The Brunner Investment Trust PLC
Interim Management Statement
For the quarter ended 29 February 2012
This interim management statement relates to the quarter from 1 December 2011 to 29 February 2012 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 objective and benchmark
The Trust aims to provide growth in capital value and dividends over the long term through investing in a portfolio of UK and international securities in equal proportions. It has increased its annual dividend in each of the last 40 years.
The benchmark is: 50% FTSE All-Share and 50% FTSE World Index (ex UK, sterling).
Portfolio
Top ten holdings at 29 February 2012 and percentage of total gross assets:
|
|||
£ |
% |
||
|
|
|
|
UK Government 5.0% 2012 |
9,993,750 |
3.63 |
|
UK Government 2.5% Index-Linked 2020 |
9,339,056 |
3.39 |
|
Royal Dutch Shell 'B' |
8,938,455 |
3.25 |
|
GlaxoSmithKline |
8,893,985 |
3.23 |
|
UK Government 4% 2022 |
8,745,563 |
3.18 |
|
BP |
8,610,052 |
3.13 |
|
Vodafone Group |
6,771,582 |
2.46 |
|
HSBC |
6,377,931 |
2.32 |
|
Diageo |
6,155,126 |
2.24 |
|
Reed Elsevier |
4,336,943 |
1.58 |
|
|
|
|
|
Total Gross Assets |
275,183,474 |
|
|
The gilts are held to offset long term borrowings, maintaining a lower gearing, currently 8%.
Material events and transactions in the period
During the period 313,669 Ordinary Shares were purchased for cancellation at a total cost of £1,292,061.72.
Material events and transactions since 29 February
Since 29 February 67,000 Ordinary Shares have been purchased for cancellation at a total cost of £279,611.10. The number of shares in issue at the start and end of the period was 43,304,918 and 43,277,918 respectively.
All resolutions were passed at the Annual General Meeting held on 16 March 2012.
A final dividend for the year ended 30 November 2011 of 8.0p per share will be paid on 23 March to shareholders on the Register on 24 February 2012.
Financial Performance to 29 February 2012
|
|
|
% change |
|
|
|
|
|
3m |
6m |
1yr |
3yrs |
5yrs |
|
|
Share price |
11.9 |
10.8 |
4.4 |
81.0 |
12.6 |
|
|
Net Asset Value |
11.6 |
12.5 |
3.4 |
72.9 |
14.3 |
|
|
Benchmark* |
8.6 |
10.3 |
1.1 |
73.1 |
20.3 |
|
|
* 50% FTSE All-Share and 50% FTSE World Index (ex UK, sterling), total return since 25 March 2008; prior to that the benchmark was 60% FTSE All-Share and 40% FTSE World Index (ex UK, sterling).
Source: Datastream
Financial position at 29 February and 19 March 2012
|
29 February |
|
19 March |
Total gross assets |
£275,183,474 |
|
£280,823,425 |
Capital net assets |
£219,179,499 |
|
£224,734,447 |
Total net assets |
£219,768,365 |
|
£225,524,785 |
Share price |
418.00p |
|
423.00p |
Capital net asset value1 |
506.13p |
|
519.28p |
Total net asset value (cum-income) |
507.49p |
|
521.11p |
Discount 2 Discount with debt at market value3 |
-17.6% -10.2% |
|
-18.8% -11.6% |
Net gearing 4 |
9.0% |
|
7.9% |
1 Capital 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.
3 The discount is the difference between the share price and the NAV per share (debt at market value) expressed as a percentage of the NAV per share (debt at market value).
4 Net gearing is borrowings net of current assets and fixed interest securities.
Company Information
Launch date |
|
1927 |
EPIC |
|
BUT |
Year end |
|
30 November |
Report and Accounts |
|
Final posted February, half-yearly posted July |
AGM |
|
March |
Price Information |
|
Financial Times, The Daily Telegraph, www.allianzgi.co.uk, www.brunner.co.uk
|
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 via www.brunner.co.uk or www.rcm.com/investmenttrusts . Information can also be obtained from the Investor Services' helpline on 0800 389 4696.
21 March 2012