Interim Management Statement

RNS Number : 3195H

North Atlantic Smlr Co Inv Tst PLC

18 June 2013

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 MAY 2013

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 2013 to 31 May 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 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 2013	3 months %	6 months %	1 year %	3 years %	5 years %


Diluted NAV*	1,749p	1.6	8.7	22.7	43.5	50.0

Mid-market price	1,440p	3.3	17.6	55.7	70.8	41.9

Discount to diluted NAV *	17.7%

Standard & Poor's 500 Composite Index **	1,073.0	7.4	21.3	26.2	43.2	51.9
Russell 2000 **	647.5	7.8	26.1	30.1	42.3	91.9
FTSE All-Share Index	5,090.8	5.0	15.3	30.1	44.1	35.2
US Dollar/Sterling exchange rate	1.5161	0.1	5.4	1.5	(4.4)	23.5

* Following the conversion of the Loan Stock, the performance is shown on the diluted NAV (excluding retained revenue for the period) only. The Board considers that this accurately reflects the underlying performance of the Company.

** Sterling adjusted.

Material Events and Transactions during the Period

During the period under review, the Company's Convertible Unsecured Loan Stock 2013 ("the Loan Stock") was all either converted voluntarily by the Loan Stockholders themselves, or was then compulsorily converted by the Trustee of the Loan Stock and subsequently sold with the proceeds from that sale then being distributed rateably to Stockholders. Following this, the Company no longer has any Loan Stock.

There have been no material transactions during the quarter ended 31 May 2013.

Transaction in Own Shares

There have been no transactions in the Company's own shares during the quarter ended 31 May 2013.

TEN LARGEST INVESTMENTS AT 31 MAY 2013 Percentage of Portfolio

Gleeson (MJ) Group	UK Listed	11.0
US Treasury Bills	US Treasury Bills	10.5
Oryx International Growth Fund Limited *	UK Listed	9.6
Bionostics Holdings Limited	US Unquoted	8.8
Trident Private Equity Fund III LLP	UK Unquoted	7.8
Hampton Investment Properties Limited	UK Unquoted	5.1
Celsis AG	US Unquoted	4.7
Bioquell	UK Listed	3.4
Guinness Peat Group **	UK Listed	3.4
AssetCo PLC	UK Listed	3.3


% of total portfolio		67.6

* incorporated in Guernsey

** incorporated in New Zealand

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2013

	United	United		Total
	States	Kingdom	Europe	%
	%	%	%
Investment Companies	10.1	9.6		19.7
Health Care, Equipment & Services	0.2	11.1		11.3
Construction & Materials		11.0		11.0
Treasury Bills	10.5			10.5
Manufacturing	8.8			8.8
Real Estate		7.5	0.4	7.9
General Financials	4.3			4.3
Support Services	1.3	2.6		3.9
Financial Services		3.4		3.4
Industrial Engineering		3.3		3.3
General Industrials	1.2	1.5		2.7
General Retailers		2.7		2.7
Transportation		2.6		2.6
Media	0.5	1.8		2.3
Travel & Leisure		2.1		2.1
Oil & Gas Producers	1.1	0.8		1.9
Technology Hardware & Equipment	1.6			1.6