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 27-Nov-2014

Ord
Price185.00p
NAV**211.94p
Prem/-Disc**-12.71%
Net Dividend Yield2.81%


** 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

October 2014

Equities declined during October, though the fall of 0.7% on a total return basis masks much greater volatility during the month. Small companies were weaker, delivering a total return of -2% as investors became more risk averse. What caused the sell off in the early part of the month is unclear. However, an announcement from the Bank of Japan that they were going to extend their stimulus package served to reignite investors’ appetite for equities. Meanwhile, in the US the recovery was ongoing and the Federal Reserve felt able to terminate its asset purchase programme. This was at odds with what was being seen in Europe where deflation remained a threat, the weakness of the recovery was spreading to Germany and the ECB was disappointing investors by not giving them more clarity on the likely scale of their intended asset purchases. There was some good news in the region as the authorities concluded their Asset Quality Review. 80% of the region’s banks passed the test and in reality the results were better than that because a number of the troubled institutions had already raised some of the additional capital they will require.

In terms of portfolio activity we top sliced holdings that had performed well. These included Bellway, Wilmington, Fuller Smith & Turner and The Restaurant Group. The proceeds were re-invested into Aveva, Oxford Instruments and RPC. Aveva and Oxford have both been finding life difficult recently, however, we believe that both are good quality companies with sound long term prospects. RPC has been weak as investors have worried about companies that have European exposure. Whilst this is understandable, our approach is to examine a business’s prospects from a fundamental perspective. We anticipate that RPC will be a beneficiary of a structural drive to reduce the amount of packaging used in consumer industries.

With Central Banks around the world taking different paths investors are focusing on the expected actions of the ECB. Some form of stimulus package is expected. There is therefore the potential for disappointment in the event that the quantum or timing of stimulus fails to meet expectations. Companies across a range of industries are finding life tough. Growth is hard to secure and is often reduced by the impact of foreign exchange on the translation of results. The lower oil price will provide support for the global economy but the challenges of a weak Europe and slowing China are sizable obstacles. We continue to believe that our investments are well positioned to prosper over the long-term but the short-term outlook is more difficult to divine.


Source: Monthly Factsheet Aberdeen Asset Managers Limited