Interim Management Statement

RNS Number : 2532U

Scottish American Investment Co PLC

14 October 2014

 

The Scottish American Investment Company P.L.C.      

Interim Management Statement - 3 Months to 30 September 2014

SAINTS' objective is to increase capital and grow income in order to deliver real dividend growth. Its policy is to invest mainly in equity markets, but other investments may be held from time to time including bonds, property and other asset classes.

Review of the Period		¾  Over the period, the Company's net asset value total return (with debt at fair value) was         -0.3%. This compares to a total return on the benchmark of 3.2%. The share price total return was -5.3%, reflecting a move from a premium of 3.8% to a discount of 1.4%. ¾  Apart from a partial sale of Progressive and a new investment in AVI, the changes to the Top Twenty Equity Holdings have been as a result of market movements. ¾  The second interim dividend of 2.625p per share was paid on 26 September 2014 to shareholders on the register on 22 August 2014.
Top Twenty Equity Holdings (as a % of total assets)					30/9/14 %		30/6/14 %
		Amlin			2.5		2.7
		Total			2.2		2.3
		Rio Tinto			2.1		2.1
		Taiwan Semiconductor Manufacturing			2.1		2.0
		Roche Holdings			1.7		1.6
		SK Telecom			1.6		1.3
		Hiscox			1.5		1.7
		Norsk Hydro			1.5		1.3
		Nippon Telegraph and Telephone			1.4		1.3
		Aviva			1.4		1.3
		AVI			1.4		-
		Pepsico			1.3		1.2
		Analog Devices			1.3		1.4
		Johnson & Johnson			1.3		1.2
		Coca Cola			1.3		1.2
		Capita			1.3		1.2
		Japan Residential Investment Company			1.2		1.3
		Provident Financial			1.2		1.3
		China Mobile			1.2		0.9
		McDonalds			1.2		1.2
		Total			30.7		28.5
Asset Allocation (as a % of total assets)					30/9/14 %		30/6/14 %
		Global Equities			81.5		82.0
		Bonds			5.9		5.9
		Direct Property			11.8		11.7
		Net Liquid Assets			0.8		0.4
		Total			100.0		100.0
Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	(5.3)	(0.2)		26.6		74.1
		NAV (debt at fair value)	(0.3)	5.3		41.0		58.2
		Benchmark‡	3.2	12.1		56.0		66.1
		Source: Thomson Reuters Datastream/Morningstar/Baillie Gifford ‡      On 1 January 2014 the Company changed its benchmark from 50% FTSE All-Share Index and 50% FTSE All-World Ex UK Index (in sterling terms) to the FTSE All-World Index (in sterling terms). For the purposes of the above table the returns on both benchmarks for their respective periods have been linked to form a single benchmark. Past performance is not a guide to future performance
General Information					30/9/14		30/6/14
		Share price			239.0p		255.0p
		Net asset value per share (after deducting debenture at fair value)*			242.5p		245.7p
		Net asset value per share (after deducting debenture at book value)*			256.0p		258.5p
		(Discount)/premium - debenture at fair value			(1.4%)		3.8%
		Discount - debenture at book value			(6.6%)		(1.4%)
		Total assets (before deduction of debenture)			£425.1m		£428.6m
		Debenture (at fair value)			£103.4m		£102.6m
		Gearing**			23.5%		24.3%
		* These figures have been calculated using the AIC cum income basis (includes current financial year retained income). ** Calculated per AIC (debt at book value, less cash, divided by shareholders' funds).

General Information (ctd)

This interim management statement and up to date NAV and share price information is available on the SAINTS' page of the Managers' website: www.saints-it.com ‡ ‡ Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement. For further information, contact: Anthony Dickson  0131 275 2725  [e-mail]

 

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