TIDMSSON
RNS Number : 9205H
Smithson Investment Trust PLC
09 August 2021
SMITHSON INVESTMENT TRUST PLC
LEI: 52990070BDK2OKX5TH79
INTERIM RESULTS ANNOUNCEMENT
The full Interim Report for the six months ended 30 June 2021
(the "Interim Report") can be found on the Company's website at
www.smithson.co.uk .
Financial Highlights
Net Asset Value
As at As at As at
30 June 2021 30 June 2020 31 December 2020
Net assets GBP2,796,700,000 GBP1,786,712,000 GBP2,331,950,000
Net asset value ("NAV") per
ordinary share ("share") 1,746.6p 1,447.6p 1,648.9p
Share price 1,780.0p 1,470.0p 1,710.0p
Share price premium to NAV (1) 1.9% 1.5% 3.7%
------------------------------- ---------------- ---------------- ----------------
Performance Summary
For the period from
Company's listing on
Six months to Six months to 19 October 2018 to
30 June 2021 30 June 2020 30 June 2021
% Change(2) % Change (2) % Change (2)
NAV total return per share (1) +5.9% +15.3% +74.7%
Share price total return (1) +4.1% +13.3% +78.0%
Benchmark total return +12.4% -4.7% +41.0%
Ongoing charges ratio (1) 1.0% 1.0% 1.0%
------------------------------- ------------- ------------- --------------------
Source: Bloomberg.
This report contains terminology that may be unfamiliar to some
readers. The Glossary in the Interim Report gives definitions for
frequently used terms.
(1) These are Alternative Performance Measures ("APMs").
Definitions of these and other APMs used in this Interim Report,
together with how these measures have been calculated, are
disclosed in the Interim Report.
(2) Total returns are stated in GBP sterling.
Chairman's Statement
Introduction
I am pleased to present this Interim Report of Smithson
Investment Trust plc (the "Company") for the six months to 30 June
2021 (the "Period"). I am also pleased to report that the Company
has continued to perform well in what have been challenging market
conditions during this first six month period of 2021.
Performance
For the six months to 30 June 2021, the net asset value ("NAV")
per share total return was 5.9% compared with our benchmark MSCI
World Small and Mid Cap Index ("MSCI World SMID") which returned
12.4%. The share price total return for the Period was 4.1%.
Performance has lagged that of the benchmark over this six month
period. Whilst we would like to beat our benchmark over every
short-term period, it should be noted that the Smithson portfolio
has been constructed for long-term 'growth' rather than short-term
'value'. These dynamics are discussed further in the Investment
Manager's Review. It should be noted that, since the original IPO
in October 2018, the Company has recorded a very impressive NAV per
share total return of 74.7% compared with the MSCI World SMID Index
which recorded 41.0% over the same period. This represents an
annualised growth rate of 23.0% compared with the benchmark
increase of 13.6%.
The Company now holds 32 investments. During the Period two new
investments were made with one outright divestment. This accords
with the Investment Manager's stated mantra of buying good
companies, not overpaying and then doing nothing. Simon Barnard,
the portfolio manager, has reported on the performance in detail in
the Investment Manager's Review and he also describes the two
portfolio additions of Rollins and Wingstop.
During the Period, the Company's dividend income was again lower
than its operating expenditure resulting in a revenue loss, which
was netted against the capital gains reported in the total returns
above. As we have reported previously, a revenue loss will often
arise because 100% of the Company's management fees and other
operating expenses are charged to revenue, rather than a percentage
being allocated to the capital reserve. This accords with the
Company's objective of focusing on capital growth which means that
its accounting policy is not designed to facilitate maximisation of
revenue reserves and dividend payments. There is no current
intention to change this policy, even if losses continue to be
reported in revenue reserves.
Share issuance and premium to NAV
The Company has consistently traded at a premium to NAV and
closed the Period at a premium of 1.9% with an average premium over
the Period of 2.3%.
At the Company's Annual General Meeting ("AGM") on 28 April
2021, shareholders approved resolutions granting the Board
authority to issue on a non pre-emptive basis up to 30.1 million
new ordinary shares, being 20% of the issued share capital.
During the Period, and in response to strong continuing demand
for the Company's shares (as evidenced by the premium to NAV), the
Company has used its authorities granted under the Placing
Programme (which expired 31 March 2021) and at the AGMs in 2020 and
2021, to raise GBP311.2 million net of costs through the issue of
18.7 million new ordinary shares. Shares are only issued at a
premium to net asset value which creates additional value for
shareholders net of all issue costs. The average premium to the
prevailing net asset value at which new shares were issued during
the Period was 2.7% and the estimated premium net of costs on share
issues amounted to GBP4.2 million.
Since the Period end and up to 5 August 2021, a further 2.6
million shares have been issued, raising GBP47 million net of
costs.
As explained in greater detail in the Investment Manager's
Review, the new share proceeds have been predominantly invested in
the same securities as were held at the start of the Period.
Dividends
As reported previously, the Company's principal objective is to
provide shareholder returns through long-term capital appreciation
rather than income. In accordance with the Company's policy, an
interim dividend has not been declared by the Board.
This position will be kept under review. It should not be
expected that the Company will pay a significant annual dividend
and it is likely that no interim dividends will be declared, but
the Board intends to declare such annual dividends as are necessary
to maintain the Company's UK investment trust status. The Company
has not declared any dividends to date.
Environmental, social and governance ("ESG") matters
The Company recognises the increased interest in reporting on
ESG matters and supports the Association of Investment Companies
("AIC") initiative to provide information on investment companies'
ESG practices in a centralised database. We have submitted our own
commentary in that regard and shareholders can access the statement
on the Company's information page of the AIC website
(www.theaic.co.uk) and on the Company's website
(www.smithson.co.uk).
