Interim Management Statement
19 Maggio 2010 - 5:59PM
UK Regulatory
TIDMFUS
RNS Number : 2287M
F&C UK Select Trust PLC
19 May 2010
F&C UK Select plc
Interim Management Statement
For the Three Month Period 1 January 2010 to 31 March 2010
Investment Objective
F&C UK Select Trust plc aims to achieve capital growth for ordinary shareholders
by investing in a portfolio of UK equities with the potential for above average
capital growth.
Performance Summary
+----------------------+--+-----------+--------------+-------------+
| | | | For the | |
| Total Return1 | | | three months | |
| | | | to 31 March | |
| | | | 2010 | |
+----------------------+--+-----------+--------------+-------------+
| | | | | |
+----------------------+--+-----------+--------------+-------------+
| Net asset value | | | 7.8% | |
+----------------------+--+-----------+--------------+-------------+
| FTSE All-Share Index | | | 4.3% | |
+----------------------+--+-----------+--------------+-------------+
| Share Price | | | 5.4% | |
+----------------------+--+-----------+--------------+-------------+
| | | | | |
+----------------------+--+-----------+--------------+-------------+
| | | As at | As at | 2009 |
| Capital Return | | 31 March | 31 December | Movement |
| | | 2010 | 2009 | |
+----------------------+--+-----------+--------------+-------------+
| | | | | |
+----------------------+--+-----------+--------------+-------------+
| Net asset value per | | 92.4p | 85.7p | 7.8% |
| share2 | | | | |
+----------------------+--+-----------+--------------+-------------+
| Share price (mid | | 84.0p | 80.5p | 4.3% |
| market) | | | | |
+----------------------+--+-----------+--------------+-------------+
| Discount | | 9.0% | 6.1% | |
+----------------------+--+-----------+--------------+-------------+
| Actual Gearing | | | | |
| (100 = nil geared | | 95 | 105 | |
| position)3 | | | | |
+----------------------+--+-----------+--------------+-------------+
| | | | | |
+----------------------+--+-----------+--------------+-------------+
Sources: F&C Investment Business Limited, Datastream.
1 All total returns are based on dividends re-invested
2Calculated in accordance with UK Generally Accepted Accounting Practice.
3 Explanation of gearing as per Annual Report
Review for the Period
A quarter of growing conviction, with markets that drifted in January recovering
in February and then pushing on in March to leave the Company's net asset value
up 7.8 per cent over the period. The share price increased by 4.3 per cent over
the same period, as the discount widened a little to end the quarter at 6.1 per
cent.
The Company's oil and resource based holdings stood it in good stead, although
the unquoted position in Caithness acted as a drag on performance.
Top Ten Holdings as at 31/03/2010 % of total assets
+-----------------------------------+------+
| |
+------------------------------------------+
| Caithness Petroleum | 6.6 |
+-----------------------------------+------+
| Anglo American | 4.5 |
+-----------------------------------+------+
| Bowleven | 4.2 |
+-----------------------------------+------+
| Standard Chartered | 4.2 |
+-----------------------------------+------+
| Lancashire Holdings | 4.2 |
+-----------------------------------+------+
| Berkeley Group | 4.2 |
+-----------------------------------+------+
| Aegis Group | 4.1 |
+-----------------------------------+------+
| Cable and Wireless | 4.1 |
+-----------------------------------+------+
| Xstrata | 4.0 |
+-----------------------------------+------+
| Shire | 4.0 |
+-----------------------------------+------+
| Total | 44.1 |
+-----------------------------------+------+
Sector Breakdown as at 31/03/2010 % of total assets
+-----------------------------------+-------+
| |
+-------------------------------------------+
| Financials | 26.2 |
+-----------------------------------+-------+
| Oil & Gas | 18.7 |
+-----------------------------------+-------+
| Consumer Goods | 11.6 |
+-----------------------------------+-------+
| Basic Materials | 11.2 |
+-----------------------------------+-------+
| Consumer Services | 8.0 |
+-----------------------------------+-------+
| Health Care | 8.0 |
+-----------------------------------+-------+
| Telecommunications | 4.1 |
+-----------------------------------+-------+
| Utilities | 3.6 |
+-----------------------------------+-------+
| Industrials | 3.2 |
+-----------------------------------+-------+
| Cash | 5.4 |
+-----------------------------------+-------+
| Total | 100.0 |
+-----------------------------------+-------+
Significant Events or Transactions
An interim dividend in respect of the current financial year of 0.70p per share
was declared on 22 April 2010. This dividend was paid on 7 May to shareholders
on the register on 30 April 2010.
The Board is not aware of any other significant events or transactions which
have occurred since 31 March 2010 and the date of publication of this statement
which would have a material impact on the financial position of the Company,
other than the announcement made on 22 April 2010 of proposals for the
reconstruction and winding-up of the Company. Full details can be found on the
Company's website www.fcukselecttrust.co.uk
Daily and Key Information
Further information regarding the Company, including daily net asset values
published since the end of the period and monthly factsheets, can be found at
the Company's website www.fcukselecttrust.co.uk or at www.fandc.com.
For further information please contact:
Phil Doel - Investment Manager
Martin Cassels - Company Secretary
F&C Investment Business Limited
Tel: 0207 628 8000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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