TIDMIIM
iimia INVESTMENT TRUST PLC
Half Yearly Report for the Period Ended 31 October 2009
Investment Objective and Policy
iimia Investment Trust PLC (the Company) is an investment trust which was
launched on 6 April 2004.
Under the Articles of Association, the Company renewed its life for a further
three years at the Annual General Meeting held on 21 September 2009. The
Articles of Association provide for the continued life of the Company to be
proposed at every third Annual General Meeting.
Investment Objective
The objective of the Company is to outperform 3 month LIBOR plus 2% over the
longer term, principally through exploiting inefficiencies in the pricing of
closed-end funds. This objective is intended to reflect the Company's aim of
providing a better return to shareholders over the longer term than they would
get by merely placing money on deposit.
The benchmark in the investment objective is a target only and should not be
treated as a guarantee of performance of the Company or its portfolio.
Investment Policy
The Company invests in closed-end investment funds listed on the Official List
of the London Stock Exchange, but has the flexibility to invest in investment
funds listed or dealt on other recognised stock exchanges, in unlisted
closed-end funds (including, but not limited to, funds traded on AIM) and in
open-ended investment funds. The funds in which the Company invests may include
all types of investment trusts, companies and funds established onshore or
offshore. The Company has the flexibility to invest in any class of security
issued by investment funds including, without limitation, equity, debt,
warrants or other convertible security. In addition, the Company may invest in
other securities, such as non-investment fund debt, if deemed to be appropriate
to produce the desired returns to shareholders.
The Company is unrestricted in the number of funds it holds. However, at the
time of acquisition, no investment will have an aggregated value totalling more
than 15% of the gross assets of the Company. Furthermore, the Company will not
invest more than 10%, in aggregate, of the value of its gross assets at the
time of acquisition in other listed closed-end investment funds, although this
restriction does not apply to investments in any such funds which themselves
have stated investment policies to invest no more than 15% of their gross
assets in other listed closed-end investment funds. In addition, the Company
will not invest more than 25%, in aggregate, of the value of its gross assets
at the time of acquisition in open-ended funds.
There are no prescriptive limits on allocation of assets in terms of asset
class or geography, save that, in order to maintain classification within the
AIC Global Growth sector, no more than 80% of the Company's gross assets can be
held in any one geographical region.
There are no limits imposed on the size of hedging contracts. However, their
aggregated value will not exceed 20% of the portfolio's gross assets at the
time they are entered into.
The Board permits short term borrowings of up to 20% of the Company's net asset
value (measured at the time new borrowings are incurred).
The Company's investment objective may lead, on occasions, to a significant
amount of cash or near cash being held.
Capital Structure
The Company's share capital consists of Ordinary shares of 1p each.
The number of shares in issue as at 31 October 2009 was 25,279,985, none of
which were held in Treasury. There has been no change in the number of shares
in issue since 31 October 2009.
Risk Management
The Company's risk management process aims to mitigate undesirable risk.
However, it is important to note that the systems in place act only to
highlight areas of risk and cannot eliminate the risk of failure to achieve the
Company's objectives. The management of risk cannot provide assurance against
misstatement or material loss.
The principle risks identified are as follows:
Asset Allocation
The Company is a fund of funds and seeks to diversify the portfolio through
investment in a wide range of asset classes, industrial sectors, currencies and
geographical regions. The Company will not invest in physical commodities.
Asset allocation is monitored on a look-through basis for all underlying funds.
Resulting analysis is considered as part of the stock selection process.
Correlation and Number of Funds Held
The Manager recognises that funds of funds are naturally more diverse than a
fund of individual equities; thus, they suffer from the danger that
over-diversification will lead to an investment trust, contrary to its
objectives, tracking a world equity market.
Correlation between the Company, its sector and appropriate world equity
indices is monitored and analysed as part of the stock selection process.
