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Company Scottish Mortgage Inv Tst PLC
TIDM SMT
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Interim Management Statement

Released 11:18 10-Jul-2014
Number 9700L11

RNS Number : 9700L
Scottish Mortgage Inv Tst PLC
10 July 2014
 

 

 

Scottish Mortgage Investment Trust PLC

 

Interim Management Statement - 3 Months to 30 June 2014

 

 

 

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 3.5% and the share price total return was 1.3%. The FTSE All-World Index in sterling terms (the benchmark) total return was 2.7%.

¾  Performance is judged primarily on a five year rolling period. Over the five years to 30 June 2014 the net asset value total return was 160.1% and the share price total return was 192.2% compared to a total return of 92.5% in the FTSE All-World Index in sterling terms.

¾  At the Annual General Meeting held on 26 June 2014 all resolutions were passed including two resolutions comprising part of the special business, namely to amend the investment objective and policy and authorising the sub-division of the Company's existing ordinary shares of 25 pence each into five ordinary shares of 5 pence each.

The existing 244,014,897 issued ordinary shares (excluding treasury shares) were sub-divided into 1,220,074,485 ordinary 5 pence shares and admission to trading on the London Stock Exchange's market for listed securities was granted at 8.00 a.m. on Monday 30 June 2014. The record date for the share split was 6.00 p.m. on 27 June 2014. The 40,331,279 shares held in treasury were sub-divided into 201,656,395 ordinary 5 pence shares.

¾  A final dividend of 7.60p per share (equivalent to 1.52p after the five for one stock split), which was approved by shareholders, was paid on 7 July 2014. The record date was close of business on 13 June 2014.

¾  The one year £100 million multi-currency loan facility with State Street Bank and Trust Company was repaid and replaced with a one year US$165 million facility with State Street Bank and Trust Company. The three year £100 million multi-currency loan facility with National Australia Bank Limited was also repaid and replaced with a two year US$200 million facility with National Australia Bank Limited. The total amount of both facilities has been drawn down.

¾  During the period 6,625,000 ordinary shares (adjusted for the five for one stock split) were bought back at a cost of £13.7 million.

Top Twenty Holdings*

(as a % of total assets)

 



30/06/14

%

31/03/14

%

Baidu

7.82

6.07

Illumina

7.70

6.77

Amazon.com

7.22

7.64

Tencent Holdings

6.03

5.80

Inditex

5.15

5.17

Google

3.77

3.82

Facebook

2.95

2.44

Kering

2.88

2.84

Banco Santander

2.80

2.72

Atlas Copco

2.59

3.02

Fiat

2.57

2.31

Prudential

2.56

2.49

Tesla Motors

2.43

1.83

Alibaba Group

2.21

2.33

BASF

2.07

2.08

Apple

1.98

2.60

Novozymes

1.65

1.53

Brazil CPI Linked 2045

1.51

1.43

Intuitive Surgical

1.51

1.70

Reckitt Benckiser

1.51

1.48

Total



68.91

66.07

*      During the period additions were made to Baidu, Amazon, Inditex, Facebook, Fiat and Tesla Motors and part sales of Atlas Copco, Apple and Salesforce. Salesforce dropped out of the top twenty holdings as a result. Other changes to the constituents of the Top Twenty Holdings were attributable to market movements.

†      Denotes holding in unlisted convertible preference shares.

 

Total Return Performance

 


%

 

3 Months

1 Year

3 Years

5 Years

Share Price

1.3

28.9

45.6

192.2

NAV (at fair)

3.5

27.6

35.2

160.1

Benchmark

2.7

9.6

27.7

92.5


 

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


 

General Information

 

 

 

30/06/14

31/03/14

Share price

210.0p

208.8p††




Net asset value per share# (after deducting borrowings at fair value)

213.7p

208.0p††

Net asset value per share# (after deducting borrowings at par)

218.5p

212.2p††




(Discount)/premium (borrowings at fair value)

(1.7%)

0.4%

(Discount)/premium (borrowings at par)

(3.9%)

(1.6%)




Total assets (before deduction of borrowings)

£3,074.0m

£2,986.6m




Total borrowings (at fair value)

£466.5m

£435.2m

Total borrowings (at par)

£408.0m

£383.8m




Potential gearing (borrowings at par)

15.3%

14.7%

Actual gearing (borrowings at par)

14.1%

14.5%




Potential gearing (borrowings at fair value)

17.9%

17.1%

Actual gearing (borrowings at fair value)

16.7%

16.8%

 

 

 

††    All per share figures have been restated for the five for one share split on 30 June 2014.

#      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: Catharine Flood  0131 275 2718  catharine.flood@bailliegifford.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Interim Management Statement - RNS