Investment Trust Awards 2011
Dunedin Smaller Companies, Best UK Smaller Companies Trust
Aberdeen’s Award Winning TrustsRisk 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 WarningPast Performance
Past performance is no guide to future performance.
See latest monthly factsheet below for performance history.
Daily Data
At close 26-Jan-2012
Ord| Price | 127.75p |
| NAV** | 143.56p |
| Prem/-Disc** | -11.01% |
| Net Dividend Yield | 3.80% |
Subscription Shares
| Price | 0.51p |
Source: Morningstar
** Debt at par
NAV = Net Asset Value
Literature
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.
Manager's Monthly Report
January 2012
December was a fairly quiet month for both corporate and economic news flow and this was reflected in the performance of smaller companies which were virtually unchanged over the month. The European debt crisis remained at the forefront of investors’ minds and during the month the European Central Bank reduced interest rates by a further 0.25%. The politicians held another summit, and whilst no immediate solutions were identified there were proposals that will lead to tighter fiscal and political unity.
One new holding was introduced over the month. BBA Aviation has a leading position in the operation of flight support stations for private business jets in the US. This is a recovering market with ample scope for additional growth through consolidation. The barriers are high as the ability to provide a national network of bases is very attractive to customers whilst being difficult to replicate. They also have a unique business that provides out of production spares to the aviation industry.
Elsewhere we top-sliced the holdings in RPC and Bellway and re-invested the proceeds into Robert Walters, Helical Bar, XP Power and Savills.
Investors are struggling to reconcile the fundamentals of the markets with the potential risks posed by a disorderly resolution to the sovereign debt crisis. Equities appear to represent good value if one takes a medium term view. Valuations are attractive both relative to history and other asset classes. It is unclear if economic recovery will continue or if we will slip into another slowdown or even recession. However, it does seem that equity markets recognise these risks and are priced for all but the most severe of recessions. But, as we have commented previously, these fundamentals will count for little if we experience a disorderly default or even a breakup of the eurozone. Consequently it seems likely to be sentiment and policy making that will determine the course of markets over the year rather than the underlying trading of companies.
Source: Monthly Factsheet Aberdeen Asset Managers Limited