Archive 

North Atlantic Smaller Cos takes UK focus

The objective of the North Atlantic Smaller Companies Investment Trust is to provide capital appreciation through investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic. Even though the fund sits in the Association of Investment Companies' North American Smaller Companies sector, it does not have much exposure to US listings. More than half of the portfolio is invested in companies listed in the UK and the fund also invests in unquoted investments, bonds and cash.

Nevertheless, it's the best-performing investment trust in the sector over five years. With the weakness of the US dollar, having more exposure to UK listings means the trust has less direct exposure to currency fluctuations, although the underlying profits of some of the companies it invests in are still affected.

The investment trust is a better holding for growth than income investors, not just because of the underlying nature of many of its holdings, but also because it does not pay dividends. The inclusion of unlisted equities - nearly 12 per cent of the portfolio - means it may also have a higher risk profile than a fund focused on listed equities.

The trust charges a performance fee up to 0.5 per cent of shareholders' funds if the investment portfolio outperforms the sterling-adjusted Standard & Poor's 500 Composite Index in the year to 31 January.

The trust has an experienced manager in Christopher Mills, a founding director of JO Hambro Capital Management. Prior to joining this company's board in 1993, his positions included head of North American investments at Invesco MIM, and he has also worked at North American Venture Capital.

Full data for North Atlantic Smaller Companies can be found here.

NORTH ATLANTIC SMALLER COMPANIES (NAS)

PRICE1,060pNAV1,354.76p
MARKET CAP£151.84mPRICE DISCOUNT TO NAV24.11%
SET UP DATE24-Jan-731 YEAR NAV PERFORMANCE21.81%
ANNUAL FEE1%*3 YEAR  NAV PERFORMANCE12.89%
PERFORMANCE FEE 0.5%*5 YEAR NAV PERFORMANCE33.93%
GEARING100%TOTAL EXPENSE RATIO1.84%
YIELD0%MORE DETAILSwww.johcm.co.uk

Source: Investors Chronicle, *JO Hambro Capital Management.

Performance data as at 8 November 2010.

TOP TEN HOLDINGS as at 8 November 2010

HoldingPercentage
US Treasury Bills11.79
Bionostics Holdings10.89
Oryx International Growth8.76
RPC Group5.5
BBA Aviation5.05
Nationwide Accident Repair4.15
Orthoproducts4.04
Trident Private Equity3.93
Gleeson3.7
Assetco3.59

Geographic breakdown

CountryPercentage
UK58
USA16
Cash13
Fixed interest11
France2

Related topics

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now