Interim Management Statement

RNS Number : 5696F

F&C Capital & Income Inv Tst PLC

14 January 2010

 



F&C Capital and Income Investment Trust PLC 

Interim Management Statement 

For the three month period to 31 December 2009

Objective

To secure long-term capital and income growth from a portfolio consisting mainly of FTSE All-Share companies. 

Dividends

On 27 November in the announcement of the Audited Statement of Results for the year to 30 September 2009, the Directors declared a fourth interim dividend of 2.55 pence per share. This was paid to shareholders on 31 December 2009.

The Board has declared a first interim dividend for 2010 of 1.95 pence per share payable on 31 March 2010 to shareholders on the register on 26 February 2010.

Performance summary

	At 31 December 2009	At 30 September 2009	% change
Net assets *	£171.48m	£166.68m	2.9
Net asset value ("NAV") per share *	205.01p	199.28p	2.9
FTSE All-Share Index - 3 month return	-	-	4.8
Share price	208.25p	199.00p	4.6
Premium/(discount) to NAV per share	1.6%	(0.1%)	-
NAV per share  total return - 3 month return	-	-	4.2
FTSE All-Share Index - 3 month total return	-	-	5.5
Effective gearing	8.3%	7.6%	-

* Includes undistributed income

Three month review

Over the three months to 31 December, the Company's NAV per share total return was 4.2% in comparison to a total return of 5.5% from its benchmark, the FTSE All-Share Index.  The share price rose 4.6% as the discount of 0.1% at 30 September 2009 became a premium of 1.6% at 31 December 2009.

The Company's level of borrowing within its £20m committed facility increased during the quarter from £14m to £18m.

No ordinary shares were issued from the Company's general blocklisting authority during this period, but on 6 October at an EGM, shareholders granted authority for the Company to issue a further 4.3 million shares in the run up to the AGM in 2010. This was to satisfy demand from dividend reinvestment within the F&C Savings Plans.  Since 31 December 2009, the Company has issued 425,000 shares in response to some shareholders reinvesting the fourth interim dividend.

The Company did not purchase any of its own shares in the three months to 31 December 2009.  

The Board is not aware of any significant events or transactions which have occurred between 31 December 2009 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Ten largest holdings

At 31 December 2009	At 30 September 2009	Company	Percentage of total investments at   31 December 2009
1	1	BP	8.9
2	2	HSBC	7.0
3	3	Vodafone	6.1
4	4	Royal Dutch Shell	6.0
5	6	Rio Tinto	5.7
6	5	GlaxoSmithKline	5.6
7	7	British American Tobacco	4.3
8	8	Scottish & Southern Energy	3.4
9	9	AstraZeneca	3.4
10	10	Tesco	3.2
		Total	53.6

Investment portfolio by sector

	Percentage of total investments at 31 December 2009	Percentage of total  investments at 30 September 2009
Financials	20.3	21.3
Oil & gas	17.9	17.5
Utilities	10.2	10.1
Consumer goods	10.1	10.5
Telecommunications	10.0	9.9
Health care	9.1	9.2
Consumer services	7.9	8.1
Basic materials	7.4	6.4
Industrials	6.6	6.3
Technology	0.5	0.7

Annual General Meeting

The Directors announce that all resolutions proposed at the Annual General Meeting held earlier today were duly passed.

Daily and key information

Further information regarding the Company, including monthly factsheets and daily NAVs published since the end of the period, can be found on the internet at www.fandccit.com 

Disclaimer

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.

By order of the Board

F&C Management Limited, Secretary

14 January 2010

 

END

 

 

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