Dunedin Smaller Companies Investment Trust PLC
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Investor Warning

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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-Aug-2014

Ord
Price198.13p
NAV**224.51p
Prem/-Disc**-11.75%
Net Dividend Yield2.60%


** 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.

 
 
 
 

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 Annual Report for the Year ended 31 October 2013
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 twenty largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

July 2014

July was dominated by deteriorating geopolitical news flow. The situation between Ukraine and Russia worsened, Gaza was at war with Israel and ISIS was becoming a growing force in Iraq. Markets largely shrugged off these risks, with the FTSE All-Share index declining by 0.3% on a total return basis, though small and mid cap companies again did a little less well. Investors focused instead on the improving economic fundamentals. In the US, the hoped for rebound in Q2 GDP was actually stronger than expected coming in at 4%. The Federal Reserve was more positive in its outlook for the economy, noting the consistent improvement in the labour market and the declining likelihood that inflation would undershoot its target. In the UK the economy regained its previous peak level of output, achieved in Q1 2008. This may have been the slowest recovery for 100 years but it has been a recovery. Domestic unemployment also improved further.

We exited one holding from the portfolio. Weir has been a successful and genuinely long term investment for us. Indeed it has been in the portfolio for over ten years. We took the decision to sell it, not because we thought there was anything wrong with the company but because we believed that there were more attractive opportunities elsewhere. These included Manx Telecom, our recent introduction. Oxford Instruments and Domino Printing; two companies that have experienced some short term weakness in demand but where we believe the long term prospects to be attractive. We also bought a little more Mothercare following a meeting with the newly installed CEO Mark Newton Jones.

We are well though the first half reporting season now. Whilst there have been some company specific surprises the clearest theme to have emerged has been that the strength of sterling is impacting both the translation of company results and in many cases demand for their products. This is in turn weighing on earnings expectations for the second half of the year. Therefore upgrades have been firmly in the minority. As we have observed previously, further progress in markets is likely to require growth in profitability rather than coming via additional expansion of valuation multiples. Consequently there will be much focus on whether companies do indeed deliver on their full year expectations, which are in many cases already lower than they were at the start of the year.


Source: Monthly Factsheet Aberdeen Asset Managers Limited