Hedging
The Manager may employ hedging techniques to isolate the risks associated with
specific investments or markets. For example, the Manager may wish to invest in
an overseas fund which it believes will outperform its benchmark index and that
the fund's discount will narrow, but that the currency and market risk exposure
are undesirable. In this instance the Manager may seek to isolate these risks
through the use of futures, options or contracts for difference. The Company
will not enter into derivative contracts for speculative purposes.
Gearing
Gearing of the portfolio aims to enhance returns through investment of borrowed
funds.
Underlying funds may also be geared; this is taken into account during the
stock selection process.
Gearing of both the Company's portfolio and the underlying funds is monitored.
Discount Risk
The Company aims to maximise on the opportunities that exist due to
inefficiencies in the pricing of closed-end funds. Purchasing stocks that are
trading at a discount can result in significant gains on the upside, but can
also result in increased losses during downside periods. The actual discount,
discount volatility and discount management policy of underlying holdings is
monitored and analysed alongside market trend indicators. Results are
considered as part of the stock selection process.
Investment in open-ended funds reduces the overall discount risk of the
portfolio. This also allows exposure to sectors in which growth is expected but
discount risk is high, or sectors in which closed-end funds are
under-represented.
Manager Risk
The Company seeks to minimise manager risk through regular meetings with the
management teams of underlying holdings. Thorough research is undertaken on the
investment strategy, ethical and personal approach of all managers involved
with funds prior to their inclusion within the Company's portfolio.
Liquidity
Market and asset specific liquidity can pose significant risk to the Company,
particularly in difficult market conditions. Volume and price based trade
measures are monitored for underlying assets and every effort is made to ensure
that a proportion of the Company's assets are invested in readily realisable
funds.
Graphical Evidence, Market Sentiment Indicators and Technical Charts
The Manager has access to a wide range of research, both external and internal.
Consideration of trend indicators, technical charts and graphical evidence aids
the Manager in the application of their knowledge and experience in selecting
stocks and assessing the overall risk of specific and collective investments.
Review of the Period
Over the period, the Company's net asset value increased by 26.1% and the share
price increased by 33.2% (capital return).
During the period the shares traded between a 6.3% and a 14.4% discount, ending
the period on a 7.0% discount (source: Bloomberg).
The Company had short term borrowings of GBP3.75m, approximately 12.3% of the net
assets as at 31 October 2009.
Total Return Performance to 31 October 2009
6 month % 1 Year % Since Launch %
Net Asset Value*** 26.1 34.1 24.1
Share price (mid)* 33.2 39.4 12.3
MSCI World Index in Sterling* 12.8 16.8 30.5
FTSE All-Share Index* 21.4 24.0 43.2
Sterling 3 Month LIBOR +2%** 1.7 5.6 37.3
Sources: *Bloomberg. Net income reinvested GBP. **Miton Asset Management
Limited (Sterling 3 Month LIBOR + 2% at the beginning of the accounting
period). ***Based on initial NAV of 97.33p (after launch expenses).
Directorate Change
The Company announces that Mr Nick Hodgson retired as a non-executive Director
of the Company with effect from 9 December 2009 due to work commitments. The
Board has expressed its appreciation of Mr Hodgson's valuable contribution
since the launch of the Company in 2004.
A new non-executive Director will be appointed in due course.
General Information
31/10/09 30/04/09
Share Price 112.25p 84.25p
Net Asset Value per Share (including revenue reserves) 120.74p 95.78p
Net Asset Value per share (excluding all revenue 120.80p 95.99p
reserves)
Discount 7.03% 12.04%
Net Assets (after deduction of borrowings) GBP30.52m GBP24.21m
Total Borrowings GBP3.75m GBP3.75m
Risks
The following risks are monitored and assessed by the Manager's and are
reported regularly to the Board and the Audit Committee:
Market Risk - the market price of the Company's investments is subject to
fluctuations.
Discount Volatility Risk - the discount of the Company's share price to the NAV
may fluctuate.
Currency Risk - investments are subject to movements in exchange rates.
Liquidity Risk - it may not be possible to sell funds if there are no buyers.
