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Elec & Gen Inv Tst (ENG)

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Friday 15 October, 2010

Elec & Gen Inv Tst

Interim Management Statement

RNS Number : 4918U
Electric & General Inv Tst PLC
15 October 2010
 



ELECTRIC & GENERAL INVESTMENT TRUST PLC (the "Company")


Interim Management Statement (Unaudited)

For the three months ended 30 September 2010


Introduction

The Company has prepared this Interim Management Statement ("IMS") in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency Rules.  The IMS covers the three month period ended 30 September 2010, together with relevant information up to the date of publication.


Investment Objective

The Company's objective is to maximise total return whilst pursuing a progressive dividend policy, where achievable, within the over-riding objective of capital growth.  The Investment Manager seeks to achieve the Company's investment objectives by investing principally in a portfolio of quoted international equities.  The portfolio would normally consist of between 60 and 100 holdings, which is relatively concentrated for a Global Fund. 


Material Events

No material events took place in the period that would have had any impact on the financial position of the Company.  Prior to the period end, the Company announced its results for the year ended 30 June 2010, which included the declaration of a final dividend of 6.40 pence per share for the year ended 30 June 2010.  This final dividend was approved at the Annual General Meeting on 14 October 2010 and will be paid to shareholders on 18 October 2010.   

 

There have not been any changes in the Company's share capital in the period, which remains at 65,318,174 Ordinary shares in issue.


Material Transactions

There have not been any material transactions during the period under review and to the date of publication of this statement.


General Financial Information





At 30 September 2010

At 30 June 2010

Net assets (capital only)(£)

289,043,904

255,215,640

Net asset value ("NAV") per share (capital only) (p)

442.52

390.73

NAV per share (cum income) (p)

444.17

398.12

Share price (p)

371.25

330.75

Discount of share price to NAV (capital only) (%)

16.11

15.35

Market capitalisation (£)

242,493,721

216,039,860




Number of Ordinary shares in issue

65,318,174

65,318,174


Top Ten Investments


% of net assets at

30 September 2010

% of net assets at

30 June 2010

SNC-Lavalin Group

2.97

2.77

Hutchison Whampoa

2.56

2.03

Newcrest Mining

2.35

2.14

Nestlé

2.34

2.53

Vodafone Group

2.12

2.13

TAG Immobilien

2.12

2.00

Royal Dutch Shell B

1.98

1.97

Carrefour

1.95

1.74

HSBC Holdings

1.87

2.02

Fraport

1.84

1.54

 

 

 

 

 

 

Sector Analysis


% of net assets of

30 September 2010

% of net assets of

30 June 2010

Financials

24.13

25.59

Industrial

13.83

12.41

Consumer Discretionary

13.49

13.77

Energy

10.96

10.84

Telecommunications

8.50

7.64

Consumer Staples

8.27

8.35

Materials

7.98

6.76

Health Care

7.42

7.95

Utilities

3.92

4.11

Technology

3.31

4.21

Cash

0.61

1.11

Debentures

(2.42)

(2.74)


--------

--------


100.00

100.00


Performance for the period ended 30 September 2010





Three months ended

30 September 2010

One year ended

30 June 2010

NAV

13.31%

15.58%

Share price

12.24%

8.62%

MSCI World Index (Sterling excluding income)

7.51%

18.90%

 

Source: Taube Hodson Stonex Partners LLP/Bloomberg/AIC

 


A copy of this IMS is available on the Company's website: www.electricandgeneral.com.


For further information, please contact:


Rachael Nelson

BNP Paribas Secretarial Services Limited

Company Secretary


Tel: 020 7410 3132


15 October 2010

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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