Interim Management Statement

RNS Number : 8787I

Mercantile Investment Trust(The)PLC

04 June 2014

 



The Mercantile Investment Trust plc

Interim Management Statement

For the three months ended 30th April 2014

This interim management statement relates to the quarter from 1st February 2014 to 30th April 2014 and contains information that covers that period, unless otherwise stated. 

Financial performance -  Cumulative Total Return as at 30^th April 2014 *

	3 months	1 year	3 years	5 years	10 years
Share price	-0.9%	22.9%	51.0%	140.8%	235.8%
Benchmark	1.4%	19.5%	49.8%	151.9%	227.0%
Net asset value	1.2%	17.5%	49.0%	140.1%	215.8%

Financial position *

	As at 30th April 2014	As at 3rd June 2014
Total assets	£1,868.5m	£1,883.8m
Share price	1,520.0p	1,517.0p
Net asset value per share	1,721.5p	1,737.0p
Discount	11.7%	12.7%
Gearing	2.6%	4.6%

*Share prices shown are closing mid. Net asset values are shown on a cum income basis with debt at par. Source: JPMAM/Morningstar (www.morningstar.co.uk)

Material events

On 10th April 2014, the Company announced that its full portfolio as at 28th February 2014 was available on its website and that the Company would be publishing the historic portfolio information, as at the end of the previous month, on the Company's website on a monthly basis going forward.

Material events post 30th April 2014

At the Company's Annual General Meeting held on 21st May 2014, all resolutions were passed, including four items of special business toallow the Company to allot new shares (up to 5%), disapply pre-emption rights (up to 5%), repurchase its own shares (up to 14.99%) and approve the Company's dividend policy to continue to pay four quarterly interim dividends.

Sir Richard Beckett retired, and Harry Morley was appointed, as a non-executive Director of the Company with effect from the close of the AGM on 21st May 2014.

Material transactions

During the quarter, the Company made no issues or buybacks of its own shares.

Payment of dividends

On 1st May 2014 a fourth quarterly dividend of 16.0p per share was paid to shareholders on the register as at the close of business on 4th April 2014.

On 22nd May 2014 the Company's directors declared that a first quarterly dividend of 8.00p per share will be paid on 1st August 2014 to shareholders on the register as at the close of business on 20th June 2014.

Portfolio

Top ten holdings as at 30th April 2014:

Stock name	Sector	Weight %
Persimmon	Consumer Goods	3.5
Jardine Lloyd Thompson	Financials	2.2
Bovis Homes	Consumer Goods	2.1
Taylor Wimpey	Consumer Goods	1.8
Hays	Industrials	1.8
Inmarsat	Telecommunications	1.6
3i Group	Financials	1.6
Catlin	Financials	1.5
Serco	Industrials	1.4
Cobham	Industrials	1.4

Sector analysis as at 30th April 2014:

Sector	Portfolio %
Financials	25.4
Industrials	21.1
Consumer Services	19.6
Consumer Goods	12.0
Oil & Gas	5.2
Technology	3.7
Telecommunications	2.2
Health Care	2.0
Basic Materials	1.7
Utilities	0.0
Cash	7.1
Total	100.0

By order of the Board

Juliet Dearlove, for and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

4^th June 2014

Registered office: 60 Victoria Embankment, London EC4Y 0JP

Telephone: [phone]

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.

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

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

ENDS

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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