Regulatory Risk - the Company may breach the Companies Act regulations or the
FSA/Stock Exchange rules.
Compliance with Section 842 of the Income and Corporation Taxes Act 1988 (ICTA)
- A breach of ICTA could result in the Company losing its status as an
investment trust company and becoming subject to capital gains tax.
Gearing Risk - a breach of the loan covenants may lead to the Company's funding
under the revolving credit facility being reduced or withdrawn.
The Directors do not envisage that there will be any specific risks over and
above those previously set out in the 2009 annual report.
Discount Management
The Board has a discount management policy of buying back its own shares with
the aim of keeping the discount at or below 3%. In the current market that has
been very difficult to achieve and the Board believes there is a delicate
balance to be struck between maintaining a "hard" maximum level of discount to
protect exiting shareholders and efficient management of the portfolio in the
interests of our longer term investors. No shares were bought back during the
period. The Manager and the Company's Broker have been, and will continue to
be, pro-active in identifying new buyers with a view to narrowing the discount
from the current level of 10.1%.
Related Parties
The Company's main functions have been subcontracted to a number of service
providers, each engaged under separate legal arrangements. The management of
the Company's assets is delegated to Miton Asset Management Limited. The
Management Engagement Committee, which comprises all the independent
non-executive Directors and meets at least once a year, reviews the performance
of the Investment Manager, the Company Secretary, the Custodian and the
Registrar.
The basic investment management fee is calculated at the annual rate of 0.5% of
the adjusted market capitalisation of the Company on the last business day of
each calendar month. The basic management fee accrues daily and is payable in
arrears in respect of each calendar month. For the purpose of calculating the
basic fee, the `adjusted market capitalisation' of the Company is defined as
the average daily mid market price for an Ordinary share adding back any
dividends per share yet to have gone ex-div in the relevant month, multiplied
by the number of Ordinary shares in issue, excluding those held by the Company
in Treasury, on the last business day of the relevant month.
The Manager is also entitled to a performance fee of 15% of the growth of the
Company's net asset value per Ordinary share in excess of a hurdle of 3 month
LIBOR plus 2%, but only if the share price has also increased over the relevant
period. The amount of any performance fee in a performance period will not
exceed 2% of the Company's gross assets, but any excess performance fee over
this cap may be carried forward up to 3 years to the extent that in a
subsequent calculation period a performance fee is payable, but does not reach
the cap for that period.
The performance fee per share is calculated based on the time weighted average
number of shares in issue during the calculation period. Calculation periods
correspond to the Company's accounting periods. The performance fee accrues
monthly. The high water mark required for a performance fee to become payable
is 189.99p per Ordinary share, the net asset value as at the half year end was
120.74p and the most recent net asset value released to the London Stock
Exchange as at 18 December 2009 was 123.13p per Ordinary share.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
* the condensed set of financial statements has been prepared in accordance
with the Statement on Half-Yearly Financial
Reports issued by the UK Accounting Standards Board;
* the interim management report includes a fair review of the information
required by:
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements,
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related-party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during the period, and any changes in the
related-party transactions described in the last annual report that could do
so.
Anthony Townsend
Chairman
23 December 2009
MANAGER'S HALF YEARLY REPORT
For the period ending 31 October 2009
Investment and Outlook
Global markets continued their recovery following the turmoil of the second
half of 2008; however sterling strength meant that the period was a tough time
for UK based funds operating on a global basis such as the iimia Investment
Trust. During the period under review our net asset value rose from 95.78p as
at 30 April to 120.74p on 31 October, a gain of 26.1%, by comparison the MSCI
World index expressed in sterling rallied by 12.8%. The progress of the pound
is not an endorsement of the strength of the United Kingdom's economy but
reflects a resurgence of the carry trade, however, unlike last year most
currencies carry only nominal funding costs and, therefore, borrowers are
opting for the most liquid options, principally the US dollar, to fund their
portfolios rather than the yen or the euro as was the case last year.
