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Diverse Inc Trust (DIVI)

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Monday 25 March, 2013

Diverse Inc Trust

Interim Management Statement


DIVERSE INCOME TRUST PLC

Interim Management Statement - Three Months to 28 February 2013

Diverse Income Trust plc (the "Company") presents its interim management
statement for the period 1 December 2012 to 28 February 2013. This constitutes
the Company's second interim management statement for the financial year ending
31 May 2013, as required by the UK Listing Authority's Disclosure and
Transparency Rule 4.3.

Investment Objective

The Company's investment objective is to provide an attractive level of
dividends coupled with capital growth over the long term. In its first year the
Company met its target annualised dividend yield of 4%. The Company intends to
pay dividends on a quarterly basis and will seek to grow the dividend
progressively.

The Company will invest primarily in quoted UK companies with a wide range of
market capitalisations with a long term bias toward small and mid equities. The
Company may also invest in large cap companies, including FTSE 100
constituents, where it is believed that this will increase shareholder value.

The Manager will adopt a stock specific approach in managing the Company's
portfolio and therefore sector weightings will be of secondary consideration.
As a result of this approach, the Company's portfolio will not track any
benchmark index.

Review of the Period

Despite some concerns over cutbacks due to the US budget ceiling, equity
markets have performed well in the three months to the end of February. The
FTSE All-Share appreciated by 9.3%. Income stocks tend to be less volatile and
tend to rise less abruptly. Even so many of the smaller companies in the
portfolio continued to attract greater interest and the Company's ordinary
share NAV (excluding revenue) appreciated by 13.1% in the period.

Following an open offer, placing and offer for subscription launched on 20
November 2012, 62 million C shares were issued on 17 December 2012. In the
period between 17 December 2012 and 28 February 2013, the C share portfolio has
appreciated by 5.7%. This capital has been progressively invested. As announced
on 7 March 2013, the calculation date for the conversion of the C shares is 21
March 2013, and they are due to convert to ordinary shares at close of business
on 25 March 2013.

                                                28 Feb 2013        30 Nov 2012 
             Ordinary shares                     (unaudited)        (unaudited)
                                                                               
Mid-market share price                                 63.0p             57.3p 
                                                                               
Net asset value per share including                    61.6p             54.8p 
revenue                                                                        
                                                                               
Net asset value per share excluding                    61.2p             54.1p 
revenue                                                                        
                                                                               
Premium to net asset value                              2.3%              4.6%
                                                                               
Total assets (including income)                       £96.4m            £85.7m
                                                                               
% (gearing) / net cash                                 (1.1)%             1.2%

There were no ordinary shares bought back during the period.

A third interim dividend of 0.46p pence per ordinary share has been declared to
ordinary shareholders on the register on 22 March 2013, and will be paid on 31
May 2013.

                                                 28 Feb 2013       17 Dec 2012*
                 C shares                         (unaudited)       (unaudited)
                                                                               
Mid-market share price                                  53.0p          * 50.0p 
                                                                               
Net asset value per share including                     51.5p         ** 48.7p 
revenue                                                                        
                                                                               
Net asset value per share excluding                     51.4p         ** 48.7p 
revenue                                                                        
                                                                               
Premium to net asset value                               2.9%             2.5%
                                                                               
Total assets (including income)                        £31.9m           £30.2m
                                                                               
% of total assets held as cash                           8.6%           100.0%

* date of admission to trading

** net of launch expenses

Total Return Performance to 28 February 2013

Ordinary shares                             3 months    6 months    12 months  
                                                %           %           %      
                                                                               
NAV *                                         13.9        19.5         25.8    
                                                                               
Share price (mid)                             11.0        21.4         32.8    

Sources: * NAV returns based on NAVs excluding income. Total returns assume
that dividends are reinvested at the ex-dividend date.

