4
Real Estate		8.9	3.8	12.7
General Financial	7.6	0.2		7.8
Healthcare, Equipment & Services	5.1	2.5		7.6
Travel & Leisure		6.5		6.5
Technology Hardware & Equipment	1.0	3.7		4.7
Construction & Materials	2.0	2.3		4.3
Industrial Transportation		2.9		2.9
Communications		2.8		2.8
Oil & Gas	1.3	1.1		2.4
Industrial Engineering		2.0		2.0
Media		1.9		1.9
Consumer Cyclical		1.1		1.1
Food Producers		0.7		0.7
Manufacturing	0.2			0.2

Total at 31 October 2008	18.9	77.3	3.8	100.0
Total at 31 January 2008	23.9	73.7	2.4