Operations
Despite the operational challenges which continue to be posed by
COVID-19, including the current issues around self isolation, all
our outsourced service providers continue to manage these
challenges and deliver a resilient service.
The Management Engagement Committee continues to seek
opportunities for cost reductions and during the Period secured a
reduction in the brokerage charges relating to new issues of
shares. This will increase the net premium arising on all new share
issues.
Outlook
The Board remains positive on the outlook for global small and
mid-cap equities despite the impact on the global economy and
financial markets from the COVID-19 pandemic. Whilst good progress
is being made on the rollout of vaccinations globally, across many
countries rates of infection remain high and vaccination levels
low. New variants of the virus continue to emerge, and the pandemic
may continue to have social and economic impacts for some time to
come.
The Board intends to continue to issue new shares so as to
generate additional value for shareholders net of all issue costs
and to enable the Investment Manager to continue to seek attractive
investment opportunities for any further capital raised.
Since the Period end, we have continued to see further gains
across our portfolio and as at 5 August 2021, the Company NAV had
risen a further 6.2% to GBP18.55 whilst our share price had risen a
further 6.3 % to GBP 18.92 and the market capitalisation of your
Company now exceeds GBP3 billion, another great milestone
achieved.
Finally, I wish all of our shareholders good health and
prosperity as we gradually emerge from the current phase of the
pandemic.
Mark Pacitti
Chairman
6 August 2021
Investment Objective and Policy
Investment Objective
The Company's investment objective is to provide shareholders
with long-term growth in value through exposure to a diversified
portfolio of shares issued by listed or traded companies.
Investment Policy
The Company's investment policy is to invest in shares issued by
small and mid-sized listed or traded companies globally with a
market capitalisation (at the time of investment) of between GBP500
million to GBP15 billion (although the Company expects that the
average market capitalisation of the companies in which it invests
to be approximately GBP7 billion). The Company's approach is to be
a long-term investor in its chosen shares. It will not adopt
short-term trading strategies. Accordingly, it will pursue its
investment policy by investing in approximately 25 to 40 companies
as follows:
(a) the Company can invest up to 10 per cent. in value of its
gross assets (as at the time of investment) in shares issued by any
single body;
(b) not more than 20 per cent. in value of its gross assets (as
at the time of investment) can be in deposits held with a single
body. This limit will apply to all uninvested cash (except cash
representing distributable income or credited to a distribution
account that the depositary holds);
(c) not more than 20 per cent. in value of its gross assets (as
at the time of investment) can consist of shares issued by the same
group. When applying the limit set out in (a) this provision would
allow the Company to invest up to 10 per cent. in the shares of two
group member companies (as at the time of investment);
(d) the Company's holdings in any combination of shares or
deposits issued by a single body must not exceed 20 per cent. in
value of its gross assets (as at the time of investment);
(e) the Company must not acquire shares issued by a body
corporate and carrying rights to vote at a general meeting of that
body corporate if the Company has the power to influence
significantly the conduct of business of that body corporate (or
would be able to do so after the acquisition of the shares). The
Company is to be taken to have power to influence significantly if
it exercises or controls the exercise of 20 per cent. or more of
the voting rights of that body corporate; and
(f) the Company must not acquire shares which do not carry a
right to vote on any matter at a general meeting of the body
corporate that issued them and represent more than 10 per cent. of
the shares issued by that body corporate.
The Company may also invest cash held for working capital
purposes and awaiting investment in cash deposits and money market
funds.
For the purposes of the investment policy, certificates
representing certain shares (for example, depositary interests)
will be deemed to be shares.
Hedging policy
The Company will not use portfolio management techniques such as
interest rate hedging and credit default swaps.
The Company will not use derivatives for purposes of currency
hedging or for any other purpose.
Borrowing policy
The Company has the power to borrow using short-term banking
facilities to raise funds for short-term liquidity purposes or for
discount management purposes including the purchase of its own
shares, provided that the maximum gearing represented by such
borrowings shall be limited to 15 per cent. of the net asset value
at the time of drawdown of such borrowings. The Company may not
otherwise employ leverage.
Investment Manager's Review
Dear Fellow Shareholders,
The performance of Smithson, along with comparators, is laid out
below. For the first half of 2021 the Net Asset Value per share
(NAV) of the Company increased by 5.9% and the share price
increased by 4.1%. Over the same period, the MSCI World SMID Index,
our reference index, increased by 12.4%. This is the first period
since the inception of the Investment Trust that we have
underperformed the reference index and I will go into some detail
regarding this below. We also provide the performance of UK bonds
and cash for comparison.
Launch
to 30.06.2021
------------- ----------------------
Total Return
01.01.21
to 30.06.21 Cumulative Annualised
% % %
------------------------------- ------------- ---------- ----------
Smithson NAV (1) +5.9 +74.7 +23.0
Smithson Share Price +4.1 +78.0 +23.8
Small and Mid-cap Equities (2) +12.4 +41.0 +13.6
UK Bonds (3) -3.2 +7.3 +2.7
Cash (4) +0.0 +1.4 +0.5
------------------------------- ------------- ---------- ----------
(1) Source: Bloomberg, starting NAV 1,000p
(2) MSCI World SMID Index, Sterling Adjusted Net source:
www.msci.com
(3) Bloomberg/Barclays Bond Indices UK Govt 5-10 year source:
Bloomberg
(4) Interest Rate source: Bloomberg
Smithson shares traded at an average premium of 2.3% in the
first half of the year. During the period, a total of 18.7m new
shares in the Company were issued, for net proceeds of GBP311.2
million, which were invested both in existing holdings and two new
positions. New shares were only issued at a premium to NAV, so that
the process remained accretive to existing shareholders on a per
share basis.