Central banks are determined to avoid a deflationary cycle and are providing
substantial amounts of stimulus, some of which is leaking into asset markets
and driving them higher. The current situation can be likened to two baths, one
in the West and one in the East. In both regions the authorities have turned
the liquidity taps fully on. In the West the plug is absent as, despite the
vast sums being injected, the need to shrink bloated bank balance sheets means
that this cash is merely draining through the plug hole. Therefore, the bath is
far from overflowing as funds flow into bank vaults and are not escaping into
the markets. Indeed, should this government support cease we would quickly find
ourselves in a deflationary environment. This is supportive for gilt valuations
in the medium term. Conversely, in the Far East, the Chinese have their own
taps just as firmly on full flow; however, as the local sector is not so
afflicted by the aftermath of the bubble, most local banks have remained
financially sound, the plug is firmly in and the water is flooding everywhere.
Therefore our view is that it is the actions of the Chinese authorities that
are the principal driver of short term market direction for now. The problem is
that it is difficult for us to add value second guessing the actions of civil
servants in Beijing. Therefore we are not taking a directional stance on
markets, although we continue to hold two Asian property specialists namely
China Real Estate Opportunities and Macau Opportunities which are direct
beneficiaries from this scenario.
SR Europe, Establishment Trust and Jupiter Second Split, whilst not household
names represent foundation stones within the portfolio, all three turned in
very satisfactory performances during the period under review. The portfolio's
construction is evolving with more trusts being included with smaller unit
sizes. This reflects changes within the structure of the closed-end sector;
many familiar conventional trusts have disappeared in recent years whilst many
more specialist vehicles have been launched. The share prices of these proved
particularly vulnerable in the aftermath of Lehman's demise and many are yet to
fully recover. However, their volatility leaves them unsuitable to individually
represent major positions. Recent additions include Utilico, Psource Structured
Debt, Henderson Financial Opportunities, North American Banks, Greenwich Loan
Income, Real Estate Investors and New Star Investment Trust.
In recent years, investors have become less inclined to pay fees for funds that
hug indices and quote tracking error as a key measure of performance and are
embracing all manner of alternatives which is now a catch-all term for assets
other than large cap, long only equities. This explains the resurgence in
demand for closed-end funds such as investment trusts as they are ideally
structured for investment away from the mainstream. Once a strategy moves from
large cap equities, the ability to trade quickly becomes an issue as liquidity
is much more restricted. In these sectors it is important that portfolios are
protected from daily flows into and out of the fund. It is easy to meet
redemptions at a few hours notice when your portfolio comprises a range of blue
chips but quite another matter when it owns bricks and mortar, a forest or a
number of hedge funds which require a few months notice before cash can be
extracted. Conversely, it is just as difficult to put your investors' funds to
work at short notice when there are inflows. In an increasingly less liquid
world there is a real role for the closed-end vehicle.
We have increased exposure to the Japanese and Pharmaceutical sectors. This
represents a more traditional approach, buying into areas of markets that are
friendless where trusts can be bought on wider than usual discounts. The
softness in the Nikkei followed a decline in the capital value of Japanese
Government Bonds which started in late October amid fears about the
sustainability of state finances. It appears likely that the newly elected
Democratic Party will spend their way to a populist victory in next year's
upper house elections. This would give them power to reduce the influence of
the bureaucrats and if successful, this would prove a long term positive
factor. In the case of Pharmaceuticals, President Obama's drive to reform US
healthcare has caused severe uncertainty as to the sector's future
profitability. The stockmarket will rerate "big pharma" once it can quantify
the true extent of the bad news.
Commodities proved to be a significant driver of performance during the interim
period as the decline in global economic activity proved to be far less severe
than feared. Our principal position, City Natural Resources, had been doubly
harshly treated as it is a small company specialist, an area of the market
which suffered particularly badly during the market slump. We top sliced this
position given share price strength and also disposed of our investment in an
Exchange Traded Fund which tracks movements in the price of crude oil. The
under pricing which we had identified earlier in the year, which was caused by
the combination of a short term glut and the lack of storage facilities, has
now largely run its course.