Top Twenty Equity Holdings

Ordinary Share Pool                                      % of total assets        
                                  Sector / Business    of Ordinary Share Pool  
Name                                  Activity         as at 28 February 2013  
                                                                               
Fairpoint Group plc               General Financial             2.1            
                                                                               
Bioventix plc                     Pharmaceuticals &             2.1            
                                       Biotech                                 
                                                                               
CML Microsystems plc                Technology &                2.1            
                                      Hardware                                 
                                                                               
Silverdell plc                    Support Services              2.0            
                                                                               
Quindell Portfolio plc           Software & Computer            1.9            
                                      Services                                 
                                                                               
Greencore Group plc                Food Producers               1.9            
                                                                               
888 Holdings plc                  Travel & Leisure              1.8            
                                                                               
St Ives plc                       Support Services              1.7            
                                                                               
Secure Trust Bank plc                   Banks                   1.7            
                                                                               
UK Mail plc                          Industrial                 1.7            
                                      Transport                                
                                                                               
Zotefoams plc                         Chemicals                 1.7            
                                                                               
Abbey Protection plc             Non Life Insurance             1.6            
                                                                               
Randall & Quilter Investment     Non Life Insurance             1.6            
Holdings plc                                                                   
                                                                               
Playtech plc                      Travel & Leisure              1.5            
                                                                               
Charles Taylor Consulting plc     General Financial             1.4            
                                                                               
Interserve plc                    Support Services              1.4            
                                                                               
Wilmington plc                          Media                   1.4            
                                                                               
Beazley plc                      Non Life Insurance             1.4            
                                                                               
4imprint plc                            Media                   1.4            
                                                                               
Talk Talk Telecom plc            Telecommunications             1.4            
                                                                               
Total                                                          33.8           


C Share Pool                                             % of total assets    
                                Sector / Business        of C Share Pool      
Name                                  Activity         as at 28 February 2013  
                                                                               
Randall & Quilter Investment     Non Life Insurance             2.3            
Holdings plc                                                                   
                                                                               
Beazley plc                      Non Life Insurance             2.1            
                                                                               
Playtech plc                      Travel & Leisure              2.0            
                                                                               
Abbey Protection plc             Non Life Insurance             1.9            
                                                                               
888 Holdings plc                  Travel & Leisure              1.9            
                                                                               
KCOM Group plc                   Telecommunications             1.8            
                                                                               
Segro plc                           Real Estate                 1.7            
                                                                               
Lancashire Holdings plc          Non Life Insurance             1.6            
                                                                               
Charles Taylor Consulting plc    General Financial              1.6            
                                                                               
St Ives plc                       Support Services              1.6            
                                                                               
Interserve plc                    Support Services              1.6            
                                                                               
Amlin plc                         Support Services              1.5            
                                                                               
Novae Group plc                  Non Life Insurance             1.5            
                                                                               
Dairy Crest Group plc              Food Producers               1.5            
                                                                               
Cable & Wireless Communications  Telecommunications             1.5            
plc                                                                            
                                                                               
Fairpoint Group plc              General Financial              1.5            
                                                                               
StarCom plc                     Software & Computer             1.5            
                                      Services                                 
                                                                               
Vodafone Group plc                     Mobile                   1.5            
                                 Telecommunications                            
                                                                               
Sainsbury (J) plc                   Food & Drug                 1.5            
                                     Retailers                                 
                                                                               
BT Group plc                     Telecommunications             1.5            
                                                                               
Total                                                          33.6           

This is an interim management statement. Full details of the Company, including
the current share prices, NAVs and factsheets, are available at 
www.mitongroup.com.

The Board is not aware of any material events or transactions occurring between
28 February 2013 and the date of publication of this interim management
statement which would have a material impact on the financial position of the
Company.

25 March 2013

Neither the contents of the Diverse IncomeTrust plc website nor the contents of
any website accessible from hyperlinks on the website (or any other website) is
incorporated into, or forms part of, this announcement.

a d v e r t i s e m e n t