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 27-Mar-2015

Ord
Price193.00p
NAV*229.88p
NAV**229.90p
Prem/-Disc*-16.04%
Prem/-Disc**-16.05%
Net Dividend Yield2.72%


* 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 Annual Report for the year ended 31 Oct 14
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

February 2015

February was another good month for equities and the FTSE SmallCap Index, excluding Investment Companies, delivered a total return of 4.7%, meanwhile the FTSE 100 Index achieved an all-time high surpassing the previous peak set in 1999. The recoveries in the UK and US continued with the domestic economy recording growth of 2.7% in the final quarter of 2014 and expectations for growth in 2016 being revised higher. Both economies are benefiting from improving employment markets and, in the UK wage growth is accelerating after a period of decline. Inflation is subdued, led lower by declining commodity prices. If these declines are supply led, as suggested by the Bank of England, then they can be expected to be a positive factor for growth. However, if they are demand led then the threat of deflation will become more significant. The most significant event during the month was the stand off between the European Troika and the Greek Syriza party. A temporary agreement was eventually reached but the events served to show that the risk of a recurrence of the sovereign debt crisis remains.

We introduced a new holding to the portfolio. Xaar is a leading designer and manufacturer of digital print heads. The business possesses a significant amount of intellectual property and benefits from high barriers to entry. Demand for their products is undergoing structural growth driven by a number of end markets. The timing of the development of these markets is unpredictable leading to lumpiness in profits, but with an expectation of growth over the long term. This lumpiness can cause fluctuations in the share price and it was such an event that created the opportunity for us to build an initial position in a company we have followed for some time. We also topped up our holding in Hansteen. These purchases were funded by taking profits from holdings that had performed well, these included; Victrex, RPC and Rathbone Brothers.

As we have noted for some time, the progress being registered by markets is not being driven by growth in corporate profits. Valuations, especially of quality companies, are being pushed higher by the impact of quantitative easing and the absence of alternatives for many investors. That does not represent a situation that is sustainable in the long term. Many countries seem to be attempting to boost their competitiveness via weakened currencies, clearly that is not a policy that can be pursued by all protagonists simultaneously. However, with growth evident in the UK and US economies and signs that Europe can begin to recover as well there are grounds to believe that the required improvement in profitability will materialise. We believe that the companies in the portfolio will be able to prosper over the medium and longer term.


Source: Monthly Factsheet Aberdeen Asset Managers Limited