Interim Management Statement

RNS Number : 0395Y

North Atlantic Smlr Co Inv Tst PLC

15 December 2010

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 OCTOBER 2010

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 October 2010	3 months %	6 months %	1 year %	3 years %	5 years %

NAV *
Basic	1,552p	2.1	4.5	12.6	(11.5)	2.6
Diluted	1,364p	2.2	13.9	25.1	3.9	36.7

Mid-market price	1,045.0p	7.2	14.1	33.7	(12.6)	10.0

Discount to diluted NAV *	23.4%

Standard & Poor's 500 Composite Index **	737.8	5.1	(5.0)	17.2	(1.0)	8.1
Russell 2000 **	438.6	5.7	(6.5)	28.2	10.2	20.0
FTSE All-Share Index	2,936.2	8.1	2.5	13.6	(15.0)	10.2
US Dollar/Sterling exchange rate	1.5988	(2.1)	(4.5)	3.0	23.0	9.7

* Excluding retained revenue for the period.

** Sterling adjusted.

Material Events and Transactions during the Period

Transaction in Own Shares

On 13 September 2010 the Company announced that it had purchased 35,000 Ordinary shares of 5p each for cancellation representing approximately 0.24% of the issued share capital at a price of 965p per share. In addition the Company purchased 25,000 units of Convertible Unsecured Loan Stock 2013 ("CULS") at a price of 965p per unit for cancellation leaving 1,970,800 units outstanding.

On 10 December 2010 the Company announced that it had purchased 200,000 Ordinary shares of 5p each for cancellation representing approximately 1.4% of the issued share capital at a price of 1005p per share.

Following the above transactions the Company's issued share capital now consists of 14,057,252 ordinary shares with voting rights and there are 1,970,800 CULS units outstanding.

TEN LARGEST INVESTMENTS AT 31 OCTOBER 2010

		%

US Treasury Bills	US T Bills	13.06
Oryx International Growth Fund Limited *	UK Listed	9.66
RPC Group	UK Listed	6.46
BBA Aviation Group Plc	UK Listed	6.35
Nationwide Accident Repair Services Plc	UK Quoted on AIM	5.35
Bionostics Holdings Ltd	USA Unquoted	5.34
Bionostics Holdings Ltd Preference Shares	USA Unquoted	4.69
Trident Private Equity Fund III LP	UK Unquoted	3.95
Gleeson (M.J.) Group Plc	UK Listed	3.77
Hampton New	UK Unquoted	3.58


% of total portfolio		62.21

* Incorporated in Guernsey

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

	United	United
	States	Kingdom	Europe	Total
	%	%	%	%
Investment Companies	0.6	18.6		19.2
Treasury Bills	13.1			13.1
Manufacturing	10.0	0.6		10.6
Real Estate		7.9	1.1	9.0
Support Services	1.4	7.4		8.8
General Industrials	1.8	6.5		8.3
Health Care, Equipment & Services	4.0	3.9		7.9
Industrial Transportation		6.3		6.3
Industrial Engineering		4.1		4.1
Construction & Materials		3.8		3.8
Media		3.2		3.2
Technology Hardware & Equipment	1.5	1.0		2.5
General Financials	1.0	0.1		1.1
Travel & Leisure		1.0		1.0
Oil & Gas Producers		0.9		0.9
Food Producers		0.2		0.2

Total at 31 October 2010	33.4	65.5	1.1	100.0
Total at 31 January 2010	11.3	85.3	3.4