Interim Management Statement

RNS Number : 7810B

Scottish American Investment Co PLC

08 April 2013

 



The Scottish American Investment Company P.L.C.      

Interim Management Statement - 3 Months to 31 March 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 11.8%. This compares to a total return on the benchmark of 12.3%. The share price total return was 8.4%. ¾  Aside from part sales of Partners Group, which dropped out of the Top Twenty as a result, and of the Baillie Gifford High Yield Bond Fund, and a new investment in Norsk Hydro, the changes to the Top Twenty Holdings have been as a result of market movements. ¾  A final dividend of 2.50p per share was approved at the Annual General Meeting held on 4 April. It will be paid on 12 April 2013 to shareholders on the register on 8 March 2013.
Top Twenty Holdings (as a % of total assets)					31/3/13 %		31/12/12 %
		Athena Debt Opportunities Fund			4.1		3.9
		Progressive			3.2		2.6
		Brazil CPI Linked 2045			2.4		2.5
		Baillie Gifford Greater China Fund			2.1		2.2
		Taiwan Semiconductor Manufacturing			1.8		1.9
		Holiday village, New Romney			1.8		1.9
		Philip Morris International			1.7		1.5
		Samsung Electronics			1.6		1.7
		Industrial & Infrastructure Fund			1.6		1.1
		Rio Tinto			1.6		1.6
		Amlin			1.5		1.5
		Baillie Gifford High Yield Bond Fund			1.5		3.3
		Penn West Exploration			1.5		1.5
		Cambium Global Timberland			1.4		1.6
		Japan Residential Investment Company			1.3		1.3
		Nursing home, Kenilworth			1.3		1.4
		Jeronimo Martins			1.3		1.3
		Scottish & Southern Energy			1.2		1.3
		Norsk Hydro			1.2		-
		Royal Dutch Shell			1.2		1.2
		Total			35.3		35.3
Asset Allocation (as a % of total assets)					31/3/13 %		31/12/12 %
		Total Quoted Equities†			74.8		72.5
		Bonds			11.0		12.8
		Direct Property			8.9		9.5
		Quoted Equity Property Investments			4.5		3.3
		Quoted Equity Forestry Investments			1.4		1.6
		Net Liquid Assets			(0.6)		0.3
		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	8.4	9.9		32.9		41.9
		NAV (debt at fair value)	11.8	15.1		23.1		28.8
		Benchmark‡	12.3	17.0		27.8		41.4
		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					31/3/13		31/12/12
		Share price			242.0p		225.5p
		Net asset value per share (after deducting debenture at fair value)*			244.1p		220.5p
		Net asset value per share (after deducting debenture at book value)*			261.8p		237.7p
		(Discount)/premium - debenture at fair value			(0.9%)		2.3%
		(Discount) - debenture at book value			(7.6%)		(5.1%)
		Total assets (before deduction of  debenture)			£433.7m		£401.8m
		Debenture (at fair value)			£109.8m		£109.2m
		Gearing**			24.5%		26.8%
		* 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, divided by shareholders' funds).

General Information (Ctd)
		This interim management statement and up to date NAV and share price information is available on 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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