Interim Management Statement

RNS Number : 0859I

Schroder Income Growth Fund PLC

19 July 2012

 

SCHRODER INCOME GROWTH FUND PLC

Interim Management Statement for the quarter ended 31 May 2012

Investment Objective

The Company's principal investment objectives are to provide real growth of income, being growth of income in excess of the rate of inflation, and capital growth as a consequence of the rising income.

Material Events

Third Interim Dividend for the year ending 31 August 2012

The Board has declared a third interim dividend of 2.00p net per share for the year ending 31 August 2012, payable on 31 July 2012 to shareholders on the Register on 13 July 2012.

Directorate Changes

On 11 May 2012, the Company announced the appointment of Mrs Bridget Guerin as a non-executive Director of the Company, effective from 1 June 2012.

Mrs Guerin, aged 50, was the managing director of Matrix Money Management Limited, an asset management and distribution firm, from its launch in 1999 until she resigned in March 2011. She is an independent non-executive director of the CCP Quantitative Fund, a Cayman Islands CTA Fund and is a non-executive director of the London listed Mobeus Income & Growth VCT PLC. She is also a Member of the York Race Committee and a Trustee of the York Racecourse Pension Fund.  From 2000 until 2009 she was a Director of Matrix Group Limited and also sat on the Board of several funds of hedge funds and UCITS Fund boards. Mrs Guerin was a director of Schroder Unit Trusts Limited between 1993 and 1999.

There have been no other material events or transactions that have taken place in respect of the Company between 1 March 2012 and the date of publication of this Statement.

Company Statistics as at 31 May 2012

Net Assets	£131.9 million
Net Asset Value per Ordinary Share	191.96p
Share Price	179.13p
Discount	6.7%
Number of Portfolio Holdings	44
Net Effective Gearing	2.7%

Cumulative Performance to 31 May 2012 (total return basis)

Performance over:	3mnths	6mnths	1yr	3yr	5yr
Share Price	-7.7%	-0.7%	-8.4%	27.0%	1.4%
Net Asset Value	-6.8%	-3.2%	-6.5%	34.9%	-3.3%
FTSE All-Share Index	-8.0%	-0.6%	-8.0%	36.1%	-3.5%

Source for all performance data: Morningstar.

Portfolio Information as at 31 May 2012

Ten Largest Holdings

Stock Name	Sector Classification	Market Value (£)	% of Net Asset Value
Vodafone	Telecommunications	11,445,421	8.7
Royal Dutch Shell	Oil & Gas	8,766,892	6.6
British American Tobacco GlaxoSmithKline Legal & General Imperial Tobacco Unilever BP AstraZeneca HSBC	Consumer Goods Healthcare Financials Consumer Goods Consumer Goods Oil & Gas Healthcare Financials	8,229,873 7,583,632 6,168,259 6,080,256 5,573,828 5,306,290 5,285,349 5,143,350	6.2  5.8  4.7  4.6  4.2  4.0  4.0  3.9

Sector Allocation

Sector	% of Net Asset Value
Financials	18.2
Consumer Goods	16.4
Oil & Gas	16.3
Consumer services	16.0
Telecommunications	10.4
Healthcare	9.8
Industrials	6.8
Utilities Basic Materials	3.8 2.9
Technology	1.6
Net current liabilities	(2.2)

Changes to Share Capital during the Quarter Ended 31 May 2012

None - there remain a total of 68,688,343 ordinary shares of 10p each in issue. Each share carries one voting right.

Company Information as at 31 May 2012

SEDOL Code	0791586
AIC Sector	Income and Growth
Launch Date	March 1995
Financial Year End	31 August
Next Dividend Payment Date	31 July 2012

Enquiries:

Louise Richard

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

19 July 2012

 

END

 

 

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