Interim Management Statement


 
TIDMIIM 
 
IIMIA INVESTMENT TRUST PLC 
 
Interim Management Statement - 3 months to 31 July 2010 
 
iimia Investment Trust Plc (the `Company') presents its interim management 
statement for the period 1 May to 31 July 2010. This constitutes the Company's 
first interim management statement for the financial year ending 30 April 2011, 
as required by the UK Listing Authority's Disclosure and Transparency Rule 4.3. 
 
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. 
 
Review of the period 
 
Over the period, the company's net asset value decreased by 6.4% and the share 
price decreased by 5.1% (capital return). 
 
There were no shares bought back during the period. 
 
During the period the shares traded between a 9.48% and 13.03% discount, ending 
the period on an 11.78% discount (source Bloomberg). 
 
The Company currently has short term borrowings of GBP3m, approximately 9.3% of 
the net assets as at 31/07/10. 
 
Top Twenty Holdings 
 
Name                                     % of total assets   % of total assets 
                                           as at 31/07/10     as at 30/04/10 
 
Establishment Trust (The)                       5.26               5.03 
 
SR Europe Investment Trust                      5.14               4.42 
 
Thames River Global Bond Sterling               4.93               4.54 
 
Worldwide Healthcare Trust                      4.37               0.00 
 
Castle Asia Alternative                         3.99               3.33 
 
Aurora Investment Trust                         3.76               3.91 
 
Jupiter Second Split Trust                      3.51               3.32 
 
Strategic Equity Capital Trust                  3.46               3.10 
 
SVM Global Fund                                 3.26               3.13 
 
JPMorgan Fleming Japanese                       3.21               3.53 
 
Naya Bharat Property                            3.06               2.58 
 
Artemis Alpha Trust                             2.92               2.97 
 
Blackrock Absolute Return Strategies            2.90               2.72 
 
Treasury China Trust                            2.67               0.00 
 
New City Energy                                 2.67               2.57 
 
Macau Property Opportunities Fund               2.66               2.78 
 
Utilico Limited                                 2.50               1.67 
 
F&C UK Opportunities Fund                       2.49               2.41 
 
UK Treasury 5.00% 07/03/12                      2.48               0.00 
 
Private Equity Investor                         2.41               1.81 
 
Total Return Performance to 31 July 2010 
 
                                              3 month     1 Year       Since 
                                                                     Launch % 
                                                 %           % 
 
NAV*                                           (6.4)       17.5        31.3 
 
Share Price (mid)**                            (5.1)       18.4        12.8 
 
MSCI World Index in Sterling**                 (7.7)       16.3        38.7 
 
FTSE All-Share Index**                         (4.4)       19.4        51.3 
 
Sterling 3 Month LIBOR +2%***                   0.7         3.3        39.7 
 
Sources: *Based on initial NAV of 97.33p (after launch expenses). Fund launch 
date 06/04/04.**Financial Express. Net income reinvestment GBP. ***Miton Asset 
Management Limited (Sterling 3 Month LIBOR + 2% at the beginning of the 
accounting period). 
 
General Information 
 
                                                         31/07/10    30/04/10 
 
Share price                                               112.75      118.75 
 
Net asset value per share including all revenue           127.80      136.54 
reserves 
 
Net asset value per share excluding all revenue           128.12      136.80 
reserves 
 
Discount                                                  11.78%      13.03% 
 
Total Assets (after deduction of borrowings)              GBP32.31m     GBP34.52m 
 
Total Borrowings                                          GBP3.00m      GBP3.00m 
 
Other than stated above, the Directors are not aware of any significant events 
or transactions which have occurred between 31 July 2010 and the date of this 
statement which have had a material impact on the financial position of the 
Company. 
 
This is an interim management statement and full details including the current 
share price, NAV, report and accounts and factsheets are available at 
www.iimiainvestmenttrust.co.uk. 
 
3 September 2010 
 
 
 
END
Iimia Investment Trust (LSE:IIM)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024