F&C UK Select Trust Announcements

RNS Number : 3194I F&C UK Select Trust PLC 17 November 2008  
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F&C UK Select plc

Interim Management Statement

For the Three Month Period 1 July 2008 to 30 September 2008

Investment Objective

F&C UK Select Trust plc aims to achieve capital growth for ordinary shareholders by investing in a portfolio of UK equities with the potential for above average capital growth.

Performance Summary
Total Return1
For the three months to 30 September 2008
Net asset value
(15.3)%

FTSE All-Share Index
(12.2)%

Share Price
(17.4)%

Capital Return

As at
30 September 2008
As at 
30 June
 2008
  Movement

Net asset value per share2

74.6p
88.1p
(15.3)%
Share price (mid market)

67.5p
81.8p
(17.5)%
Discount

9.5%
7.2%

Actual Gearing
(100 = nil geared position)3
102

99
Sources: F&C Investment Business Limited, Datastream.

1      All total returns are based on dividends re-invested
2    Calculated in accordance with UK Generally Accepted Accounting Practice.
3     Explanation of gearing as per Annual Report

Review for the Period

The summer months were extremely volatile, with a modest sell-off in July at the headline level (-3.6%) followed by a significant rally in August (+5.0%) before events turned sour again in September, with indices off a further 13%.

Slowing global growth led to commodity prices collapsing from previous highs, while banks came under increasing pressure as confidence between lenders evaporated.

Inflation fears gave way to worries over depression and deflation as demand collapsed with the withdrawal of short term finance. This has opened the way up for interest rate cuts across OECD countries.

  Share Buy Backs

During the period, the Company bought back 2,130,000 shares for cancellation for a total consideration of £1.6 million.

Top Ten Holdings as at 30/09/08        % of total assets    
                        
Caithness Petroleum
 5.6
Scottish & Southern
 4.6
Imperial Tobacco Group
 4.6
Cable & Wireless
 4.6
Shire
 4.5
Tullow Oil
 4.4
Impax Environmental
 4.4
Tesco
 4.3
Bowleven
 4.3
SSL International
 4.2

­­­­
Total
45.5

Sector Breakdown as at 30/09/08        % of total assets
                        
Financials
 33.4
Oil & Gas
 21.8
Consumer Goods
 13.1
Consumer Services
   6.8
Basic Materials
   6.0
Utilities
   4.6
Telecommunications
   4.6
Health Care
   4.5
Cash
   5.2
Total
100.0

Since 30 September 2008 the net asset value of the Company fell to 58.4 pence and the share price to 53.5 pence (both figures as at 14 November 2008).  The Board is not aware of any other significant events or transactions which have occurred since 30 September 2008 and the date of publication of this statement which would have a material impact on the financial position of the Company.

Daily and Key Information

Further information regarding the Company, including daily net asset values published since the end of the period and monthly factsheets, can be found at the Company's website www.fcukselecttrust.co.uk or at www.fandc.com. 

For further information please contact:
Phil Doel - Investment Manager
Martin Cassels - Company Secretary
F&C Investment Business Limited
Tel: 0207 628 8000
This information is provided by RNSThe company news service from the London Stock Exchange  END  IMSKGMMMKNVGRZM