As markets were much calmer in the first half of 2021 compared
to the tumultuous period last year, trading activity fell sharply,
which meant that discretionary portfolio turnover, excluding the
investment of proceeds from new shares issued, was just 2.3% for
the period, compared to 20% last year. Costs were also lower, with
an Ongoing Charge Figure of 1.0% (including the annualised
Management Fee of 0.9%) compared to 1.01% last year. Costs of
dealing, including taxes, amounted to 0.02% of NAV in the
period.
The MSCI World SMID Index rose steadily throughout the period
but the companies we own did not keep pace. We believe this is for
a couple of reasons. Primarily, the combination of a resurgence in
economic growth combined with very loose fiscal and monetary policy
led many market participants to expect a sharp acceleration in
inflation, perhaps even to uncontrollable levels. This would,
should it occur, lead to a meaningful increase in the level of
interest rates set by central banks, and indeed, led to a sharp
rise in US 10 year treasury yields from 0.9% in January to a peak
of 1.7% in March. This, in theory, reduces the value of higher
rated growth companies, such as those owned in the portfolio,
because the future earnings of these companies would have a lower
perceived value today, once discounted back at the higher interest
rates. More lowly rated companies, that don't grow as fast, have
less of their earnings in the future to discount, and so are less
affected by this phenomenon.
It is worth noting that inflation itself would likely not cause
a significant problem for our companies. The companies we own tend
to have low input costs, and subsequently high gross margins, as
well as low capital requirements, allowing them to generate high
returns on capital. As inflation will affect both the cost of raw
materials and the cost of plant and equipment, those that spend
less as a proportion of revenue on these items will be less
impacted. On top of this, the market structure and competitive
positioning for many of our companies mean that they would also be
in a position to raise prices charged to their customers should the
costs of the business increase. We therefore believe that a period
of higher inflation is not a situation to be feared in terms of
business fundamentals.
Interestingly, the underperformance pertaining to this increased
inflation expectation by market participants seemed to reverse in
June once the Governor of the Federal Reserve made comments
indicating that they were aware of the current increase in
inflation (so no one need be concerned it will be ignored and
allowed to get out of control), they believe it to be transitory,
and so won't be raising interest rate targets any time soon.
The second issue, somewhat linked, is that in a world with
resurgent growth, investors are less willing to pay high valuations
for companies that can grow consistently through good times and
bad, such as those in our portfolio. Instead, they buy 'cheap' or
'value' companies, because they will also grow in this improving
environment - as the saying goes, a rising tide lifts all boats.
This meant that such 'value' companies did relatively better in the
first half than the types of companies we own.
Despite the underperformance relative to the index, the absolute
performance of the portfolio in the first half, up 5.9%, was
adequate compared to our own expectations, being an annualised gain
of 12.3%. It is also the case that the underperformance was
predominantly due to the macroeconomic factors discussed above and
there were no serious underlying issues with any of the companies
we own. In fact, we were very satisfied with the earnings reported
by the vast majority of the portfolio companies during the period,
given the obvious difficulties faced by many.
We added two new companies to the portfolio in the first half,
namely Rollins and Wingstop. Rollins is a US based pest control
business with strong margins and returns on capital. The organic
growth of the business, whilst low at around 3%, is supplemented by
acquisitions of other small pest control businesses, such that the
overall revenue growth of the company has averaged 9% over the last
few years. The company has had significant family ownership since
its foundation 73 years ago and, given the repeatable nature of the
business and consistent management, we expect little to change for
the next several decades.
Wingstop is somewhat different. This is a fast-growing
franchised chicken wing restaurant and delivery business. It was
founded in Texas, in 1994, with the intention to make chicken wings
the main event of a meal, rather than just a starter or side dish.
Aside from the food (I recommend the Louisiana Rub wings), the key
to the continued growth of this business is the excellent returns
of 70% that franchisees are able to generate on their investment in
new restaurants after three years. This means there is still an
enormous pipeline of new units waiting to be built, which should
underpin strong double digit growth for years to come.
We also sold one company during the period, a biotechnology
business based in the UK, called Abcam. This is a company that has
been undergoing a change in strategy over the last couple of years,
which is set to continue for some time. Abcam has identified
several markets with high growth potential which are, some closely
and some loosely, related to its core business of producing and
distributing antibodies for medical research. While we do not
disagree with the strategy to enter new markets, it brings elevated
risk given the large amount of spending required to conduct
research and acquire companies in these new areas, and the very
uncertain paybacks on those investments. It is this uncertainty,
combined with a high valuation at the time of our sale, that led us
to divest the company. It remains one that we will continue to
watch with interest as it progresses through its
transformation.
To discuss some of the other events which affected the portfolio
during the period, we have set out the top five contributors and
top five detractors to performance below:
Top 5 Contributors
Security Country Contribution%
--------------------------- --------------- -------------
Fortinet United States +1.9
Domino's Pizza Enterprises Australia +1.3
Domino's Pizza Group United Kingdom +0.9
AO Smith United States +0.9
Equifax United States +0.8
--------------------------- --------------- -------------
Fortinet was the highest contributing position in the portfolio
which is pleasing, if not a little fortunate, given it was only
purchased in September last year. The cybersecurity company
benefitted from the expected increase in cybersecurity spending by
corporates after the well-publicised Solarwinds hack discovered in
December 2020. Indeed, the latest earnings release showed revenue
growth of 23%, the fastest rate since 2016.
