Interim Management Statement
October 05 2010 - 6:10AM
UK Regulatory
TIDMAFHI
ABERFORTH GEARED CAPITAL & INCOME TRUST plc
Interim Management Statement for the three months to 30 September 2010
Investment Objective
=-------------------
The investment objective of Aberforth Geared Capital & Income Trust plc (AGCiT)
is to provide Income Shareholders with a high level of income payable half
yearly with the potential for income growth and to provide Capital Shareholders
with geared capital growth.
Aberforth Partners LLP are contracted as the Investment Managers and
Secretaries to the Company.
Features
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Over the 3 month period to 30 September 2010, the Company's total asset
value increased by 12.9%. By comparison the RBS Hoare Govett Smaller
Companies Index (Excluding Investment Companies) (RBS HGSC (XIC)), which
is representative of AGCiT's investment opportunity base, increased by
14.1%. All figures are total returns.
As at 30 September 2010 the Capital share price was 335.5p, representing
a discount of 21.1% to the Capital Share net asset value (assuming 100p
per Income Share).
A first interim dividend in respect of the year to 31 December 2010 of
6.5p was paid to Income Shareholders on 20 August 2010.
Performance - Total Returns
=--------------------------
Periods to 30 September 2010
3 Months 6 Months 1 Year 3 Years
Total Assets +12.9% +10.5% +18.6% -5.8%
Capital Share NAV +32.5% +19.6% +35.6% -38.6%
RBS HGSC (XIC) +14.1% +6.5% +16.0% +3.3%
Capital Share Price +22.7% +22.9% +24.3% -42.4%
Income Share Price +5.5% +5.5% +14.7% +36.4%
Note: Past performance is not a guide to future performance
Top 10 Holdings
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As at 30 September 2010 % of Investment
Portfolio
Spirax-Sarco Engineering 4.7
RPC Group 3.7
JD Sports Fashion 3.6
Spectris 3.2
e2v technologies 3.1
Beazley 2.8
Bodycote 2.5
Dialight 2.5
Domino Printing Sciences 2.4
UMECO 2.2
----
30.7
----
Size Distribution across FTSE Indices
=------------------------------------
As at 30 September 2010
RBS HGSC (XIC) AGCiT
% Total %Total
FTSE 100 0.0 0.0
FTSE 250 75.3 45.9
FTSE SmallCap 18.8 44.8
FTSE Fledgling 1.7 4.7
Other 4.2 4.6
----- -----
100.0 100.0
----- -----
Current Financial Position As at As at
=------------------------- 30 September 2010 30 June 2010
Fixed Assets: Investments GBP 103.2m GBP 92.7m
Net Current Assets GBP 0.9m GBP 0.3m
-------- -------
Total Assets less Current Assets GBP 104.1m GBP 93.0m
Creditors (amounts falling due after more GBP (57.2m) GBP(56.2m)
than one year)
-------- -------
Equity Shareholders' Funds GBP 46.9m GBP 36.8m
-------- -------
Income Share NAV 106.37p 108.44p
Capital Share NAV (assuming Income Shares 425.46p 321.21p
at 100p)
Income Share Price 110.75p 111.00p
Capital Share Price 335.50p 273.50p
Market Capitalisation (Income and Capital GBP 62.4m GBP 55.9m
Shares)
Current Gearing 220% 252%
Hurdle Rates
=-----------
Required capital growth p.a. on portfolio -26.5% -16.5%
to return 100p to Capital Shareholders
Required capital growth p.a. on portfolio -6.4% -2.7%
to return Capital Share price
General Information
=------------------
Total Expense Ratio (p.a.) - 2009 1.8%
Second Interim Dividend for y/e 31/12/09 (paid 6.7p
February 2010)
First Interim Dividend for y/e 31/12/10 (paid 6.5p
August 2010)
Dividend Yield 11.9%
Launch Date 18 December 2001
Planned Winding Up Date 31 December 2011
Further Information
=------------------
Further information regarding the Company, including more recently published
net asset values, can be found on the following website: www.aberforth.co.uk
Contact
Gary Tait (Tel: 0131 220 0733)
Aberforth Partners LLP, Secretaries, 5 October 2010
ANNOUNCEMENT END
END
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