SCOTTISH MORTGAGE INVESTMENT TRUST PLC 
By Scottish Mortgage Investment Trust PLC
Interim Management Statement - 3 Months to 31 December 2012
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 6.0% and the share price total return was 8.9%. The FTSE All-World Index in sterling terms (the benchmark) total return was 2.5%. ¾ Performance is judged primarily on a five year rolling period. Over the five years to 31 December 2012 the net asset value total return was 18.9% and the share price total return was 24.7% compared to a total return of 19.4% in the FTSE All-World Index in sterling terms. ¾ The interim dividend of 6.7p per share was paid on 23 November 2012. | |||
Top Twenty Holdings* (as a % of total assets) | 31/12/12 % | 30/09/12 % | ||
Amazon.com | 7.7 | 8.2 | ||
Baidu | 5.6 | 6.3 | ||
PPR | 5.3 | 5.1 | ||
Atlas Copco | 5.2 | 4.6 | ||
Brazil CPI Linked 2045 | 4.3 | 4.3 | ||
Inditex | 4.2 | 3.5 | ||
Tencent Holdings | 3.7 | 4.1 | ||
3.2 | 3.5 | |||
Illumina | 3.0 | 2.7 | ||
Salesforce | 2.9 | 2.8 | ||
KGHM | 2.6 | 2.2 | ||
Intuitive Surgical | 2.4 | 2.5 | ||
Banco Santander | 2.4 | 2.3 | ||
Vale (CVRD) | 2.3 | 2.1 | ||
Prudential | 2.2 | 2.2 | ||
Apple | 2.2 | 2.6 | ||
Reckitt Benckiser | 1.9 | 1.9 | ||
Rackspace Hosting | 1.9 | 1.8 | ||
Novozymes | 1.6 | 1.6 | ||
Deere | 1.5 | 1.5 | ||
Total | 66.1 | 65.8 | ||
* During the period additions were made to Baidu, Inditex and Apple and partial sales were made of PPR and KGHM. All the other changes to the constituents of the Top Twenty Holdings were attributable to market movements.
Total Return Performance | % | |||||||
3 Months | 1 Year | 3 Years | 5 Years | |||||
Share Price | 8.9 | 30.1 | 47.8 | 24.7 | ||||
NAV (at fair) | 6.0 | 25.4 | 37.5 | 18.9 | ||||
Benchmark* | 2.5 | 12.0 | 22.2 | 19.4 | ||||
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/Thomson Reuters Datastream | ||||||||
General Information | 31/12/12 | 30/09/12 | ||||||
Share price | 752.0p | 697.0p | ||||||
Net asset value per share† (after deducting borrowings at fair value) | 795.8p | 757.4p | ||||||
Net asset value per share† (after deducting borrowings at par) | 819.9p | 787.7p | ||||||
Discount (borrowings at fair value) | 5.5% | 8.0% | ||||||
Discount (borrowings at par) | 8.3% | 11.5% | ||||||
Total assets (before deduction of borrowings) | £2,435.7m | £2,354.2m | ||||||
Total borrowings (at fair value) | £417.5m | £433.4m | ||||||
Total borrowings (at par) | £356.3m | £356.5m | ||||||
Potential gearing (borrowings at par) | 17.1% | 17.8% | ||||||
Actual gearing (borrowings at par) | 11.7% | 12.4% | ||||||
Potential gearing (borrowings at fair value) | 20.7% | 22.6% | ||||||
Actual gearing (borrowings at fair value) | 15.1% | 16.9% | ||||||
† 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 atwww.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: Robert O'Riordan 0131 275 3181 robert.oriordan@bailliegifford.com | ||||||||
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