Interim Management Statement

RNS Number : 7637H

Scottish Mortgage Inv Tst PLC

16 July 2012

 

Scottish Mortgage Investment Trust PLC

Interim Management Statement - 3 Months to 30 June 2012

Scottish Mortgage is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns.

Review of the Period		¾  Over the 3 month period, the Company's net asset value total return was (6.6)% and the share price total return was (5.4)%. The FTSE All-World Index in sterling terms (the benchmark) total return was (3.6)%. ¾  Performance is judged primarily on a five year rolling period. Over the five years to 30 June 2012 the net asset value total return was 18.4% and the share price total return was 23.5% compared to a total return of 15.4% in the FTSE All-World Index in sterling terms. ¾  At the Annual General Meeting held on 28 June 2012 all Resolutions were passed. A final dividend of 6.80p per share, which was approved by shareholders, was paid on 2 July 2012. ¾  The US$ 99 million loan facility with The Bank of New York Mellon was renewed for a further year.
Top Twenty Holdings* (as a % of total assets)			30/06/12 %	31/03/12 %
		Amazon.com	9.02	7.86
		Baidu	7.08	8.29
		Brazil CPI Linked 2045	5.42	5.07
		PPR	5.14	5.72
		Tencent Holdings	4.84	4.29
		Atlas Copco	4.62	4.79
		Intuitive Surgical	3.04	2.75
		Google	2.91	2.97
		Inditex	2.88	2.53
		Vale (CVRD)	2.52	2.56
		Salesforce	2.51	2.59
		Illumina	2.47	2.98
		KGHM	2.21	2.15
		Banco Santander	2.14	2.23
		New Oriental Education & Technology	2.11	2.18
		Prudential	2.07	1.77
		Apple	1.81	1.72
		Whole Foods Market	1.69	1.36
		Novozymes	1.67	1.73
		Deere	1.63	1.50
Total			67.78	67.04

*      Whole Foods Market and Deere have entered the Top Twenty Holdings and ABB and Intertek Group have dropped out as a result of part sales.

Total Return Performance			%
			3 Months	1 Year		3 Years		5 Years
		Share Price	(5.4)	(11.0)		78.6		23.5
		NAV (at fair)	(6.6)	(12.8)		67.8		18.4
		Benchmark*	(3.6)	(4.1)		44.6		15.4
		The Company aims to achieve a greater return than the FTSE All-World Index (in sterling terms) over a five year rolling period. *      Benchmark - FTSE All-World Index (in sterling terms). Past performance is not a guide to future performance Source: Morningstar/Thomson Reuters Datastream
General Information					30/06/12		31/03/12
		Share price			663.0p		708.0p
		Net asset value per share† (after deducting borrowings at fair value)			711.1p		768.7p
		Net asset value per share† (after deducting borrowings at par)			740.6p		795.6p
		Discount (borrowings at fair value)			6.8%		7.9%
		Discount (borrowings at par)			10.5%		11.0%
		Total assets (before deduction of  borrowings)			£2,240.5m		£2,378.3m
		Total borrowings (at fair value)			£436.9m		£428.7m
		Total borrowings (at par)			£362.1m		£360.5m
		Potential gearing (borrowings at par)			19.3%		17.9%
		Actual gearing (borrowings at par)			11.7%		11.2%
		Potential gearing (borrowings at fair value)			24.2%		22.0%
		Actual gearing (borrowings at fair value)			16.4%		15.1%
		†      These figures have been calculated using the AIC cum income basis (includes current financial year retained income). Dividends are not reinvested. This interim management statement and up to date NAV and Share Price information are available at www.scottishmortgageit.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: Robert O'Riordan  0131 275 3181  [e-mail]

 

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