Interim Management Statement
February 05 2009 - 5:44AM
UK Regulatory
TIDMRUG
RENAISSANCE US GROWTH INVESTMENT TRUST PLC
Interim Management Statement
for the three month period from 1 October 2008 to 31 December 2008
The Board of Renaissance US Growth Investment Trust PLC ("the Company") are
pleased to present the Company's Interim Management Statement for the three
month period ended 31 December 2008. These statements are produced in addition
to the Company's quarterly newsletters. The next quarterly newsletter will be
posted to shareholders and released via RIS later this month.
Investment objective
The Company's investment objective is to achieve capital growth and outperform
its benchmark, the Russell 2000 Index. The full text of the Investment
objective can be found in the Annual Report which is published on the Company's
website.
Financial highlights: Performance
31 Dec 2008 30 Sept 2008 % change
Net assets
Sterling 50,325,000 48,409,000 4.0
US Dollar 72,355,000 86,287,000 (16.1)
Number of Ordinary shares 19,108,009 19,108,009 -
Net asset value
Pence per share 263.36 253.33 4.0
US cents per share 378.64 451.55 (16.1)
Mid Market price 176.50p 219.00p (19.4)
Discount to sterling NAV 32.98% 13.55% 19.4
Russell 2000 Index
US Dollar 2,169.65 2,936.63 (26.1)
Sterling adjusted 1,509.06 1,647.52 (8.4)
S&P 500 Index
US Dollar 1,452.98 1,861.44 (21.9)
Sterling adjusted 1,010.59 1,044.32 (3.2)
Financial highlights: Summary of net assets
31 Dec 2008 30 Sept 2008 % change
GBP'000 GBP'000
USA Treasury Bills 2,434 - 100.0
Other listed portfolio holdings 34,015 34,754 (2.1)
Unlisted portfolio holdings 16,942 14,070 20.4
Time value of warrants 1,185 691 71.5
Net current (liabilities)/assets (51) 2,822 (101.8)
Gross assets 54,525 52,337 4.2
Long term liabilities - Bank (4,200) (3,928) (6.9)
Margin facility
Net assets 50,325 48,409 4.0
NAV performance
The NAV increased from 253.33p on 30 September 2008 to 263.36p on 31 December
2008 resulting in a three month return of 4.0% against the Russell 2000 return
of -8.4%.
Largest holdings
As at 31 December 2008, the Company's three largest holdings were Zhongpin,
Bovie Medical Corporation and Cover-All Technologies.
Zhongpin is a Chinese meat and food processor which offers chilled and frozen
pork products.
Bovie Medical Corporation engages in the manufacture and marketing of medical
products.
Cover-All Technologies provides software products for casualty and health care
insurance industries.
Top ten holdings as at 31 December 2008
Portfolio company Sector Value % of net
assets
$'000 %
Zhongpin Food processing 7,796 10.8
Bovie Medical Corporation Healthcare 6,864 9.5
Cover-All Technologies Information technology 5,479 7.6
Dynamic Green Energy Solar Photovoltaics 4,000 5.5
US Treasury Bill N/a 3,500 4.8
China Greenscape Company Forest products 3,250 4.5
Sinohub Electronic component 3,044 4.2
supplier
China Infrastructure Urban planning 3,000 4.1
Fushi Copperweld Industrial 2,911 4.0
manufacturing
Heyspace Corporation Internet software & 2,750 3.8
services
Subsequent events
The Board is not aware of any significant events or transactions which have
occurred between 31 December 2008 and the date of publication of this statement
which would have a material effect on the financial position of the Company.
5 February 2009
END
Renaissance Us Growth Invst (LSE:RUG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Renaissance Us Growth Invst (LSE:RUG)
Historical Stock Chart
From Jul 2023 to Jul 2024