Both of the Domino's Pizza master franchise operators that we
own benefitted from continued strong trading during the first half
of the year as new COVID-19 variants caused successive lockdowns in
the UK and other countries, forcing more people to eat at home.
AO Smith is a US-based water heater manufacturer, which means
that revenue tends to grow faster when there is more construction
activity. The company therefore benefitted from the improved
construction outlook in the US and China as those economies began
to recover.
Equifax, the US credit bureau, experienced extremely strong
trading over the last few months as mortgage lenders and employers
increased the use of its credit and employment data to profile
individuals as the US economy opened up.
Top 5 Detractors
Security Country Contribution%
----------------- -------------- -------------
Paycom Software United States -0.6
Verisk Analytics United States -0.6
Qualys United States -0.6
Simcorp Denmark -0.5
Masimo United States -0.4
----------------- -------------- -------------
Paycom, a US provider of payroll software, was weaker after a
strong end to last year, as US job growth was lower than initially
hoped for in the first half. This has subsequently been put down to
a lack of willing workers, rather than a lack of job availability,
and appears to be changing now stimulus cheques and additional
unemployment benefits have been exhausted.
Verisk, the US data company, suffered from poor trading in its
Energy and Financials divisions due to a weak demand environment,
which it expects to improve towards the end of the year.
Qualys, a cybersecurity software company, saw its shares
underperform during the period after it was announced in February
that Philippe Courtot, the CEO for the past 20 years, was to retire
due to ill health. Mr Courtot has sadly since passed away. The
Chief Product Officer, who has also been with the company for 20
years, has taken over as CEO. Having already met with him, we are
confident that the strategy of the company will continue as before,
but we will continue to monitor progress closely.
Simcorp, a Danish software provider, had very little news of
concern during the first half, the share price likely suffering
from the macro developments described earlier.
Masimo, a US medical technology manufacturer, saw a drop in
demand for its hospital patient monitoring products compared to the
same period last year, which was at the height of the first wave of
the pandemic.
We have provided a breakdown of the portfolio in terms of sector
and geography at the end June below. The median year of foundation
of the companies in the portfolio at the period end was 1972.
Sector
30 June 31 December
2021 2020
----------------------- ------- -----------
Information Technology 43% 44%
Industrials 22% 20%
Consumer Discretionary 10% 7%
Healthcare 9% 12%
Communication Services 5% 6%
Consumer Staples 4% 5%
Financials 3% 3%
Materials 2% 1%
Cash 2% 2%
----------------------- ------- -----------
Source: Fundsmith. Portfolio weightings as of 30 June 2021 (31
December 2020)
A few of these sector weightings have changed slightly because
of the trading described earlier, as well as some of the effects
from the macro economic environment. The main sector to lose out in
this regard is Information Technology, which underperformed the
rest of the portfolio and the broader market, causing the weight to
fall from 44.5% at the end of last year to 42.8% in June. Other
notable movements include Consumer Discretionary, which, due to the
addition of Wingstop, increased from 7.5% at the end of the year,
and Healthcare, which had a 2.5% lower weight in June, not only
because Abcam was sold, but also because of the underperformance of
other companies in the sector once the impact of the pandemic began
to recede.
Country of Listing
30 June 31 December
2021 2020
------------ ------- -----------
USA 47% 46%
UK 21% 22%
Australia 7% 7%
Switzerland 7% 6%
Denmark 6% 6%
Germany 5% 6%
Italy 4% 3%
New Zealand 1% 2%
Cash 2% 2%
------------ ------- -----------
Source: Fundsmith. Portfolio weightings as of 30 June 2021 (31
December 2020)
The geographic split also changed slightly through the half
year, with the US being slightly higher, after adding two new US
companies, while the UK is lower because of the Abcam sale. We have
often stated that the UK is a higher weight in the portfolio than
we would expect to have over the long term, primarily because of
the good companies currently trading at attractive valuations in
that market, and this might change as the environment changes. This
was therefore a notable decline in that weighting.
The geographic exposure that matters the most, however, is where
the sales of our companies actually come from, as shown below.
Source of Revenue
30 June 31 December
2021 2020
Europe 38% 39%
North America 36% 35%
Asia Pacific 19% 19%
Eurasia, Middle East, Africa 4% 4%
Latin America 3% 3%
----------------------------- ------- -----------
Source: Fundsmith. Portfolio weightings as of 30 June 2021 (31
December 2020)
Europe, although still the region generating the most sales, has
come down by 1% since year end while the US has increased by the
same amount. This is again due to the trading activity during the
period. The overall split demonstrates that, in terms of economic
exposure, the portfolio is more broadly diversified than the
country of listing might indicate. This is particularly the case
when considering the fact that we only own companies listed in
developed markets, as some of these generate sales in emerging
markets as well.
Finally, we would like to thank all shareholders for their
continued support of Smithson Investment Trust plc. We hope that
you remain in good health and are looking forward to a brighter
future, as we are.
Simon Barnard
Fundsmith LLP
Investment Manager
6 August 2021
Interim Management Report
The Directors are required to provide an Interim Management
Report in accordance with the FCA's Disclosure Guidance and
Transparency Rules. The Directors consider that the Chairman's
Statement and the Investment Manager's Review respectively, provide
details of the important events which have occurred during the
Period and their impact on the condensed set of financial
statements. The following statements on principal risks and
uncertainties, related party transactions and the Directors'
responsibility statement below, together constitute the Interim
Management Report for the Company for the period from 1 January
2021 to 30 June 2021.
