Interim Management Statement

RNS Number : 0952N

F&C Capital & Income Inv Tst PLC

23 July 2014

 



F&C Capital and Income Investment Trust PLC

Interim Management Statement

For the three month period to 30 June 2014

Objective

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

Dividends

The Board has declared a second interim dividend for 2014 of 2.25 pence per share paid on 30 June 2014 to shareholders on the register on 6 June 2014.

Performance summary

	At 30 June 2014	At 31 March 2014	% change
Net assets *	£234.1m	£232.1m	+0.9
Net asset value ("NAV") per share *	256.1p	255.9p	+0.1
FTSE All-Share Index - 3 month return	-	-	+1.3
Share price	259.0p	262.0p	-1.1
Premium to NAV per share	1.1%	2.4%	-
NAV per share total return - 3 month return	-	-	+1.0%
FTSE All-Share Index - 3 month total return	-	-	+2.2%
Net Debt	6.2%	4.4%	-

* Includes undistributed income

Three month review

Over the three months to 30 June, the Company's NAV per share total return was +1.0% in comparison to a total return of +2.2% from its benchmark, the FTSE All-Share Index.  The share price fell by 1.1% as the premium of 2.4% at 31 March 2014 declined to a  level of 1.1% as at 30 June 2014.

The Company's level of borrowing within its £35m committed facility was maintained at £20m during the quarter. Net gearing increased over the period to 6.2% as cash balances were invested in equities.

700,000 ordinary shares were issued from the Company's general block listing authority during this period. Since 30 June 2014 a further 500,000 shares have been issued. In total 2,525,000 shares have been issued in the financial year to date.

The Company did not purchase any of its own shares in the three months to 30 June 2014. 

Ten largest holdings

At 30 June 2014	At 31 March 2014	Company	Percentage of total investments at   30 June 2014
1	(1)	Royal Dutch Shell	6.4
2	(2)	HSBC	5.3
3	(4)	BP	4.4
4	(3)	GlaxoSmithKline	4.3
5	(5)	Rio Tinto	3.1
6	(7)	AstraZeneca	2.9
7	(6)	Diageo	2.7
8	(8)	British American Tobacco	2.5
9	(9)	BAE Systems	2.2
10	(-)	Total SA	2.2

Investment portfolio by sector

	Percentage of total investments at 30 June 2014	Percentage of total  investments at 31 March 2014
Financials	30.7	28.8
Oil & gas	14.1	13.8
Industrials	13.7	13.7
Consumer services	10.5	8.6
Consumer goods	10.4	10.7
Healthcare	7.2	7.7
Basic materials	5.6	4.9
Telecommunications	3.1	5.1
Utilities	2.2	2.3
Technology	1.7	1.3
Fixed Income	0.8	3.1

Compliance with the Alternative Investment Fund Managers Directive (2011/61/EU) ("AIFMD")

The Board is pleased to announce that the Company has entered into arrangements necessary to ensure compliance with the AIFMD.

Following a review of the Company's arrangements, the Board has approved the appointment of F&C Investment Business Limited as the Company's alternative investment fund manager (the "AIFM") on the terms of and subject to the conditions of a new investment management agreement between the Company and the AIFM (the "new agreement"). F&C Investment Business Limited is a subsidiary of F&C Asset Management PLC and was approved as an AIFM by the UK's Financial Conduct Authority on 22 July 2014.

The Company's existing management agreement between the Company and F&C Management Limited, which is not authorised as an AIFM, has been replaced with the new agreement. The management fee and notice period remain unchanged.

The Board has appointed J.P. Morgan Europe Limited (the "Depositary") to act as the Company's depositary (as required by the AIFMD) on the terms of and subject to the conditions of a depositary agreement between the Company, the AIFM and the Depositary. The Company's existing custodian, JPMorgan Chase Bank NA, will continue to provide custody functions as a delegate of the Depositary.

The Board is not aware of any significant events or transactions that have occurred between 30 June 2014 and the date of publication of this statement which would have a material impact on the financial position of the Company.   

Daily and key information

Further information regarding the Company, including monthly factsheets and daily net asset values 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

23 July 2014

 

END

 

 

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