Dunedin Smaller Companies Investment Trust PLC
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Investor Warning

Please be aware of scams that can affect investors.

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NMPI Status

The Company currently conducts its affairs so that securities issued by Dunedin Smaller Companies Investment Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.

 

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Dunedin Smaller Companies Investment Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.

Read the PIDD for Dunedin Smaller Companies Investment Trust

 
 

Morningstar Ratings

Analyst Rating

Morningstar bronze award

Fund Rating

 
 

Daily Data

At close 29-Jan-2015

Ord
Price179.00p
NAV*216.69p
NAV**216.74p
Prem/-Disc*-17.39%
Prem/-Disc**-17.41%
Net Dividend Yield2.93%


* Debt at market value
** Debt at par
Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 
 
 

Portfolio Holdings Disclaimer

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.

 
 

Trust Details

Dunedin Smaller Companies Investment Trust PLC

Registered Office:
7th Floor
40 Princes Street,
Edinburgh,
EH2 2BY

Registered in Scotland as an Investment Company Number 14692

 

Dunedin Smaller Companies Investment Trust PLC

Objective

The objective of Dunedin Smaller Companies Investment Trust PLC is to achieve long term growth from a portfolio of smaller companies in the United Kingdom.

 
 

Dunedin Smaller Companies Investment Trust PLC Half Year Report for six months ended 30 April 2014
Ed Beal, Senior Investment Manager

In this webcast, Ed Beal gives an update on a wide range of subjects including performance, a sector breakdown, the largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

December 2014

Markets finished the year in a downbeat mood with the FTSE All-Share Index registering a decline of 1.6% in December on a total return basis. Small companies did better, registering a gain of 1.3%, though their returns for the year were a disappointing -2.7%. The most notable event was the continuing decline in the oil price. Saudi Arabia has made it clear that they will seek to maintain market share rather than cut production to protect the oil price. Many theories have been suggested to explain their stance but the fact is that with production in excess of demand the decline in the price has been precipitous. Whilst this will be benefiting consumers of the commodity, there are a lot of businesses, not just the producers themselves, who are suffering from a combination of falling demand and prices.

December was a quiet month in terms of portfolio activity. Chesnara conducted a placing to help fund their acquisition of a closed book of Dutch life insurance policies. We believe they were paying an attractive price for these assets and we participated in the placing.

The themes that were impacting markets at the end of 2014 remain relevant as we start the new year. Investors expect the ECB to announce a sizable package of Quantitative Easing during the first quarter. Whilst this might be expected to support asset prices there is clearly the potential for the size or timing of the stimulus to disappoint the markets. The authorities believe that such measures are necessary to combat the risks of deflation. In this respect the decline in the oil price may prove unhelpful, especially if it doesn’t drive an increase in demand.

Greece is conducting elections. If the far left Syriza party win they will seek to renegotiate the terms of the country’s debt. The threat of a default could put the European sovereign debt crisis back at the forefront of investors’ concerns.

With risks such as these impacting on markets it seems reasonable to expect an increase in volatility. As such it will be as important as ever for us to remain true to our process of investing in good quality businesses that we believe have the ability to survive more difficult periods and to prosper over the long term.


Source: Monthly Factsheet Aberdeen Asset Managers Limited