Principal risks and uncertainties
The Board considers that the principal risks and uncertainties
faced by the Company can be summarised as (i) investment objective
and policy risk, (ii) market risks, (iii) outsourcing risks, (iv)
inadequate investment analysis risk, (v) key individuals' risk and
(vi) regulatory risks. A detailed explanation of risks and
uncertainties and the way in which they are managed, can be found
on pages 20 to 22 of the Company's most recent Annual Report for
the year ended 31 December 2020. This also includes details of the
market and outsourcing risks associated with the COVID-19 pandemic,
and the ongoing economic impact of measures introduced to combat
its spread. The Board continues to monitor the risks posed by the
COVID-19 pandemic.
A review of the Period and the outlook can be found in the
Chairman's Statement and in the Investment Manager's Review.
Related party transactions
The Company's Investment Manager, Fundsmith LLP, is considered a
related party in accordance with the Listing Rules. There have been
no changes to the nature of the Company's related party
transactions since the Company's most recent Annual Report for the
period ended 31 December 2020 was released. Details of the amounts
paid to the Company's Investment Manager and the Directors during
the Period are detailed in the notes to the financial
statements.
Directors' responsibility statement
The Directors confirm to the best of their knowledge that:
-- the condensed set of financial statements contained within
the Interim Report has been prepared in accordance with IAS 34
Interim Financial Reporting;
-- the Interim Management Report includes a fair review of the
information required by Disclosure and Transparency Rule 4.2.7R
(indication of important events during the first six months, 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
-- the Interim Financial Report includes a fair review of the
information required by Disclosure and Transparency Rule 4.2.8R
(disclosure of related party transactions and changes therein).
On behalf of the Board of Directors
Mark Pacitti
Chairman
6 August 2021
Investment Portfolio
Investments held as at 30 June 2021
Country of Fair value %
Security incorporation GBP'000 of investments
--------------------------- --------------- ---------- ---------------
Rightmove UK 136,208 4.9
Sabre USA 134,368 4.9
Fevertree Drinks UK 132,205 4.8
Fortinet USA 123,627 4.5
Domino's Pizza Enterprises Australia 123,158 4.5
Temenos Switzerland 114,798 4.2
Equifax USA 112,311 4.1
Domino's Pizza Group UK 110,658 4.0
Recordati Italy 110,424 4.0
ANSYS USA 96,792 3.5
--------------------------- --------------- ---------- ---------------
Top 10 Investments 1,194,549 43.4
-------------------------------------------- ---------- ---------------
Verisk Analytics USA 95,193 3.5
Cognex USA 94,017 3.4
Verisign USA 92,493 3.4
IPG Photonics USA 92,081 3.3
Halma UK 90,304 3.3
AO Smith USA 87,944 3.2
Technology One Australia 82,838 3.0
Rational Germany 77,629 2.8
MSCI USA 77,204 2.8
Simcorp Denmark 75,193 2.7
--------------------------- --------------- ---------- ---------------
Top 20 Investments 2,059,445 74.8
-------------------------------------------- ---------- ---------------
Qualys USA 74,155 2.7
Geberit Switzerland 72,628 2.6
Masimo USA 72,486 2.6
Nemetschek Germany 70,655 2.6
Wingstop USA 61,049 2.2
Diploma UK 59,059 2.1
Paycom Software USA 54,451 2.0
Rollins USA 52,888 1.9
Spirax-Sarco Engineering UK 51,886 1.9
Chr. Hansen Holding Denmark 48,537 1.8
Fisher & Paykel Healthcare New Zealand 38,171 1.5
Ambu Denmark 36,700 1.3
--------------------------- --------------- ---------- ---------------
Total Investments 2,752,110 100.0
-------------------------------------------- ---------- ---------------
Condensed Statement of Comprehensive Income (Unaudited)
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2021 30 June 2020 31 December 2020
--------------------------- ------------------------- ---------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ----- -------- ------- -------- ------- ------- ------- -------- ------- --------
Income from
investments
held at fair
value through
profit or loss 4 12,841 - 12,841 7,067 - 7,067 16,054 - 16,054
Gains on investments
held at fair
value through
profit or loss 3 - 155,125 155,125 - 232,169 232,169 - 500,734 500,734
Foreign exchange
(losses)/gains (36) (264) (300) 9 (233) (224) 15 (785) (770)
Investment
management
fees (11,682) - (11,682) (6,962) - (6,962) (16,148) - (16,148)
Other expenses
and transaction
costs (842) (390) (1,232) (737) (240) (977) (1,402) (584) (1,986)
--------------------- ----- -------- ------- -------- ------- ------- ------- -------- ------- --------
Profit/(loss)
before tax 281 154,471 154,752 (623) 231,696 231,073 (1,481) 499,365 497,884
--------------------- ----- -------- ------- -------- ------- ------- ------- -------- ------- --------
Tax (1,246) - (1,246) (666) - (666) (1,388) - (1,388)
--------------------- ----- -------- ------- -------- ------- ------- ------- -------- ------- --------
Profit/(loss)
for the period 5 (965) 154,471 153,506 (1,289) 231,696 230,407 (2,869) 499,365 496,496
--------------------- ----- -------- ------- -------- ------- ------- ------- -------- ------- --------
Return/(loss)
per share (basic
and diluted)
(p) 5 (0.63) 101.32 100.69 (1.08) 194.55 193.47 (2.29) 399.28 396.99
--------------------- ----- -------- ------- -------- ------- ------- ------- -------- ------- --------
The Company does not have any income or expenses which are not
included in the profit for the Period.
All of the profit and total comprehensive income for the Period
is attributable to the owners of the Company.
The "Total" column of this statement represents the Company's
Income Statement, prepared in accordance with International
Financial Reporting Standards (IFRS). The "Revenue" and "Capital"
columns are supplementary to this and are prepared under guidance
published by the Association of Investment Companies (AIC).
