Interim Management Statement

RNS Number : 5665P

F&C Capital & Income Inv Tst PLC

19 July 2010

 



F&C Capital and Income Investment Trust PLC

Interim Management Statement

For the three month period to 30 June 2010

Objective

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

Performance summary

	At 30 June 2010	At 31 March 2010	% change
Net assets *	£156.45m	£179.12m	(12.7)
Net asset value ("NAV") per share *	185.77p	212.68p	(12.7)
FTSE All-Share Index - 3 month return	-	-	(12.6)
Share price	183.75p	217.50p	(15.5)
(Discount)/premium to NAV per share	(1.1%)	2.3%	-
NAV per share total return - 3 month return	-	-	(11.9)
FTSE All-Share Index - 3 month total return	-	-	(11.8)
Effective gearing	7.6%	7.2%	-

* Includes undistributed income

Three month review

Over the three months to 30 June, the Company's NAV per share total return was -11.9% in comparison to a total return of -11.8% from its benchmark, the FTSE All-Share Index.  The share price fell 15.5% as the premium of 2.3% at 31 March 2010 became a discount of 1.1% at 30 June 2010.

The Company's level of borrowing within its £20m committed facility was reduced during the quarter from £14m to £13m.

No ordinary shares were issued from the Company's general blocklisting authority during this period.  Since the period end the Company has issued 425,000 shares.

The Company did not purchase any of its own shares in the three months to 30 June 2010. 

The Board is not aware of any significant events or transactions which have occurred between 30 June 2010 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 30 June 2010	At 31 March 2010	Company	Percentage of total investments at   31 December 2009
1	2	HSBC	6.8
2	4	Vodafone	6.6
3	5	Royal Dutch Shell	6.1
4	6	GlaxoSmithKline	5.4
5	1	BP	5.1
6	7	British American Tobacco	4.7
7	3	Rio Tinto	4.7
8	8	AstraZeneca	4.1
9	9	Scottish & Southern	3.7
10	11	National Grid	3.1
		Total	50.3

Investment portfolio by sector

	Percentage of total investments at 30 June 2010	Percentage of total  investments at 31 March 2010
Financials	21.1	19.8
Oil & gas	14.0	17.5
Utilities	11.1	9.8
Telecommunications	10.9	10.3
Consumer goods	10.1	10.4
Health care	9.6	8.7
Consumer services	8.4	7.7
Industrials	7.1	6.8
Basic materials	6.8	8.3
Technology	0.9	0.7

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

19 July 2010

 

END

 

 

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