RCM Technology Trust PLC
Interim Management Statement
For the quarter ended 28 February 2014
This interim management statement relates to the quarter from 1 December 2013 to 28 February 2014 and contains information for that period unless otherwise stated. This statement is produced to provide information in accordance with the UK Listing Authority's Disclosure and Transparency Rules.
Investment policy and benchmark
The Company invests principally in the equity securities of quoted technology companies on a worldwide basis with the aim of achieving long-term capital growth. The Company's benchmark is the Dow Jones World Technology Index (sterling total return).
Portfolio
Top ten holdings at 28 February 2014 and percentage of total gross assets:
Stock Name |
Market Value |
% |
|
|
£ |
|
|
|
8,880,508 |
5.93 |
|
|
7,379,842 |
4.92 |
|
ServiceNow |
6,207,276 |
4.14 |
|
Sunpower |
6,129,553 |
4.09 |
|
Microsoft |
5,959,657 |
3.98 |
|
Palo Alto Networks |
4,515,205 |
3.01 |
|
Alcatel-Lucent |
4,321,080 |
2.88 |
|
Salesforce |
4,284,657 |
2.86 |
|
Soufun |
3,984,410 |
2.66 |
|
Ehealth |
3,964,364 |
2.65 |
|
|
|
|
|
Total Gross Assets |
149,864,381 |
|
|
Material events and transactions
During the period no Ordinary Shares were bought back and held in treasury. On 7 March 2014 418,065 Ordinary Shares were reissued from treasury as part consideration for the performance fee payable for the year to 30 November 2013. There were 25,349,941 Ordinary Shares of 25p in issue at the start of the period and 25,768,006 as at the date of this announcement.
.
The Annual General Meeting was held on 2 April 2014 and all resolutions put to shareholders were passed. At the conclusion of the Annual General Meeting David Quysner retired as a Director and Chairman and Robert Jeens has been appointed Chairman.
Financial Performance to 28 February 2014
|
|
|
% change |
|
|
|
|
|
3m |
6m |
1yr |
3yrs |
5yrs |
|
|
Share price |
9.24 |
20.61 |
61.65 |
63.93 |
219.52 |
|
|
Net Asset Value |
9.23 |
19.00 |
40.26 |
43.67 |
192.30 |
|
|
Benchmark* |
4.28 |
10.34 |
15.04 |
30.09 |
138.11 |
|
|
* Dow Jones World Technology Index (sterling total return)
Source: Datastream
AGI were appointed as managers on 1 May 2007.
Financial position at 28 February and 2 April
|
|
28 February |
|
2 April |
Total gross assets |
|
£149,864,381 |
|
£142,624,865 |
Net assets |
|
£143,681,069 |
|
£142,467,720 |
Share price |
|
564.75p |
|
524.50p |
Net asset value 1 |
|
566.79p |
|
552.89p |
Discount 2 |
|
0.36% |
|
5.1% |
|
|
|
|
|
1 Net asset values per ordinary share are calculated and announced daily.
2 The discount is the difference between the share price and the NAV per share expressed as a percentage of the NAV per share.
Company Information
Launch date |
|
1995 |
EPIC |
|
RTT |
Year end |
|
30 November |
Report and Accounts |
|
Final posted February/March, half-yearly posted July |
AGM |
|
March/April |
Price Information |
|
Financial Times, The Daily Telegraph |
Investor information
Further up to date information, including Net Asset Values and share prices, and the latest available factsheets and portfolio information, is provided on the Manager's website, which can be accessed at www.rcmtechnologytrust.co.uk . Information can also be obtained from the Investor Services' helpline on 0800 389 4696.
By order of the Board.
RCM Technology Trust PLC
199 Bishopsgate
London EC2M 3TY
3 April 2014