Keystone Investment Trust plc
Interim Management Statement
for the three months ended 31 December2011
Material Events
No material events specifically in relation to the Company occurred in the
period.
Dividends
In the period a final dividend of 29p per ordinary share was paid on 23
December 2011 to shareholders on the register on 25 November 2011.
Performance - Total Return
3 Months 1 Year 3 Years 5 Years
Share Price 3.7% 2.6% 41.0% 22.7%
Net Asset Value 6.7% 4.5% 41.1% 18.2%
FTSE All-Share Index 8.4% -3.5% 43.9% 6.2%
Source: Thomson Reuters
Share Price and Discount
For the Three Months Ended 31 Dec 2011
As at 31 Dec 2011 High Low Average
Share Price (pence) 1146.50 1202.50 1076.00 1140.74
Discount 8.8%
(debt at par)
Discount 5.7%
(debt at fair value)
Source: Thomson Reuters
Assets and Gearing
31 Dec 2011
Total Gross Assets (£m) 200.0
of which cash and Certificates of 15.0
Deposit (£m)
Borrowings (£m) 31.9
Cum Income Net Asset Value per share 1257.5
(pence)
Gross Gearing 19%
Net Gearing 10%
`Gross Gearing' reflects the amount of gross borrowings in use by a company and
takes no account of any cash balances. It is based on gross borrowings as a
percentage of shareholders' funds.
`Net Gearing' reflects the amount of net borrowings invested, i.e. borrowings
less cash and bond holdings. It is based on net borrowings as a percentage of
shareholders' funds.
Sector Breakdown of Portfolio (excluding Cashand Certificates of Deposit)
31 Dec 2011
Consumer Goods 20.1%
Healthcare 17.9%
Industrials 14.4%
Financials 14.1%
Telecommunications 11.3%
Utilities 9.1%
Consumer Services 8.1%
Oil & Gas 4.3%
Basic Materials 0.4%
Fixed Interest 0.3%
100.0%
Top Ten Holdings
% of
Portfolio
Reynolds American 5.3%
- US Common Stock
Imperial Tobacco 5.3%
British American Tobacco 5.2%
GlaxoSmithKline 5.1%
BT 4.6%
Vodafone 4.6%
BG 4.3%
AstraZeneca 4.1%
Roche 3.6%
-Swiss Common Stock
Reckitt Benckiser 3.0%
All ordinary shares unless otherwise stated
Changes to Share Capital
Ordinary Shares of 50p each
Issued
As at 30 Sep 2011 13,368,799
Shares bought back 0
Shares issued 0
As at 31 Dec 2011 13,368,799
The Company has authority to buy back shares for cancellation and to issue new
shares (disapplying pre-emption rights), in each case within specified limits.
The Company expects to renew these authorities each year.
Price and Performance
The Company's Ordinary shares are listed on the London Stock Exchange and the
price is published in the Times and the Financial Times under `Investment
Companies' and in the Daily Telegraph under `Investment Trusts'.
The Company's net asset value is calculated on a daily basis and can be viewed
on the London Stock Exchange website at www.londonstockexchange.com.
Further information can be obtained from Invesco Perpetual as follows:
Free Investor Helpline: 0800 085 8677
Internet address: www.invescoperpetual.co.uk/investmenttrusts
The information provided in this statement should not be considered as a
financial promotion.
For and on behalf of
Invesco Asset Management Limited
20 January 2012
Registered Office
30 Finsbury Square, London, EC2A 1AG
Telephone: 020 7065 4000
Facsimile: 020 7065 3166
Registered in England No 538179
An Investment Company under Section 833
of the Companies Act 2006
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Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
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