Interim Management Statement

RNS Number : 7014F

North Atlantic Smlr Co Inv Tst PLC

19 June 2012

NORTH ATLANTIC SMALLER COMPANIES INVESTMENT TRUST PLC

INTERIM MANAGEMENT STATEMENT FOR THE PERIOD ENDED 31 MAY 2012

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 2012 to 31 May 2012, 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 2012	3 months %	6 months %	1 year %	3 years %	5 years %

NAV *
Basic	1,606p	0.6	3.3	(6.0)	29.8	(16.4)
Diluted	1,426p	0.5	3.2	(4.7)	47.2	7.4

Mid-market price	925p	(11.1)	(2.9)	(17.4)	23.5	(26.2)

Discount to diluted NAV *	35.1%

Standard & Poor's 500 Composite Index **	856.1	(0.2)	7.8	4.7	50.8	10.7
Russell 2000 **	497.7	(2.3)	6.0	(3.5)	60.7	16.3
FTSE All-Share Index	2,767.1	(9.1)	(2.4)	(11.3)	22.8	(19.5)
US Dollar/Sterling exchange rate	1.5392	3.7	2.1	6.5	4.6	22.2

* Excluding retained revenue for the period.

** Sterling adjusted.

Material Events and Transactions during the Period

There have been no material events or transactions during the quarter ended 31 May 2012.

Transaction in Own Shares

There have been no transactions of own shares during the quarter ended 31 May 2012.

TEN LARGEST INVESTMENTS AT 31 MAY 2012

		% of portfolio

Oryx International Growth Fund Limited *	UK Listed	10.3
Hampton Investment Properties Limited	UK Unquoted	7.3
Bionostics Holdings Ltd	US Unquoted	6.3
Trident Private Equity Fund III LLP	UK Unquoted	6.0
US Treasury Bills	Us Treasury Bills	6.0
RPC Group	UK Listed	5.6
MJ Gleeson Group	UK Listed	5.6
Guinness Peat Group	New Zealand Listed	4.8
BBA Aviation Group	UK Listed	4.7
CVS Group	UK Listed	3.4


% of total portfolio		60.0

* Incorporated in Guernsey

SECTOR ANALYSIS OF INVESTMENTS AT FAIR VALUE AS AT 31 MAY 2012

	United	United		New
	States	Kingdom	Europe	Zealand	Total
	%	%	%	%	%
Investment Companies		19.4			19.4
Manufacturing	8.8				8.8
Real Estate		10.1	0.5		10.6
General Industrials	1.1	5.6			6.7
Health Care, Equipment & Services	5.0	6.4			11.4
Support Services	1.6	5.7			7.3
Transportation		4.7			4.7
General Financials	5.1				5.1
Media		1.6			1.6
Construction & Materials		5.6			5.6
Technology Hardware & Equipment	1.2				1.2
Travel & Leisure	0.2	0.8			1.0
Oil & Gas Producers	0.5	1.9			2.4
General Retailers		3.4			3.4
Financial Services				4.8	4.8
	23.5	65.2	0.5	4.8	94.0
Treasury Bills	6.0				6.0

Total at 31 May 2012	29.5	65.2	0.5	4.8	100.0
Total at 31 January 2012	30.1	63.6	0.5	5.8	100.0