Dunedin Smaller Companies Investment Trust PLC
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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 21-Oct-2014

Ord
Price178.50p
NAV**206.12p
Prem/-Disc**-13.40%
Net Dividend Yield2.91%


** 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 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

September 2014

Equities fell during September with the FTSE All-Share Index declining by 2.8% on a total return basis, smaller companies did a little better registering a decline of 2.6%. The economic news flow was much as it has been throughout the year. The US recovery continued to strengthen, indeed second quarter GDP was revised upwards. The UK was also growing, albeit more slowly in the second half of the year than in the first. Manufacturing PMI’s suggested some slowdown and although unemployment is falling the lack of wage growth is helping to keep a lid on inflation. The Chinese hinted that they might not in fact achieve the much vaunted 7.5% GDP expectation for the year. Meanwhile Europe was still struggling, and even Germany showed signs of slowing. This forced the ECB to reduce rates further, taking the deposit rate to minus 0.2%. The Committee also indicated that this was the floor for interest rates and that further stimulus would come via an asset purchase programme though they were unable to provide details at the time. They also launched their third Long-Term Refinancing Operation, designed to stimulate bank lending , especially to SME’s. Take up was surprisingly low, suggesting that it may be some time before lending picks up.

In portfolio activity we top-sliced Bellway and Helical Bar, both of which have performed well. We topped up Hansteen and, new introduction Manx Telecom. Both companies have attractive yields. We also topped up Aveva after the company had a profit warning that was related to both foreign exchange translation and some weakening of demand among Brazilian and Korean customers. We believe that both issues will be transitory and that the company is well positioned for the long term.

Earnings expectations for the UK have fallen markedly over the course of 2014. However, they now stand at a level that is consistent with current levels of GDP, which gives some confidence that they will be achieved. The outlook for 2015 remains difficult given the slowing global economy. That said, the foreign exchange issues faced by many businesses over 2014 should begin to ease. Also, the strength of the dollar is weighing on commodity prices, most notably oil which is likely to be helpful to aggregate profitability. We believe that the companies in the portfolio are well suited to a period where investors’ focus shifts to seeking quality businesses that are able to grow their profits in more difficult conditions, rather than relying on multiple expansion to progress markets.


Source: Monthly Factsheet Aberdeen Asset Managers Limited