Interim Management Statement

SVM UK Emerging Fund plc (the "Fund")

Interim Management Statement

 
This Interim Management Statement ("IMS") covers the three month period from 1
April 2014 to 30 June 2014, and contains information that covers this period,
and up to the date of publication of this IMS.  It has been produced for the
sole purpose of providing information to the Company's shareholders in
accordance with the requirements of the UK Listing Authority's Disclosure and
Transparency Rules.  It should not be relied upon by any other party or for any
other purpose.

Investment Objective

SVM UK Emerging Fund's investment objective is long term capital growth from
investments in smaller UK companies. Its aim is to outperform the IMA UK All
Companies Sector Average Index on a total return basis.

Benchmark

IMA UK All Companies Sector Average Index

Dividend

The Fund does not pay a dividend.



Material Events

The Fund posted its Annual Report for the year to 31 March 2014 and Notice of
Annual General Meeting to shareholders on 11 July 2014. A copy is available on
the Managers' website www.svmonline.co.uk

There were no buy-backs of shares for the period from 1 April 2014 to 25 July 2014 
(the latest practicable date prior to the issue of this document).

The Board is not aware of any significant events or transactions, except as
disclosed, occurring between 30 June 2014 and the date of publication of this
IMS which would have a material impact on the financial position of the Fund.

 

Largest Investments as at 30 June 2014     Sector Analysis as at 30 June 2014

 

                                       %                                  %
                                                                           
1  ITV Television                    5.6   Oil & Gas                    0.4
                                                                           
2  Ted Baker                         4.1   Basic Materials              0.0
                                                                           
3  Unite Group                       3.7   Industrials                 20.8
                                                                           
4  Workspace Group                   3.2   Consumer Goods              12.4
                                                                           
5  Thomas Cook                       2.9   Health Care                  1.2
                                                                           
6  Johnson Service Group             2.9   Consumer Services           38.0
                                                                           
7  Grainger Trust                    2.9   Telecommunications           0.0
                                                                           
8  GVC Holdings                      2.6   Utilities                    0.0
                                                                           
9  Hays plc                          2.4   Financials                  19.4
                                                                           
10 Claremont Partners Ltd            2.4   Technology                   7.8
                                                                           
                                --------                           --------
                                                                           
   Total                            32.7                              100.0
                                                                           
                                --------                           --------
                                                                           

 
Financial Position
                           As at            As at       
                     30 Jun 2014      31 Mar 2014                      
                     (unaudited)        (audited)   
                           £'000            £'000       
                                             
Investments                3,819            4,421       
Net current assets            70               18          
                      ----------       ----------  
Net assets                 3,889            4,439       
                      ----------       ----------  
NAV per share             64.77p           73.93p      
                                             

 

Changes to Share Capital

                                                 Issued         
                                                        
As at 31 March 2014                           6,005,000      
Ordinary shares bought back                           0              
Ordinary shares issued                                0              
                                         -------------- 
As at 30 June 2014                            6,005,000      
                                         -------------- 

 

 

Performance 

                       3 months    1 year  3 years  Remit change (*) 
                              %         %        %             %                
Share price               -11.7     +14.6    -22.7        +100.0           
Net asset value           -12.4     +11.5    -24.4        +101.3
                                                                      
FTSE AIM Index             -0.7     +22.6     +0.4          +0.6             
                      

* - investment remit changed September 2004

Source: SVM/Lipper, capital return to 30/06/2014

 
Past performance is not necessarily a guide to the future and that the value of
investments and the income from them may fall as well as rise.  Investors may
not get back the amount they originally invested.


Further Information

Further information regarding the Fund, including monthly factsheets, annual
and half yearly reports, can be found at the Manager's website: at www.svmonline.co.uk.