Interim Management Statement

RNS Number : 5070D

F&C Managed Portfolio Trust PLC

23 March 2011

 



To:      RNS

Date:  23 March 2011

From: F&C Managed Portfolio Trust plc

Interim Management Statement

For the quarter ended 28 February 2011

Company summary

The Company invests in a selection of listed investment companies that have underlying exposure across a range of geographic regions and sectors. This assists in diversifying the overall portfolio investment risk.

The Company's investments are managed in two separate portfolios; the Income Portfolio and the Growth Portfolio, to which the Income shares and the Growth shares are respectively entitled.  

Investment objective

Income Portfolio

The objective for the Income Portfolio is to provide shareholders with an attractive level of income together with the potential for income and capital growth from a diversified portfolio of investment company shares.

Growth Portfolio

The objective for the Growth Portfolio is to provide shareholders with capital growth from a diversified portfolio of investment company shares.

The benchmark index for both the Income Portfolio and the Growth Portfolio is the FTSE All-Share Index.

Performance summary

	Capital return				Total return 1
	As at 28 February 2011	As at 30 November 2010	Movement %		Qtr end 28 February 2011	Since launch 2 %
Income shares
Total net assets	£21.9m	£21.0m	+4.7%
NAV per share	98.80p	94.91p	+4.1%		+5.1%	+15.7%
Share price	103.0p	98.0p	+5.1%		+6.1%	+18.3%
Premium	4.3%	3.3%	n/a
Growth shares
Total net assets	£19.6m	£18.8m	+3.9%
NAV per share	102.59p	96.31p	+6.5%		+6.5%	+4.7%
Share price	104.0p	98.0p	+6.1%		+6.1%	+4.0%
Premium	1.4%	1.8%	n/a
FTSE All-Share Index Total return					+9.1%	+12.0%

Source: F&C Investment Business Limited, Datastream.

¹ All total returns are based on dividends re-invested.

² The Company was launched on 16 April 2008.

Review of the period 

The past three months could be described as uphill and into the wind for Investment Companies in general, relative to that of mainstream UK equities. What is meant by this, is that the very favourable set of circumstances which positively influenced Investment Company performance throughout last year reversed. First, sterling strengthened against the dollar which has the effect of reducing returns to UK investors not only from the US market but also most Pacific and Emerging Markets. Second, the FTSE All-Share Index was one of the better performing markets which is not helpful for the Investment Company sector which has substantial assets invested overseas. Lastly, the least good performing stockmarkets tended to be in the Pacific and Emerging Market areas which noticeably lagged developed markets over the three months under review even excluding the effect of currency.

Of course taking a longer view, the Pacific and Emerging Markets are most likely to deliver good returns; they have done in the past and probably will again, however over the period under review this was not the case.

Although the Income and Growth Portfolios both gave up ground against the FTSE All-Share Index it is of some encouragement that they both were ahead of the FTSE Equity Investment Instrument Index which is the sector Index for Investment Companies.

Dividends

A second interim dividend of 1.0 pence per Income share, in respect of the financial year to 31 May 2011, was paid on 7 January 2011. 

On 15 March 2011, a third interim dividend of 1.0 pence per Income share was declared in respect of the financial year to 31 May 2011.  This dividend is payable on 8 April 2011.

Share buy backs and issues

During the quarter to 28 February 2011, the Company issued 125,000 Income shares from its block listing facility, receiving net proceeds of £130,000 and bought back 485,000 Growth shares at a cost of £492,000.

At 28 February 2011, the Company held nil Income shares and 485,000 Growth shares in treasury.  The total number of shares in issue with voting rights at 28 February 2011 was 22,207,192 Income shares and 19,075,567 Growth shares.

Top Ten Holdings at 28 February 2011

Income Portfolio

28 February 2011	30 November 2010	Company	% of total assets of Income Portfolio
1	1	British Assets Trust	6.1
2	2	Murray International Trust	5.5
3	4	Law Debenture Corporation	4.7
4	6	European Assets Trust	4.7
5	5	Invesco Leveraged High Yield Investment Trust	4.3
6	3	Aberdeen Asian Income Fund	4.2
7	13	BlackRock Commodities Income Investment Trust	4.1
8	10	Perpetual Income & Growth Investment Trust	4.1
9	12	Henderson High Income Trust	4.0
10	8	City Merchants High Yield Trust	3.9
			45.6

Growth Portfolio

28 February 2011	30 November 2010	Company	% of total assets of Growth Portfolio
1	2	British Empire Securities & General Trust	4.9
2	1	Templeton Emerging Markets Investment Trust	4.6
3	3	Perpetual Income & Growth Investment Trust	4.6
4	4	The Mercantile Investment Trust	4.2
5	5	BlackRock World Mining	4.0
6	6	TR Property Investment Trust - Ordinary    shares	3.8
7	7	Monks Investment Trust	3.5
8	8	RCM Technology Trust	3.5
9	12	Lowland Investment Company	3.4
10	13	Scottish Mortgage Investment Trust	3.3
			39.8

The Board is not aware of any significant events or transactions that have occurred between 28 February 2011 and the date of publication of this statement that would have a material impact on the financial position of the Company.

Daily and key information

Further information regarding the Company, including daily net asset values published since the end of the period and monthly factsheets, can be found on the Company's website at www.fcmanagedportfolio.co.uk or on the website www.fandc.com.

This interim management statement has been prepared solely to provide information to meet the requirements of the UK Listing Authority's Disclosure and Transparency Rules.

For further information please contact:

Ian Ridge,

For F&C Investment Business Limited, Company Secretary Tel: [phone]

 

END

 

 

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