Interim Management Statement

RNS Number : 0609O

North Atlantic Smlr Co Inv Tst PLC

22 June 2010

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 May 2010

To the members of North Atlantic Smaller Companies Investment Trust PLC

This interim management statement has been produced solely to provide additional information to shareholders as a body in accordance with 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 February 2010 to 31 May 2010, 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 objective of North Atlantic Smaller Companies Investment Trust PLC ("the Company") is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean.

Financial Highlights

	Cumulative performance
	As at 31 May 2010	3 months %	6 months %	1 year %	3 years %	5 years %

NAV *
Basic	1,508p	1.1	8.7	22.0	(21.5)	8.7
Diluted	1,215p	3.3	10.8	25.6	(8.5)	36.0

Mid-market price	843.0p	6.6	9.3	12.0	(32.7)	5.2

Discount to diluted NAV *	30.6%

Standard & Poor's 500 Composite Index **	749.4	3.4	12.4	32.0	(3.1)	14.3
Russell 2000 **	455.1	10.3	29.1	46.9	6.4	34.1
FTSE All-Share Index	2,673.2	(2.3)	0.9	18.7	(22.3)	7.6
US Dollar/Sterling exchange rate	1.4530	4.6	11.5	9.9	26.6	20.3

* Excluding retained revenue for the period.

** Sterling adjusted.

Material Events and Transactions

On 2 June 2010 the Board announced an agreed takeover offer of Castle Support Services Plc. Based on the net asset value as at 31 May 2010, the impact of the transaction on the Trust if successful will be to increase the net asset value by approximately 5%.

TEN LARGEST INVESTMENTS AT 31 MAY 2010

		%

Castle Support Services Plc	UK Quoted on AIM	11.27
Oryx International Growth Fund Limited *	UK Listed	7.68
Bionostics Holdings Ltd	USA Unquoted	5.58
US Treasury Bills	US T Bills	5.14
Bionostics Holdings Ltd Preference Shares	USA Unquoted	4.90
Inspired Gaming Group	UK Quoted on AIM	4.69
BBA Aviation Group Plc	UK Listed	4.66
RPC Group	UK Listed	4.46
Nationwide Accident Repair Services Plc	UK Quoted on AIM	4.13
Gleeson (M.J.) Group Plc	UK Listed	3.61

% of total portfolio		56.12

* Incorporated in Guernsey

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2010

	United	United
	States	Kingdom	Europe	Total
	%	%	%	%
General Industrials	12.4	5.1		17.5
Investment Companies	0.7	14.7		15.4
Support Services	1.5	17.4		18.9
Real Estate		7.1	2.7	9.8
Health Care, Equipment & Services	3.0	4.1		7.1
Software & Computer Services	1.4			1.4
Travel & Leisure		5.5		5.5
Industrial Transportation		4.7		4.7
Construction & Materials		3.6		3.6
Industrial Engineering		3.2		3.2
Treasury Bills	5.1			5.1
Media		2.7		2.7
Communications		2.9		2.9
Technology Hardware & Equipment		1.0		1.0
Oil & Gas		0.9		0.9
General Financials		0.1		0.1
Food Producers		0.2		0.2

Total at 31 May 2010	24.1	73.2	2.7	100.0
Total at 31 January 2010	11.3	85.3	3.4	100.0