Interim Management Statement
05 Aprile 2011 - 4:07PM
UK Regulatory
TIDMAFHC
ABERFORTH GEARED CAPITAL & INCOME TRUST plc
Interim Management Statement for the 3 months to 31 March 2011
Investment Objective
The investment objective of Aberforth Geared Capital & Income Trust plc (AGCiT)
is to provide Income Shareholders with a high level of income payable half
yearly with the potential for income growth and to provide Capital Shareholders
with geared capital growth.
Aberforth Partners LLP are contracted as the Investment Managers and
Secretaries to the Company.
Features
- Over the 3 month period to 31 March 2011, the Company's total asset value
increased by 2.3%. By comparison the RBS Hoare Govett Smaller Companies Index
(excluding Investment Companies) (RBS HGSC (XIC)), which is representative of
AGCiT's investment opportunity base, increased by 1.6%. All figures are total
returns.
- As at 31 March 2011 the Capital share price was 476p, representing a discount
of 12.1% to the Capital Share net asset value (assuming nil swap valuation) of
541.68p.
- A second interim dividend in respect of the year to 31 December 2010 of 7.5p
was paid to Income Shareholders on 25 February 2011.
- At the Annual General Meeting held on 2 March 2011 all four ordinary
resolutions were passed on a show of hands.
- On 31 March 2011 the capital entitlement of an Income Share reached a valuation
of 100p and in accordance with the Articles will remain at this value.
Performance - Total Returns
Periods to 31 March 2011
3 Months 6 Months 1 Year 3 Years
Total Assets +2.3% +12.8% +24.7% +26.4%
Capital Share NAV +2.3% +23.5% +44.8% +14.8%
RBS HGSC (XIC) +1.6% +13.0% +20.4% +32.5%
Capital Share Price +5.8% +41.9% +74.4% +27.3%
Income Share Price +2.7% +4.3% +10.0% +36.3%
Note: Past performance is not a guide to future performance
Top 10 Holdings
As at 31 March 2011 % of Investment
Portfolio
Spirax-Sarco Engineering 4.5
RPC Group 3.8
JD Sports Fashion 3.4
e2v technologies 3.2
Bodycote 2.9
Beazley 2.6
Morgan Crucible Co. 2.3
Galliford Try 2.2
Holidaybreak 2.1
UMECO 2.1
----
29.1
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Size Distribution across FTSE Indices
As at 31 March 2011
RBS HGSC AGCiT
(XIC)
% Total %Total
FTSE 100 0.0 0.0
FTSE 250 72.4 49.7
FTSE SmallCap 19.5 41.1
FTSE Fledgling 1.7 4.8
Other 6.4 4.4
----- -----
100.0 100.0
----- -----
Current Financial Position As at As at
31 March 31 December
2011 2010
Fixed Assets: Investments
Investments held at fair value through GBP116.4m GBP112.7m
profit or loss
Current assets GBP0.7m GBP0.3m
------- -------
Total assets GBP117.1m GBP113.0m
------- -------
Bank loan (GBP34.3m) (GBP30.2m)
Interest rate swap (GBP0.7m) (GBP1.0m)
Income Shares (GBP24.5m) (GBP24.5m)
Total current liabilities (GBP59.5m) (GBP55.7m)
------- ------
Total Net Assets GBP57.6m GBP57.3m
------- ------
Share Capital GBP0.1m GBP0.1m
Capital redemption reserve GBP0.1m GBP0.1m
Special reserve GBP9.7m GBP9.7m
Capital reserve GBP46.3m GBP44.7m
Revenue reserve GBP1.4m GBP2.7m
------- ------
Total Equity GBP57.6m GBP57.3m
------- ------
Income Share NAV 105.72p 109.71p
Capital Share NAV (assuming nil swap 541.68p 529.42p
valuation)
Income Share Price 108.00p 112.50p
Capital Share Price 476.00p 450.00p
Market Capitalisation (Income and Capital GBP76.4m GBP74.8m
Shares)
Gearing 202% 197%
Hurdle Rates
Required capital growth p.a. on portfolio -6.1% -5.5%
to return Capital Share price
General Information
Total Expense Ratio (p.a.) - 2010 1.5%
First Interim Dividend for y/e 31/12/10 (paid 6.5p
August 2010)
Second Interim Dividend for y/e 31/12/10 (paid 7.5p
February 2011)
Dividend Yield 13.0%
Launch Date 18 December 2001
Planned Winding Up Date 31 December 2011
Further Information
Further information regarding the Company, including more recently published
net asset values, can be found on the following website: www.aberforth.co.uk
Contact
Gary Tait (Tel: 0131 220 0733)
Aberforth Partners LLP, Secretaries, 5 April 2011
END
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