All items in the above statement derive from continuing
operations.
The accompanying notes are an integral part of these financial
statements.
Condensed Statement of Financial Position (Unaudited)
Unaudited Unaudited Audited
As at As at As at
30 June 30 June 31 December
2021 2020 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------ ----- --------- --------- ------------
Non-current assets
Investments held at fair
value through profit or
loss 3 2,752,110 1,753,229 2,279,938
------------------------------ ----- --------- --------- ------------
Current assets
Receivables 3,296 7,328 6,432
Cash and cash equivalents 45,342 33,433 50,046
------------------------------ ----- --------- --------- ------------
48,638 40,761 56,478
------------------------------ ----- --------- --------- ------------
Total assets 2,800,748 1,793,990 2,336,416
------------------------------ ----- --------- --------- ------------
Current liabilities
Trade and other payables (4,048) (7,278) (4,466)
------------------------------ ----- --------- --------- ------------
Total assets less current
liabilities 2,796,700 1,786,712 2,331,950
------------------------------ ----- --------- --------- ------------
Equity attributable to equity
shareholders
Share capital 7 1,601 1,234 1,414
Share premium 1,906,951 1,316,925 1,595,894
Capital reserve 891,725 469,585 737,254
Revenue reserve (3,577) (1,032) (2,612)
------------------------------ ----- --------- --------- ------------
Total equity 2,796,700 1,786,712 2,331,950
------------------------------ ----- --------- --------- ------------
Net asset value per share
(p) 6 1,746.6 1,447.6 1,648.9
------------------------------ ----- --------- --------- ------------
The accompanying notes are an integral part of these financial
statements.
Condensed Statement of Changes in Equity (Unaudited)
For the six months ended 30 June 2021 (Unaudited)
Share Share Capital Revenue
capital premium reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- --------- -------- -------- ---------
Balance at 1 January 2021 1,414 1,595,894 737,254 (2,612) 2,331,950
Issue of new shares on secondary
market 187 312,818 - - 313,005
Costs on new share issues
on secondary market - (1,761) - - (1,761)
Profit/(loss) for the period - - 154,471 (965) 153,506
--------------------------------- -------- --------- -------- -------- ---------
Balance at 30 June 2021 1,601 1,906,951 891,725 (3,577) 2,796,700
--------------------------------- -------- --------- -------- -------- ---------
For the six months ended 30 June 2020 (Unaudited)
Share Share Capital Revenue
capital premium reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- --------- -------- -------- ---------
Balance at 1 January 2020 1,145 1,198,014 237,889 257 1,437,305
Issue of new shares on secondary
market 89 119,509 - - 119,598
Costs on new share issues
on secondary market - (598) - - (598)
Profit/(loss) for the period - - 231,696 (1,289) 230,407
--------------------------------- -------- --------- -------- -------- ---------
Balance at 30 June 2020 1,234 1,316,925 469,585 (1,032) 1,786,712
--------------------------------- -------- --------- -------- -------- ---------
For the year ended 31 December 2020 (Audited)
Share Share Capital Revenue
capital premium reserve reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- -------- --------- -------- -------- ---------
Balance at 1 January 2020 1,145 1,198,014 237,889 257 1,437,305
Issue of new shares on secondary
market 269 399,880 - - 400,149
Costs on new share issues
on secondary market - (2,000) - - (2,000)
Profit/(loss) for the year - - 499,365 (2,869) 496,496
--------------------------------- -------- --------- -------- -------- ---------
Balance at 31 December 2020 1,414 1,595,894 737,254 (2,612) 2,331,950
--------------------------------- -------- --------- -------- -------- ---------
The accompanying notes are an integral part of these financial
statements.
Condensed Statement of Cash Flows (Unaudited)
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
Notes GBP'000 GBP'000 GBP'000
------------------------------------------------------ ----- ----------- ----------- ------------
Cash flows used in operating activities
Profit before tax 154,752 231,073 497,884
Adjustments for:
Gain on investments 3 (155,125) (232,169) (500,734)
Loss on foreign exchange 300 224 770
Decrease/(increase) in receivables 582 525 (345)
Increase in payables 540 341 791
Overseas taxation paid (1,705) (1,095) (1,804)
------------------------------------------------------ ----- ----------- ----------- ------------
Net cash flow used in operating activities (656) (1,101) (3,438)
------------------------------------------------------ ----- ----------- ----------- ------------
Cash flows from investing activities
Purchase of investments 3 (345,359) (265,122) (575,004)
Sale of investments 3 27,354 155,093 203,569
------------------------------------------------------ ----- ----------- ----------- ------------
Net cash flow used in investing activities (318,005) (110,029) (371,435)
------------------------------------------------------ ----- ----------- ----------- ------------
Cash flows used in financing activities
Proceeds from issue of new shares 316,035 113,827 396,111
Issue costs relating to new shares (1,778) (598) (1,980)
------------------------------------------------------ ----- ----------- ----------- ------------
Net cash flow used in financing activities 314,257 113,229 394,131
------------------------------------------------------ ----- ----------- ----------- ------------
Net (decrease)/increase in cash and cash equivalents (4,404) 2,099 19,258
Effect of foreign exchange rates (300) (224) (770)
------------------------------------------------------ ----- ----------- ----------- ------------
Change in cash and cash equivalents (4,704) 1,875 18,488
------------------------------------------------------ ----- ----------- ----------- ------------
Cash and cash equivalents at start of the period/year 50,046 31,558 31,558
------------------------------------------------------ ----- ----------- ----------- ------------
Cash and cash equivalents at end of the period/year 45,342 33,433 50,046
------------------------------------------------------ ----- ----------- ----------- ------------
Comprised of: Cash at bank 45,342 33,433 50,046
------------------------------------------------------ ----- ----------- ----------- ------------
The accompanying notes are an integral part of these financial
statements.