Despite the bull phase that has taken many indices up over 50% since the March
lows, it was clear during the sell off which occurred during the last week of
October that investors were demonstrating real signs of fear. A universal
desire to adopt a cautious stance is leaving typical defensive strategies as
"crowded trades". The traditional growth style is being shunned; recent IMA
figures highlight that the Active Managed sector has suffered substantial
outflows. A consequence is that we are seeing little interest in funds within
our universe which growth investors would normally be attracted to. Whilst we
continue to plough a lonely furrow, it is clear that we are facing less
competition from other investors when targeting opportunities.
Nick Greenwood and Martin Gray
Miton Asset Management Limited
23 December 2009
CONDENSED INCOME STATEMENT (unaudited)
for the period ended 31 October 2009
Six months to 31 Six months to 31 Year ended 30 April
October 2009 October 2008 2009
(audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Gains/ 4 - 6,274 6,274 - (13,603) (13,603) - (12,449) (12,449)
(losses) on
investments
at fair
value
through
profit or
loss
Income 3 285 - 285 247 - 247 595 - 595
Investment (62) - (62) (77) - (77) 83* - 83*
management
fee
Exchange - - - - (10) (10) - 18 18
(losses)/
gains on
capital
items
Other (123) - (123) (131) - (131) (224) - (224)
expenses
Return on 100 6,274 6,374 39 (13,613) (13,574) 454 (12,431) (11,977)
ordinary
activities
before
finance
costs and
taxation
Finance
costs
Interest (65) - (65) (133) - (133) (211) - (211)
payable
Return on 35 6,274 6,309 (94) (13,613) (13,707) 243 (12,431) (12,188)
ordinary
activities
before and
after
taxation
Return per pence pence pence pence pence pence pence pence pence
Ordinary
share:
Basic and 0.14 24.82 24.96 (0.36) (51.82) (52.18) 0.94 (48.16) (47.22)
diluted
The revenue and capital returns per Ordinary share are based on 25,279,985
shares, being the weighted average number of Ordinary shares in issue in the
period 1 May 2009 to 31 October 2009. (1 May 2008 to 31 October 2008:
26,270,697 shares. Year ended 30 April 2009: 25,810,588 shares).
The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital columns are prepared under
guidance issued by the Association of Investment Companies' SORP.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period. There
are no recognised gains or losses other than those passing through the Income
Statement and as a consequence no Statement of Total Recognised Gains and
Losses has been presented.
* Net of VAT refund in 2009
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (unaudited)
For the period ended 31 October 2009
Capital Share
Share redemption premium Special Capital Revenue
capital reserve account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
to 31
October
2009
At 30 April 252 60 16,727 10,008 (2,782) (52) 24,213
2009
Net return - - - - 6,274 35 6,309
for the
period
Balance at 252 60 16,727 10,008 3,492 (17) 30,522
31 October
2009
Capital Share
Share redemption premium Special Capital Revenue
capital reserve account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Six months
to 31
October
2008
At 30 April 271 41 16,727 12,181 9,649 (295) 38,574
2008
Net return - - - - (13,613) (94) (13,707)
for the
period
Ordinary (16) 16 - (2,028) - - (2,028)
shares
purchased
and
cancelled
Balance at 255 57 16,727 10,153 (3,964) (389) 22,839
31 October
2008
Capital Share
Share redemption premium Special Capital Revenue
capital reserve account reserve reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Year ended
30 April
2009
(audited)
Balance at 271 41 16,727 12,181 9,649 (295) 38,574
30 April
2008
Net return - - - - (12,431) 243 (12,188)
for the
year
Ordinary (19) 19 - (2,173) - - (2,173)
shares
purchased
and
cancelled
Balance at 252 60 16,727 10,008 (2,782) (52) 24,213
30 April
2009
BALANCE SHEET (unaudited)
As at 31 October 2009
As at 31 October As at 31 As at 30
October April
2009 2008 2009
(audited)
GBP'000 GBP'000 GBP'000
Fixed assets
Investments held at 30,835 23,343 23,282
fair value through
profit or loss
Current assets
Debtors and 115 176 224
prepayments
Cash and short term 3,415 3,610 4,898
