Interim Management Statement

RNS Number : 5593Q

Scottish American Investment Co PLC

15 October 2013

 

The Scottish American Investment Company P.L.C.      

Interim Management Statement - 3 Months to 30 September 2013

SAINTS' objective is to increase capital and grow income in order to deliver real dividend growth. Its policy is to invest flexibly and actively across a broad range of assets and markets. Listed equities, both UK and overseas, form the largest part of the portfolio. Investments are also made in bonds, property and other asset classes.

Review of the Period		¾  Over the period, the Company's net asset value total return (with debt at fair value) was 1.9%. This compares to a total return on the benchmark of 3.2%. The share price total return was 4.4%, reflecting an increase in the premium from 1.5% to 3.8%. ¾  Apart from a partial sale of Industrial & Infrastructure Fund, the changes to the Top Twenty Holdings have been as a result of market movements. ¾  The second interim dividend of 2.55p per share was paid on 27 September 2013 to shareholders on the register on 23 August 2013.
Top Twenty Holdings (as a % of total assets)					30/9/13 %		30/6/13 %
		Athena Debt Opportunities Fund			3.1		3.2
		Progressive			2.8		2.8
		Brazil CPI Linked 15/05/2045			2.7		3.1
		Baillie Gifford Greater China Fund			2.2		2.1
		Rio Tinto			2.1		1.9
		Holiday Village in New Romney			1.9		1.9
		Taiwan Semiconductor Manufacturing			1.8		2.0
		Samsung Electronics			1.6		1.6
		Baillie Gifford High Yield Bond Fund			1.6		1.5
		Amlin			1.5		1.5
		Japan Residential Investment Company			1.5		1.4
		Penn West Energy Trust			1.5		1.5
		Nursing Home in Kenilworth			1.3		1.3
		Jeronimo Martins			1.3		1.4
		Analog Devices			1.3		1.3
		Cambium Global Timberland			1.3		1.4
		AES Tiete			1.3		1.3
		Vodafone			1.2		1.1
		M6-Metropole TV			1.2		1.0
		Hiscox			1.2		1.1
		Total			34.4		34.3
Asset Allocation (as a % of total assets)					30/9/13 %		30/6/13 %
		Total Quoted Equities†			76.0		74.9
		Bonds			9.4		10.1
		Direct Property			9.2		9.3
		Quoted Equity Property Investments			4.2		4.3
		Quoted Equity Forestry Investments			1.3		1.4
		Net Liquid Assets/(Liabilities)			(0.1)		-
		Total			100.0		100.0
		†Excludes quoted equity property and forestry investments.
Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	4.4	18.3		28.8		79.3
		NAV (debt at fair value)	1.9	17.5		25.3		52.6
		Benchmark‡	3.2	18.7		32.8		67.5
		Source: Thomson Reuters Datastream/Morningstar/Baillie Gifford & Co. ‡      On 1 January 2009 the Company changed its benchmark from 70% FTSE All-Share Index and 30% FTSE World Ex UK Index (in sterling terms) to 50% FTSE All-Share Index and 50% FTSE All World Ex UK Index (in sterling terms).  For the purposes of the above table the returns on both benchmarks for their respective periods have been linked to form a single benchmark. Past performance is not a guide to future performance
General Information					30/9/13		30/6/13
		Share price			249.5p		241.5p
		Net asset value per share (after deducting debenture at fair value)*			240.3p		238.0p
		Net asset value per share (after deducting debenture at book value)*			253.5p		251.8p
		Premium - debenture at fair value			3.8%		1.5%
		Discount - debenture at book value			(1.6%)		(4.1%)
		Total assets (before deduction of  debenture)			£422.3m		£420.3m
		Debenture (at fair value)			£103.5m		£104.5m
		Gearing**			25.2%		25.4%
		* These figures have been calculated using the AIC cum income basis (includes current financial year retained income). ** Calculated per AIC (debt at book value, less cash and cash equivalents, divided by shareholders' funds).

General Information (Ctd)
		This interim management statement and up to date NAV and share price information is available on the SAINTS' page of the Managers' website: www.saints-it.com ‡ ‡ Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement. For further information, contact: Robert O'Riordan  0131 275 3181  [e-mail]

 

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