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 17-Dec-2014

Ord
Price175.63p
NAV**207.18p
Prem/-Disc**-15.23%
Net Dividend Yield2.99%


** 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

November 2014

The improvement in markets that started in the second half of October continued during November with the FTSE All-Share Index registering its second best month of the year, rising by 2.9% on a total return basis. Small companies failed to keep pace with their larger counterparts, posting a decline of 0.2%. Recovery continued in the US and UK. The domestic economy witnessed upgrades to GDP expectations for both 2014 and 2015 though it was also noted that it would be difficult to sustain above trend expansion into the medium term. The Chancellor’s autumn statement indicated that austerity will need to continue post next year’s election. Positively there is still a belief that the deficit can be eliminated by 2018 / 19. The Chinese economy looks increasingly unlikely to achieve its targeted growth of 7.5% and this was tacitly recognised by the authorities who responded by cutting interest rates. Europe remained weak, though France and Germany did at least avoid falling into a recession. In the portfolio we top-sliced Bloomsbury Publishing which had done well. We topped up Aveva and Enquest, two companies that have been impacted by the decline in the oil price. We also topped up TT Electronics, the share price had been weak following a profits warning. We met with the management team and continue to believe that their restructuring plan will deliver benefits to shareholders, albeit these will take longer to materialise than originally envisaged.

There are two significant factors that are currently impacting on markets. The first is the timing of Quantitative Easing in Europe. This is widely expected to commence in the early part of 2015. Although any such stimulus package would highlight the paucity of growth across the region, investors are more focused on the benefits that it would deliver to share prices in the short term. There is therefore a risk that any announcement could be delayed or that it might not be as sizable as currently hoped for. The second and more immediate issue is the collapsing oil price. The effect of this has unsurprisingly, been very negative for companies that are correlated to the oil price. It is by no means clear where the price will eventually settle. On the other hand, many businesses stand to benefit from cheaper energy costs and this might be expected to provide a stimulus to earnings and growth in general. There are also two potential secondary effects that the lower price might be expected to cause. Firstly it could add to disinflationary pressures in Europe making a QE package more likely. Secondly, a combination of this effect in the UK and the impact on corporate earnings in the US, where a much greater proportion of the economy is exposed to oil and gas production, may serve to further delay interest rate increases.


Source: Monthly Factsheet Aberdeen Asset Managers Limited