deposits
3,530 3,786 5,122
Creditors amounts
falling due
within one year
Bank loan 3,750 3,750 3,750
Other creditors 93 540 441
3,843 4,290 4,191
Net current (313) (504) 931
(liabilities)/ assets
Net assets 30,522 22,839 24,213
Share capital and
reserves:
Share capital 252 255 252
Capital redemption 60 57 60
reserve
Share premium account 16,727 16,727 16,727
Special reserve 10,008 10,153 10,008
Capital reserve 3,492 (3,964) (2,782)
Revenue reserve (17) (389) (52)
Total shareholders' 30,522 22,839 24,213
funds
pence pence pence
Net asset value per 120.74 90.07* 95.78
Ordinary share
Number of Ordinary 25,279,985 25,461,985 25,279,985
shares used for the
calculation of the net
asset value
* Including revenue reserve to 30 April 2008.
STATEMENT OF CASH FLOWS (unaudited)
for the period ended 31 October 2009
Note Six months Six months Year ended
to 31 October to 31 October 30 April
2009 2008 2009
(audited)
GBP'000 GBP'000 GBP'000
Net cash inflow from 6 162 110 440
operating activities
Servicing of finance
Interest paid (65) (129) (211)
Capital expenditure and
financial investment
Purchases of (7,450) (12,293) (21,719)
investments
Sales of investments 5,976 15,543 26,062
Proceeds on index (106) 206 270
futures contracts
Net cash (outflow)/ (1,580) 3,456 4,613
inflow from capital
expenditure and
financial investment
Net cash (outflow)/ (1,483) 3,437 4,842
inflow before financing
Financing
Ordinary shares - (2,028) (2,173)
purchased and cancelled
Net cash outflow from - (2,028) (2,173)
financing
(Decrease)/increase in 7 (1,483) 1,409 2,669
cash
NOTES
1. Accounting policies
The financial statements are prepared under the historical cost convention as
modified by the revaluation of fixed asset investments and in accordance with
UK applicable accounting standards and the Statement of Recommended Practice
regarding the Financial Statements of Investment Trust Companies and Venture
Capital Trusts ("SORP") issued in January 2009. All the Company's activities
are continuing.
The accounts have been prepared in accordance with accounting policies set out
in the statutory accounts for the year ended 30 April 2009.
2. Financial information
The above financial information does not constitute full statutory accounts as
defined in section 434 of the Companies Act 2006. The financial information for
the six months ended 31 October 2009 and 31 October 2008 has not been audited
or reviewed.
The information for the year ended 30 April 2009 has been extracted from the
latest published audited accounts. Those statutory accounts have been filed
with the Registrar of Companies and included the report of the auditors which
was unqualified and did not contain a statement under section 498(2) or (3) of
the Companies Act 2006.
3. Income
Six months to Six months to Year ended
31 October 2009 31 October 2008 30 April 2009
GBP'000 GBP'000 GBP'000
Income from investments
UK dividend income 210 126 342
UK unfranked investment 4 46 77
income
Fixed interest 70 - 71
284 172 490
Other income
Bank interest receivable - 75 84
Other Interest - - 21
Other income 1 - -
Total income 285 247 595
4. Gains/(losses) on investments
Six months to Six months to Year ended
31 October 2009 31 October 2008 30 April 2009
GBP'000 GBP'000 GBP'000
(Losses) on disposal (1,117) (2,403) (5,905)
Movement in investment 7,521 (11,621) (6,922)
holding gains
(Losses)/gains on closed (105) 206 270
derivative contracts
Movement in (losses)/gains (25) 215 108
on open derivative contracts
6,274 (13,603) (12,449)
5. Tax credit / charge on ordinary activities
The tax charge for the half-year is GBPnil (31 October 2008: GBPnil; 30 April 2009:
GBPnil) based on an estimated effective tax rate of 0% for the year ending 30
April 2010. The estimated effective tax rate is 0% as investment gains are
exempt from Capital Gains Tax owing to the Company's status as an Investment
Trust. As stated in the audited statutory accounts at 30 April 2009 the Company
had surplus excess management expenses of GBP2,397,000 that are available to
offset future taxable revenue and therefore there is no liability to
Corporation Tax during the half-year to 31 October 2009 (31 October 2008: GBPnil;
