Interim Management Statement

RNS Number : 5402O

Schroder UK Mid Cap Fund PLC

07 August 2014

 



SCHRODER UK MID CAP FUND PLC

Interim Management Statement for the Quarter ended 30 June 2014

The Board of Schroder UK Mid Cap Fund Plc ("the Company") is pleased to announce its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules. This Statement is in respect of the period from 1 April 2014 to 30 June 2014.

Investment Objective

The Company's investment objective is to invest in mid cap equities, with the aim of providing a total return in excess of the FTSE Mid 250 (ex Investment Companies) Index.

Material Events or Transactions

Retirement of Chairman

As part of the ongoing refreshment of the Board, Mr Peter Timms retired as a Director and Chairman of the Company with effect from 30 June 2014. Mr Eric Sanderson, a non-executive Director of the Company, succeeded Mr Timms as Chairman with effect from the same date.

Interim Dividend for the Year ending 30 September 2014

An interim dividend of 2.50p per share for the year ending 30 September 2014 was paid on 31 July 2014 to shareholders on the register on 6 June 2014.

Appointment of Alternative Investment Fund Manager and Depositary

Following the period end, pursuant to the Alternative Investment Fund Managers Directive ("AIFMD"), the Company appointed Schroder Unit Trusts Limited ("SUTL") as its Alternative Investment Fund Manager to provide portfolio management, risk management and company secretarial services to the Company.  In order to facilitate this appointment, the Company has terminated its existing investment management agreement with Schroder Investment Management Limited ("SIM") and has entered into a new agreement with SUTL. Under these new arrangements, certain functions have been delegated from SUTL to SIM.

Appointment of Depositary

Following the period end, pursuant to the AIFMD, the Company appointed HSBC Bank plc as its Depositary, responsible for, inter alia, cash monitoring, custody of financial instruments, verification of ownership of assets and oversight.

No other material events or transactions have taken place in respect of the Company between 1 April 2014 and the date of publication of this Statement.

Company Statistics as at 30 June 2014

Net Assets	£175.1m
Net Asset Value per Ordinary Share	484.51p
Share Price	450.50p
Discount	7.0%
Number of Portfolio Holdings	63
Net Cash	3.3%
Yield	1.8%

Cumulative Performance to 30 June 2014

Total Returns	3 months	6 months	1 year
Share Price	(9.0)%	(8.8)%	31.4%
Net Asset Value	(4.6)%	(1.8)%	21.0%
FTSE 250 (ex Investment Trusts) Index	(3.1)%	(0.4)%	17.8%

Source: Morningstar.

Portfolio Information as at 30 June 2014

Ten Largest Holdings         

Stock Name	Sector Classification	Market Value (£)	% of NAV
DCC	Industrials	4,297,200	2.5
Investec	Financials	4,042,500	2.3
Premier Oil	Oil and Gas	4,006,800	2.3
Berendsen	Industrials	3,718,300	2.1
Kentz	Oil and Gas	3,702,000	2.1
Lamprell	Oil and Gas	3,673,688	2.1
Atkins	Industrials	3,661,650	2.1
Jardine Lloyd Thompson	Financials	3,640,000	2.1
John Wood	Oil and Gas	3,627,000	2.1
Dechra Pharmaceuticals	Healthcare	3,607,500	2.1

Sector Allocation	% of NAV
Industrials	29.2
Financials	16.2
Consumer Services	13.9
Oil and Gas	12.0
Consumer Goods	9.6
Technology	8.2
Basic Materials	4.2
Telecommunications	2.3
Healthcare	2.1
Net Current Assets	2.3

Changes to Share Capital during the Quarter ended 30 June 2014

There were no changes to the Company's share capital during the quarter.

As at the date of this Statement, there remain a total of 36,143,690 ordinary shares of 25p each in issue, each carrying one voting right. No shares are held in Treasury.

Company Information as at 30 June 2014

SEDOL Code	0610841
Sector	Equity Investment Instruments
Launch Date	April 1983
Financial Year End	30 September

Enquiries:

Louise Richard

Schroder Investment Management Limited

Company Secretary

Tel: [phone]

7 August 2014

 

END

 

 

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