Notes to the Condensed Financial Statements
1. General information
Smithson Investment Trust plc is a company incorporated on 14
August 2018 in the United Kingdom under the Companies Act 2006.
The condensed interim financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting and the
Disclosure Guidance and Transparency Rules ('DTRs') of the UK's
Listing Authority.
Principal activity
The principal activity of the Company is that of an investment
company within the meaning of Section 833 of the Companies Act
2006.
The Company commenced activities on admission to the London
Stock Exchange on 19 October 2018.
Going concern
The Directors have adopted the going concern basis in preparing
the Condensed Interim Financial Statements (unaudited) for the six
months ended 30 June 2021. The following is a summary of the
Directors' assessment of the going concern status of the Company,
which included consideration of the risks and impact of the
COVID-19 pandemic.
The Directors have a reasonable expectation that the Company has
adequate resources to continue in operational existence for at
least twelve months from the date of this report. In reaching this
conclusion, the Directors have considered the liquidity of the
Company's portfolio of investments as well as its cash position,
income and expense flows. At the date of approval of this report,
the Company has substantial operating expenses cover.
2. Significant accounting policies
The Company's accounting policies are set out below:
(a) Accounting convention
The financial statements have been prepared under the historical
cost convention (modified to include investments at fair value
through profit or loss) on a going concern basis and in accordance
with international accounting standards in conformity with the
requirements of the Companies Act 2006 and IFRSs as issued by the
International Accounting Standards Board (IASB) and with the
Statement of Recommended Practice ("SORP") 'Financial Statements of
Investment Trust Companies and Venture Capital Trusts' issued by
the Association of Investment Companies ("AIC") in November 2014
(and updated in April 2021). They have also been prepared on the
assumption that approval as an investment trust will continue to be
granted.
The Directors believe that it is appropriate to continue to
adopt the going concern basis for preparing the financial
statements for the reasons stated above. The Company is a UK listed
company with a predominantly UK shareholder base. The results and
the financial position of the Company are expressed in sterling,
which is the functional and presentational currency of the Company.
The accounting policies in this Interim Report are consistent with
those applied in the Annual Report for the year ended 31 December
2020 and have been disclosed consistently and in line with
Companies Act 2006.
(b) Critical accounting judgements and sources of estimation
uncertainty
The Board confirms that no significant accounting judgements or
estimates have been applied to the financial statements and
therefore there is not a significant risk of a material adjustment
to the carrying amounts of assets and liabilities.
3. Investments held at fair value through profit or loss
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
------------------------------------ ----------- ----------- ------------
Opening book cost 1,581,420 1,158,602 1,158,602
Opening investment holding gains 698,518 247,069 247,069
------------------------------------ ----------- ----------- ------------
Opening fair value at start of
the period/year 2,279,938 1,405,671 1,405,671
Purchases at cost 344,401 270,482 577,102
Sales - proceeds (27,354) (155,093) (203,569)
Gains on investments 155,125 232,169 500,734
------------------------------------ ----------- ----------- ------------
Closing fair value at end of the
period/year 2,752,110 1,753,229 2,279,938
------------------------------------ ----------- ----------- ------------
Closing book cost at end of the
period/year 1,905,385 1,320,034 1,581,420
Closing unrealised gain at end
of the period/year 846,725 433,195 698,518
------------------------------------ ----------- ----------- ------------
Valuation at end of the period/year 2,752,110 1,753,229 2,279,938
------------------------------------ ----------- ----------- ------------
The Company received GBP27,354,000 excluding transaction costs
from investments sold in the period (30 June 2020: GBP155,093,000,
31 December 2020: GBP203,569,000). The book cost of the investments
when they were purchased was GBP20,826,000 (30 June 2020:
GBP109,050,000, 31 December 2020: GBP154,868,000) excluding
transaction costs. These investments have been revalued over time
until they were sold and unrealised gains/losses were included in
the fair value of the investments.
All investments are listed.
4. Dividend income
Unaudited Unaudited
Six months Six months Audited
ended ended Year ended
30 June 30 June 31 December
2021 2020 2020
GBP'000 GBP'000 GBP'000
------------------- ----------- ----------- ------------
UK dividends 4,564 864 3,544
Overseas dividends 8,277 6,203 12,510
------------------- ----------- ----------- ------------
Total 12,841 7,067 16,054
------------------- ----------- ----------- ------------
5. Return per share
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2021 30 June 2020 31 December 2020
--------------------- ------------------------- ------------------------- -------------------------
Revenue Capital Total Revenue Capital Total Revenue Capital Total
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Profit/(loss)
for the period/year
(GBP'000) (965) 154,471 153,506 (1,289) 231,696 230,407 (2,869) 499,365 496,496
Return/(loss)
per ordinary
share (p) (0.63) 101.32 100.69 (1.08) 194.55 193.47 (2.29) 399.28 396.99
--------------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Return per share is calculated based on returns for the period
and the weighted average number of 152,451,930 shares in issue in
the six months ended 30 June 2021 (30 June 2020: 119,090,903, 31
December 2020: 125,066,574).
