Interim Management Statement

RNS Number : 2881Y

Scottish Mortgage Inv Tst PLC

22 January 2014

 

Scottish Mortgage Investment Trust PLC

Interim Management Statement - 3 Months to 31 December 2013

Scottish Mortgage is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns.

Review of the Period		¾  Over the 3 month period, the Company's net asset value total return was 8.7% and the share price total return was 12.0%. The FTSE All-World Index in sterling terms (the benchmark) total return was 5.0%. ¾  Performance is judged primarily on a five year rolling period. Over the five years to 31 December 2013 the net asset value total return was 179.9% and the share price total return was 215.7% compared to a total return of 79.2% in the FTSE All-World Index in sterling terms. ¾  The interim dividend of 6.9p per share was paid on 29 November 2013. ¾  During the period 500,000 shares were bought back at a cost of £4.7 million, enhancing NAV per share by 0.01%.
Top Twenty Holdings* (as a % of total assets)			31/12/13 %	30/09/13 %
		Amazon.com	9.23	7.96
		Baidu	7.29	7.53
		Tencent Holdings	5.79	5.17
		Inditex	5.13	5.17
		Illumina	4.72	3.79
		Atlas Copco	3.99	4.58
		Google	3.83	3.36
		Kering	2.94	4.38
		Salesforce	2.84	3.12
		Apple	2.71	2.50
		Prudential	2.61	2.38
		Vale (CVRD)	2.19	1.93
		Banco Santander	2.17	2.14
		Novozymes	1.92	1.89
		Facebook	1.92	1.92
		Rolls-Royce Group	1.69	1.57
		Whole Foods Market	1.64	1.80
		Fiat	1.62	1.71
		BASF	1.61	1.56
		Intuitive Surgical	1.48	1.58
Total			67.32	66.04

*      KGHM and Reckitt Benckiser have dropped out of the top twenty holdings following partial sales. Other changes to the constituents of the Top Twenty Holdings were attributable to market movements.

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	12.0	39.8		54.3		215.7
		NAV (at fair)	8.7	32.4		41.1		179.9
		Benchmark*	5.0	21.0		26.6		79.2
		The Company aims to achieve a greater return than the FTSE All-World Index (in sterling terms) over a five year rolling period. *      Benchmark - FTSE All-World Index (in sterling terms). Past performance is not a guide to future performance Source: Morningstar
General Information					31/12/13		30/09/13
		Share price			1035.0p		930.5p
		Net asset value per share† (after deducting borrowings at fair value)			1037.8p		961.0p
		Net asset value per share† (after deducting borrowings at par)			1057.7p		983.3p
		Discount (borrowings at fair value)			0.3%		3.2%
		Discount (borrowings at par)			2.1%		5.4%
		Total assets (before deduction of borrowings)			£3,010.4m		£2,835.1m
		Total borrowings (at fair value)			£434.8m		£445.4m
		Total borrowings (at par)			£385.4m		£389.9m
		Potential gearing (borrowings at par)			14.7%		15.9%
		Actual gearing (borrowings at par)			13.5%		15.2%
		Potential gearing (borrowings at fair value)			16.9%		18.6%
		Actual gearing (borrowings at fair value)			15.7%		17.9%
		†      These figures have been calculated using the AIC cum income basis (includes current financial year retained income). Dividends are not reinvested. This interim management statement and up to date NAV and Share Price information are available at www.scottishmortgageit.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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