Interim Management Statement

RNS Number : 3230P

Henderson Smaller Cos Inv Tst PLC

30 September 2011

 



HENDERSON GLOBAL INVESTORS

30 September 2011

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2011

The objective of The Henderson Smaller Companies Investment Trust plc is to maximise shareholders' total returns by investing mainly in smaller companies that are quoted in the United Kingdom.  The benchmark is the Hoare Govett Smaller Companies Index (excluding investment companies).  The Manager is Henderson Global Investors Limited.  Information about the Company can be found on the Manager's website www.itshenderson.com or www.hendersonsmallercompanies.com

Interim review for the first six month period, beginning 1 June 2011

Between 31 May 2011 and 31 August 2011 the net asset value per share (including current financial year revenue items and adjusting for the dividend of 4.20p per share, which is due to be paid to shareholders on 7 October 2011) fell by 14.6%, while the Company's benchmark decreased by 11.1% on a total return basis.  The Company has maintained a modest level of gearing.  As at 31 August 2011 the Company had total borrowings of £28.2 million, representing gearing of 11.0%.

The share price at 31 August 2011 was 274.0p, giving the Company a market capitalisation of £205 million. Since 31 May 2011 the Company has not bought back any of its ordinary shares.    The number of ordinary shares in issue is currently 74,906,796. 

A final dividend of 4.20p per share, was approved at the Annual General Meeting held on 30 September 2011 will be paid on 7 October 2011 to shareholders on the register on 16 September 2011.

There are no other material events or transactions to report.

Net Asset Value

As at close of business on 31 August 2011, the unaudited net asset value per share, calculated in accordance with the AIC (Association of Investment Companies) formula, including current financial year revenue items, was 342.0p.  The unaudited net asset value per share, including current financial year revenue items but calculated by valuing the Company's debenture stock at market value, was 335.6p. 

Performance

The Company's performance, on a total return basis, in the periods of three months and three years ended 31 August 2011 was as follows:

	3 months to 31.08.11	3 years to 31.08.11
Net asset value per share	-14.6%	21.1%
Share price	-14.2%	25.4%
Benchmark*	-11.1%	33.1%

Source: Morningstar

*The benchmark is the Hoare Govett Smaller Companies Index (excl. investment companies).

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

First Interim Management Statement for the year beginning 1 June 2011

Largest Investments

The top twenty holdings as at 31 August 2011 were:

Croda International

Spectris Group

Informa

WSP Group

e2v Technologies

Victrex

Oxford Instruments

Domino Printing

Interserve

Bellway

Intermediate Capital Group

Carillion

Rotork

Senior

Northgate

Taylor Wimpey

Melrose

Atkins WS

Premier Oil

Restaurant Group

These investments represent 42.0% of the total portfolio valuation at 31 August 2011

of £285.6 million.

ENDS

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

For further information, please contact:

Neil Hermon

Fund Manager

The Henderson Smaller Companies Investment Trust plc

Telephone: [phone]                                                      

James de Sausmarez

Head of Investment Trusts                                                       

Henderson Global Investors                                                     

Telephone: [phone]

 

END

 

 

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