Interim Management Statement

RNS Number : 2270O

Midas Income & Growth Trust PLC

17 September 2013

 



Midas Income & Growth Trust PLC

Unaudited Interim Management Statement - 3 months to 31 July 2013

To the shareholders of Midas Income & Growth Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency rules.  It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 May 2013 to 31 July 2013, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.

Investment Objective

The Company's investment objective is to seek to outperform 3-month LIBOR plus 3.0 per cent. over the longer term, with low volatility and the prospect of capital and income growth, through investment in a multi-asset portfolio.  The Directors intend to measure the Company's performance based on rolling three-year periods.

Benchmark

The Company does not compare its performance to an index, but has instead adopted a target benchmark of seeking to outperform 3-month LIBOR plus 3.0 per cent. over the longer term.

Material Events

On 16 May 2013 the Company declared a fourth interim dividend for the year ended 30 April 2013 of 1.35p per Ordinary share which was paid on 14 June 2013.

On 5 July 2013 the Company published its annual report.

On 15 August 2013 the Company declared a first interim dividend for the year ended 30 April 2014 of 1.34p per Ordinary share which was paid on 16 September.

Ten largest "direct equity" holdings at 31 July 2013

Company
AJ Bell Holdings Limited*	3.9
National Express Group plc	2.2
Standard Chartered plc	2.0
GlaxoSmithKline plc	1.9
Vodafone plc	1.9
Phoenix Group plc	1.8
Kier Group plc	1.8
Centrica plc	1.8
Legal & General plc	1.7
Segro plc	1.7

*Unquoted investment

Ten largest "other" holdings at 31 July 2013

Company
Royal London Sterling Extra Yield Bond Fund	2.7
Lindsell Train Japanese Equity Fund	2.7
Partners Group Global Opportunities	2.6
Newton Asian Income Fund	2.4
Somerset Emerging Markets Dividend Growth Fund	2.3
Magna Emerging Markets Dividends Fund	2.2
AXA US Short Duration High Yield Bond Fund	2.1
Prusik Asian Equity Income Fund	2.1
Schroder Asian Income Maximiser Fund	2.1
Cullen North American High Dividend Value Equity Fund	2.0

General description of Company's financial position and performance

	31 July 2013	30 April 2013
Total Gross Assets:	£63.6m	£62.6m
Debt:	£7.0m	£7.0m
Total Net Assets:	£56.6m	£55.6m
Gearing:	11.8%	8.3%
NAV with Income:	141.96p	139.44p
Mid-Market Share Price	127.63p	127.5p
Discount	(10.1)%	(8.6)%
Annual Management Charge on Market Capitalisation:	0.9%	0.9%

Performance Summary

Total Return	For the three month period ended 31 July 2013
Net asset value per share	+2.8%
Ordinary share price	+1.1%
Composite index	+0.9%

The Board is not aware of any significant events or transactions which have occurred between 1 August 2013 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company other than noted above.  For the latest performance information, please refer to the Company's website, www.mitongroup.com/index.php/private/fund-pages/investment-trusts/midas-income-and-growth-trust-plc/*

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise.  Investors may not get back that amount they originally invested.

*Neither the Company's website nor the content of any website accessible from hyperlinks on the Company's website (or any other vehicle) is (or is deemed to be) incorporated into, or forms (or is deemed to form) part of this announcement.

For Midas Income & Growth Trust PLC

R&H Fund Services Limited, Secretary

17 September 2013

 

END

 

 

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