Interim Management Statement

RNS Number : 7277T

North American Income Trust (The)

22 November 2013

 



The North American Income Trust plc - Interim management statement

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 August 2013 to 21 November 2013, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.

Investment objective

To provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities.

Benchmark

S&P 500 Index

Material events and their impact on the Trust

The Company paid first and second interim dividends both of 5.50p to shareholders on 2 August 2013 and 1 November 2013 respectively.    

Material transactions and their impact on the Trust's financial position

Over the three month period to 31 October 2013 the Company's net asset value fell 3.6% compared to a fall of 1.2% in the S&P 500 Index.  The Company issued 500,000 shares during the period 1 August 2013 to 21 November 2013 at a premium to its net asset value.

For latest NAV and share price information, please refer to the Trust's website, www.northamericanincome.co.uk. 

Cumulative performance (%)

	as at	3 months	6 months	1 year	3 years	5 years	Since change of strategy (31/5/12)
	31/10/2013
Share Price	866.0p	(1.2)	5.1	29.5	56.8	100.0	36.0
NAV¹	845.0p	(3.6)	1.6	20.8	44.8	85.0	22.6
S&P 500		(1.2)	7.7	27.5	57.6	103.8	32.4

Discrete Performance

	31/10/2013	31/10/2012	31/10/2011	31/10/2010	31/10/2009
Share Price	29.5	15.0	5.3	19.0	7.2
NAV¹	20.8	12.3	6.8	19.9	6.6
S&P 500	27.5	15.4	7.1	20.1	7.6

Total return; NAV to NAV, net income reinvested, GBP. Share price total return is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date. NAV returns based on NAVs with debt valued at fair value.

Source: Aberdeen Asset Managers Limited, Lipper and Morningstar.

¹ Including current year revenue.

Past performance is not a guide to future results.

The investment objective of the Company changed on 29 May 2012, with the Company moving to an objective "to provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominately of S&P 500 US equities" from its previous objective "to invest in a portfolio designed to track closely the S&P 500 Index, both in terms of capital and income." The performance figures shown, therefore, reflect periods of time when the Company ran with these 2 different objectives.

Ten largest equity holdings at 31 October 2013

	%
Microsoft	4.1
PepsiCo	3.5
ConocoPhillips	3.4
Royal Bank of Canada	3.4
Nucor	3.2
Philip Morris	3.2
TransCanada Corp	3.1
Aflac	3.0
Republic Services	2.9
Baxter Intl	2.9
Total	32.7

Sector allocation at 31 October 2013

	%
Consumer Staples	17.8
Financials	16.5
Energy	13.5
Information Technology	11.9
Materials	9.0
Health Care	8.4
Telecommunication Services	7.5
Industrials	7.2
Consumer Discretionary	4.4
Utilities	3.8
Total	100.0

Assets at 31 October 2013

Investments (£m)	274.9
Cash (£m)	20.7
Total assets (£m)	295.6
Debt (£m)	14.9
No of shares in issue	33,213,582
Net asset value ¹	845.0p
Discount	2.5%

(¹ including current year revenue)

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 and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

For The North American Income Trust plc

Aberdeen Asset Management PLC, Secretary

 

END

 

 

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