30 April 2009: GBPnil).
6. Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Six months to Six months to Year ended
31 October 2009 31 October 2008 30 April
2009
GBP'000 GBP'000 GBP'000
Net return before finance costs 6,374 (13,574) (11,977)
and taxation
(Gains)/losses on investments (6,274) 13,603 12,449
Exchange losses/(gains) on capital - 10 (18)
items
(Decrease)/ increase in creditors (5) 124 (41)
and accruals
Decrease/(increase) in debtors and 67 (53) 27
accrued income
Net cash inflow from operating 162 110 440
activities
7. Reconciliation of net cash flow to net debt
Six months to Six months to Year end
31 October 2009 31 October 2008 30 April
2009
GBP'000 GBP'000 GBP'000
Opening net debt 1,148 (1,539) (1,539)
(Decrease)/increase in cash in (1,483) 1,409 2,669
period
Exchange (losses)/gains on capital - (10) 18
items
Closing net debt (335) (140) 1,148
At 30 Cash Foreign At 31 October
April exchange
2009 Flows movement 2009
GBP'000 GBP'000 GBP'000 GBP'000
Net funds are comprised as
follows:
Cash and short term deposits 4,898 (1,483) - 3,415
Debt falling due within one (3,750) - - (3,750)
year
1,148 (1,483) - (335)
Portfolio Valuation as at 31 October 2009
Type of Fair value % of Portfolio
security valuation
GBP'000
Treasury 4.75% 07/03/2020 Gilt 2,174 7.05
SR Europe Investment Trust Ordinary 1,526 4.95
JPMorgan Fleming Japanese Ordinary 1,420 4.61
Smaller
Establishment Investment Trust Ordinary 1,360 4.41
(The)
Jupiter Second Split Trust Capital 1,240 4.02
Finsbury Worldwide Ordinary 1,237 4.01
Pharmaceutical
Thames River Global Bond Open-ended 1,139 3.69
Sterling Fund
Strategic Equity Capital Trust Ordinary 1,087 3.52
Treasury 4.5% 07/03/19 Gilt 1,069 3.47
Aurora Investment Trust Ordinary 1,024 3.32
Japanese Accelerated Participating 1,009 3.27
Performance Fund
Macau Property Opportunities Ordinary 996 3.23
Fund
Castle Asia Alternative PCC Participating 983 3.19
Preference
City Natural Resources High Ordinary 964 3.13
Yield Trust
Artemis Alpha Trust Ordinary 934 3.03
Biotech Growth Trust (The) Ordinary 864 2.80
Blackrock Absolute Redeemable 838 2.72
Participating
F & C UK Select Trust Ordinary 836 2.71
Edinburgh Worldwide Ordinary 773 2.51
SVM Global Fund Ordinary 772 2.50
Naya Bharat Property Ordinary 679 2.20
New City Energy Ordinary 678 2.20
China Real Estate Ordinary 675 2.19
Impax Environmental Markets Open-ended 663 2.15
Fund
Geiger Counter Ordinary 604 1.96
Jupiter Euro Opportunities Ordinary 554 1.80
Private Equity Investor Ordinary 533 1.73
Utilico Ordinary 528 1.71
Midas Income & Growth Trust Ordinary 469 1.52
Henderson Financial Ordinary 371 1.20
Opportunities
Global Special Opportunities Income 349 1.13
Trust
CF Eclectica Agricultural Open-ended 293 0.95
Fund
Scottish Mortgage Investment Ordinary 293 0.95
Trust
Alpha Tiger Property Trust Ordinary 250 0.81
PSource Structured Debt Ordinary 201 0.65
Utilico Emerging Markets Ordinary 187 0.61
New Star Investment Trust Ordinary 186 0.60
Greenwich Loan Income Fund Ordinary 179 0.58
North American Banks Fund Ordinary 175 0.57
EPE Special Opportunities Trust Ordinary 173 0.56
Equity Partnership Investment Capital 167 0.54
Trust
Lewis Charles Sofia Property Ordinary 157 0.51
Fund
Chelverton Growth Trust Ordinary 132 0.43
SR Europe Investment Trust Subscription 45 0.15
Finsbury Worldwide Subscription 25 0.08
Pharmaceutical
Impax Environmental Markets Warrants 24 0.08
Total 30,835 100.00
Shareholder Information
Share dealing
Shares can be traded through a stockbroker or other authorised intermediary.
