Interim Management Statement

RNS Number : 7894D

Mercantile Investment Trust(The)PLC

08 December 2009

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 31st October 2009

This interim management statement relates to the quarter from 1st August 2009 to 31st October 2009 and contains information that covers that period, unless otherwise stated.  

Financial performance - Cumulative Total Return *

	3 months	1 Year	3 Years	5 Years	10 Years
Share price	7.5%	43.1%	-14.2%	67.9%	179.8%
Net asset value	8.9%	46.1%	-14.8%	57.2%	148.5%
Benchmark	13.4%	50.2%	-8.5%	53.9%	101.5%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position 

	As at 31st October 2009	As at 7th December 2009
Total assets	£1188.1m	£1214.9
Share price	871.5p	863.0
Net asset value	984.1p	995.3
Discount	11.4%	13.3
Gearing	113.5%	111.6%

Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data

Material events 

Sir Richard Beckett QC was appointed as a Director of the Company on 1st September 2009.  

Material transactions 

Changes to share capital 

	Issued Ordinary Shares of 25p
As at 1st August 2009	102,321,968
Shares bought back and cancelled	50,000
Shares issued	-
As at 31st October 2009	102,271,968

Payment of dividends 

On 31st July 2009 a first quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 3rd July 2009. 

On 30th October 2009 a second quarterly dividend of 6.0p per share was paid to shareholders on the register as at the close of business on 2nd October 2009. 

Portfolio

Top ten holdings as at 31st October 2009:

Stock name

Sector

Weight %

GKN	Consumer Goods	2.3
ITV	Consumer Services	2.3
Drax	Utilities	2.2
Taylor Wimpey	Consumer Goods	2.1
Premier Oil	Oil & Gas	2.0
FirstGroup	Consumer Services	1.8
Tomkins	Industrials	1.8
Misys	Technology	1.7
Logica CMG	Technology	1.6
Songbird Estates	Financials	1.6
		19.4

Sector analysis as at 31st October 2009:

	Portfolio %
Financials	21.7
Consumer Services	21.3
Industrials	18.2
Consumer Goods	15.7
Oil & Gas	7.5
Technology	4.7
Basic Materials	3.2
Utilities	3.2
Telecommunications	0.9
Other	0.2
Healthcare	0.1
Cash	3.3
Total	100.00

Today is the 125th anniversary of the Company's incorporation. Copies of a booklet published to mark this milestone are available from the Secretary.

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

8th December 2009

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

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. 

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.mercantileit.co.uk.

 

END

 

 

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