Interim Management Statement

RNS Number : 8908G

Aberdeen Smaller Co's High Inc Tst

12 May 2014

 



Aberdeen Smaller Companies High Income Trust PLC

Interim Management Statement - 3 months to 31 March 2014

To the members of Aberdeen Smaller Companies High Income Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant 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.

This interim management statement relates to the period from 1 January 2014 to 31 March 2014, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To provide a high and growing dividend and capital growth from a portfolio invested principally in the ordinary shares of small companies and UK fixed income securities.

Benchmark

FTSE SmallCap Index (ex Investment Companies) total return

Ten largest equity holdings at 31 March 2014
	%
RPC	3.5
XP Power	3.3
Fenner	3.1
Wilmington	3.0
Interserve	2.9
Berendsen	2.9
Euromoney Institutional Investor	2.9
TT Electronics	2.8
Helical Bar	2.8
Elementis	2.7
Total	29.9
Total number of investments	53
Source: Aberdeen Asset Managers Ltd
Fixed income holdings at 31 March 2014
	%
Aviva 8.75%	1.9
General Accident 8.875%	1.9
Balfour Beatty Cum Cnv 10.75%	1.7
National Westminster 5.9779% 29/01/49	1.4
Ecclesiastical Insurance 8.625%	1.2
Stagecoach 5.75% 16/12/16	1.0
Wales & West Utilities Finance 6.75% 17/12/36	0.9
Electricite De France 6%	0.8
Anglian Water Serv Finance 4.5%	0.8
Total	11.6
Source: Aberdeen Asset Managers Ltd
Sector allocation
	%
Industrials	37.8
Financials	21.3
Consumer Services	19.8
Consumer Goods	8.2
Basic Materials	5.9
Technology	3.1
Health Care	2.9
Telecommunications	1.0
Total	100.0
Source: Aberdeen Asset Managers Ltd
Gearing	%	Assets	£'000	%
		Equities	53,888	101.7
Equities*	1.7	Convertibles	1,053	2.0
Total**	15.6	Fixed Income	6,287	11.9
		Total investments	61,228	115.6
		Cash	1,738	3.3
		Other net assets	-	-
		Debt	(10,000)	(18.9)
		Net assets	52,966	100.0
Source: Aberdeen Asset Managers Ltd
*Expressed as a percentage of total equities held divided by Shareholders' funds.
**Expressed as a percentage of gross assets divided by Shareholders' funds.

Cumulative Performance (%)
	as at	1 month	3 months	6 months	1 year	3 years	5 years
	31/03/2014
Share Price	222.5p	(2.2)	0.5	6.2	25.0	87.3	476.7
NAVA	239.6p	(2.7)	1.3	12.2	27.7	70.7	375.6
FTSE Small Cap ex ICs		(3.9)	2.1	9.7	32.3	69.2	228.8
Discrete Performance (%)
			31/03/2014	31/03/2013	31/03/2012	31/03/2011	31/03/2010
Share Price			25.0	62.1	(7.6)	45.0	112.3
NAVA			27.7	34.2	(0.4)	33.0	109.5
FTSE Small Cap ex ICs			32.3	28.0	(0.1)	15.2	68.7

Source: Aberdeen Asset Managers Limited, Lipper, and Morningstar.

Total Return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.

^A Including current year revenue.

The Company issued its Annual Report for the year ended 31 December 2013 in March and held its Annual General Meeting on 17 April 2014. All resolutions were duly passed.

The Company has declared a first interim dividend of 1.6p per share in respect of the year to 31 December 2014 payable on 30 April 2014 to shareholders on the register at close of business on 4 April 2014.

Other than as set out above, the Board is not aware of any significant events or transactions which have occurred between 31 March 2014 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.aberdeensmallercompanies.co.uk.

Please note that 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.

For Aberdeen Smaller Companies High Income Trust PLC

Aberdeen Asset Management PLC, Secretary

12 May 2014

 

END

 

 

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