The Company's Ordinary shares are traded on the London Stock Exchange.
The Company's shares are fully qualifying investments for Individual Savings
Accounts (ISAs).
Share register enquires
The register for the Ordinary shares is maintained by Capita Registrars. In the
event of queries regarding your holding, please contact the Registrar on 0871
664 0300 (calls cost 10p per minute plus network extras; lines are open 8.30am
- 5.30pm) or email shareholder.services@capitaregistrars.com. Changes of name/
or address must be notified in writing to the Registrar: Shareholder Services,
Capita Registrars, Northern House, Woodsome Park, Fenay Bridge, Huddersfield,
HD8 0GA.
Share capital and net asset value information
Ordinary 1p shares 25,279,985
SEDOL number 3436594
ISIN number GB0034365949
Bloomberg symbol IIM
Website: www.iimiainvestmenttrust.co.uk
Net Asset Value
The Company releases its net asset value per Ordinary share to the London Stock
Exchange on a daily basis.
Share prices
The mid-market prices are quoted daily in the Financial Times under `Investment
Companies'.
Annual and Half-Yearly Reports
Copies of the Annual and Half-Yearly Reports are available from the Company
Secretary.
Telephone: 01392 412122.
Investment Manager: Miton Asset Management Limited ("Miton")
Miton is regulated by the FSA. Miton is a wholly-owned subsidiary of Midas
Capital plc, which has funds under management and advice totalling GBP1,990
million as at 30 June 2009.
Investors' updates in the form of monthly factsheets are available from the
Company's website www.iimiainvestmenttrust.co.uk.
Association of Investment Companies
The Company is a member of the Association of Investment Companies.
www.theaic.co.uk
Directors and Advisers
Directors (all non-executive) Registrar and Transfer Office
Anthony Townsend (Chairman) Capita Registrars
James Fox Northern House
Nick Hodgson* Woodsome Park
Michael Phillips Fenay Bridge
Huddersfield HD8 0GA
All of:
Beaufort House Stockbroker and Financial Adviser
51 New North Road Canaccord Adams Limited
Exeter EX4 4EP Cardinal Place, 7th Floor
80 Victoria Street
* retired 9 December 2009 London SW1E 5JL
Company Secretary and Registered Bankers and Custodian
Office
Capita Sinclair Henderson Limited Bank of New York Mellon
Trading as Capita Financial Group - One Canada Square
Specialist Fund Services London E14 5AL
Beaufort House
51 New North Road
Exeter EX4 4EP
Tel: 01392 412 122
Fax: 01392 253 282
Investment Manager iimia Investment Trust plc
Miton Asset Management Limited An investment company as defined
under
10-14 Duke Street Section 833 of the Companies Act
2006
Reading, RG1 4RU Registered in England and
Website: www.mitonam.com Wales No.5020752
Auditors
Grant Thornton UK LLP
30 Finsbury Square
London EC2P 2YU
END
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