Interim Management Statement
July 05 2007 - 12:35PM
UK Regulatory
Investec High Income Trust Plc
Interim Management Statement
for the quarter ended 30 June 2007
Objective and Investment Policy
Investec High Income Trust plc is an investment company as defined in section
266 of the Companies Act 1985 and carries on the business of an investment
trust. The objective of the Company is to achieve both a high and growing level
of income with the potential for capital growth from a portfolio principally
invested directly or indirectly in equities.
Material Events and Transactions
Portfolio activity has continued to be relatively low over the last three
months. We have reduced our holdings in small and mid cap stocks during the
last eighteen months. Recently, we have added new names to existing holdings
such as Devro, Thus and Fiberweb and added to our holdings in Games Workshop,
Yule Catto and Computacenter. This has been countered by sales of other small
companies whose share prices had reached our assessment of fair value. We sold
Alpha Airports following a bid from Autogrill and also sold Photo-Me
International, TDG, Mothercare and part of our holding in Britvic.
Overall, we maintain our large exposure to many of the largest UK listed
stocks. We are also holding a put option, with a January 2009 maturity date,
which specifically protects the portfolio from falls in the FTSE 100 minus the
top 20 stocks.
A fourth interim dividend of 1.625p per share was paid on 24 May 2007 to
shareholders on the register as at 10 April 2007. The total payment for the
year ended 31 March 2007 was 6.5p per share.
There were no changes to the Company's share capital over the period.
Top Ten Holdings as at 30 June 2007
% of Total
Holding Value Assets
Royal Dutch Shell 'B' Shares 4,485,595 8.03
BP 3,953,750 7.08
HSBC Holdings 3,470,613 6.21
Vodafone Group 3,450,929 6.18
GlaxoSmithkline 2,985,905 5.35
Royal Bank of Scotland 2,355,007 4.22
BT Group 1,994,392 3.57
Unilever 1,983,382 3.55
AstraZeneca 1,758,143 3.15
European Equity Tranche Income 1,695,000 3.03
_____
50.37
Financial Performance
quarter to year to
30 June 2007 31 March 2007
Total assets less current liabilities �55.854m �55.051m
NAV total return(1) 2.6% 9.3%
Dividend yield 7.3% 7.2%
Ordinary shares
NAV per share 96.56p 95.07p
Price per share 89.50p 90.75p
Discount 7.3% 4.5%
Zero dividend preference shares
NAV per share 169.26p 165.76p
Price per share 175.00p 172.50p
Benchmark NAV total return
FTSE All-Share Index 4.5% 11.2%
FTSE 350 Higher Yield Index 6.0% 7.7%
(1) Including income paid out as dividends and before loan interest
Note: The directors are not aware of any significant events or transactions
which have occurred between the date of the financial information and the date
of publication, which would have a material impact on the financial position of
the Company.
The net asset value is published on a weekly basis and other useful background
information on the Company including downloads of published documentation such
as previous Annual Reports and Monthly Fact Sheets can be found at
www.investecassetmanagement.com.
Company Information
Launch date 28 February 2001
Year end 31 March
Results
Interim Announcement in October 2007
Final Announcement in May 2008
Dividend payments August, November, February, May
Price information Published in the Financial Times under 'Investment
Companies'.
Contact
Martin Slade
Investec Investment Management Limited
2 Gresham Street
London EC2V 7QP
Tel: +44 (0)20 7597 1942
END
Investec H.I.T. (LSE:ICH)
Historical Stock Chart
From Jun 2024 to Jul 2024
Investec H.I.T. (LSE:ICH)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Investec H.I.T. (London Stock Exchange): 0 recent articles
More Investec Hgh Inc Tst News Articles