6. Net asset value per share
Unaudited Unaudited Audited
30 June 30 June 31 December
2021 2020 2020
-------------------------- ---------------- ---------------- ----------------
Net asset value GBP2,796,700,000 GBP1,786,712,000 GBP2,331,950,000
Shares in issue 160,117,958 123,425,958 141,420,958
-------------------------- ---------------- ---------------- ----------------
Net asset value per share 1,746.6p 1,447.6p 1,648.9p
-------------------------- ---------------- ---------------- ----------------
7. Share capital
Unaudited Unaudited Audited
30 June 2021 30 June 2020 31 December 2020
--------------------- --------------------- ---------------------
Issued, allotted
and fully paid Number GBP'000 Number GBP'000 Number GBP'000
----------------- ----------- -------- ----------- -------- ----------- --------
Ordinary Shares
of GBP0.01 each 160,117,958 GBP1,601 123,425,958 GBP1,234 141,420,958 GBP1,414
----------------- ----------- -------- ----------- -------- ----------- --------
During the six months ended 30 June 2021, the Company issued
18,697,000 (30 June 2020: 8,915,000, 31 December 2020: 26,910,000)
shares of GBP0.01 each for a net consideration of GBP311,244,000
(30 June 2020: GBP119,000,000, 31 December 2020: GBP398,149,000).
The average premium to the prevailing net asset value at which new
shares were issued during the period was 2.7% (30 June 2020: 3.0%,
31 December 2020: 2.9%).
Since 30 June 2021 and up to 5 August 2021, a further 2.6
million ordinary shares have been issued raising aggregate net
proceeds of GBP47 million.
8. Related party transactions
Fees payable to the Investment Manager are shown in the
Condensed Statement of Comprehensive Income. As at 30 June 2021 the
fee outstanding to the Investment Manager was GBP2,255,000 (30 June
2020: GBP1,331,000, 31 December 2020: GBP1,768,000).
Since 1 January 2021 fees have been payable to the Directors at
an annual rate of GBP30,000 for Board members, with an additional
fee payable per annum of GBP15,000 to the Chair of the Board;
GBP10,000 to the Chair of the Audit Committee; and GBP5,000 to the
Chair of the Management Engagement Committee.
The Directors had the following shareholdings in the
Company.
As at
30 June
Director 2021
----------------------- --------
Mark Pacitti 20,000
Lord St John of Bletso 10,000
Diana Dyer Bartlett 5,000
----------------------- --------
Directors' shareholdings were the same as at 30 June 2020 and 31
December 2020.
As at 30 June 2021, Terry Smith and other founder partners and
key employees of the Investment Manager directly or indirectly and
in aggregate, held 1.9% of the issued share capital of the Company
(30 June 2020: 2.5%, 31 December 2020: 2.2%).
9. Events after the reporting period
There were no post-period events other than as disclosed in
these interim financial statements.
10. Status of this report
These interim financial statements are not the Company's
statutory accounts for the purposes of section 434 of the Companies
Act 2006. They are unaudited. The unaudited interim report will be
made available to the public at the registered office of the
Company. The report will also be available in electronic format on
the Company's website, www.smithson.co.uk.
The financial information for the year ended 31 December 2020
has been extracted from the statutory accounts which have been
filed with the Registrar of Companies. The Auditor's Report on
those accounts was not qualified and did not contain statements
under sections 498 (2) or (3) of the Companies Act 2006.
The interim report was approved by the Board of Directors on 6 August 2021
Glossary of Terms
AIC
Association of Investment Companies
Alternative Investment Fund or "AIF"
An investment vehicle under AIFMD. Under AIFMD (see below) the
Company is classified as an AIF.
Alternative Investment Fund Managers Directive or "AIFMD"
A European Union directive which came into force on 22 July 2013
and has been implemented in the UK.
Annual General Meeting or "AGM"
A meeting held once a year which shareholders can attend and
where they can vote on resolutions to be put forward at the meeting
and ask directors questions about the company in which they are
invested.
Custodian
An entity that is appointed to safeguard a company's assets.
Discount
The amount, expressed as a percentage, by which the share price
is less than the net asset value per share.
Depositary
Certain AIFs must appoint depositaries under the requirements of
AIFMD. A depositary's duties include, inter alia, safekeeping of
the Company's assets and cash monitoring. Under AIFMD the
depositary is appointed under a strict liability regime.
Dividend
Income receivable from an investment in shares.
Ex-dividend date
The date from which you are not entitled to receive a dividend
which has been declared and is due to be paid to shareholders.
Financial Conduct Authority or "FCA"
The independent body that regulates the financial services
industry in the UK.
Gearing
A way to magnify income and capital returns, but which can also
magnify losses. A bank loan is a common method of gearing.
Gross assets
The Company's total assets before the deduction of any
liabilities.
Index
A basket of stocks which is considered to replicate a particular
stock market or sector.
Investment company
A company formed to invest in a diversified portfolio of
assets.
Investment trust
An investment company which is based in the UK and which meets
certain tax conditions which enables it to be exempt from UK
corporation tax on its capital gains. The Company is an investment
trust.
Leverage
An alternative word for "Gearing". Under AIFMD, leverage is any
method by which the exposure of an AIF is increased through
borrowing of cash or securities or leverage embedded in derivative
positions.
Under AIFMD, leverage is broadly similar to gearing, but is
expressed as a ratio between the assets (excluding borrowings) and
the net assets (after taking account of borrowing). Under the gross
method, exposure represents the sum of the Company's positions
after deduction of cash balances, without taking account of any
hedging or netting arrangements. Under the commitment method,
exposure is calculated without the deduction of cash balances and
after certain hedging and netting positions are offset against each
other.
Liquidity
The extent to which assets can be sold at short notice.
Net assets
An investment company's assets less its liabilities
Net asset value (NAV) per ordinary share
Net assets divided by the number of ordinary shares in issue
(excluding any shares held in treasury)
Ongoing charges ratio
A measure, expressed as a percentage of average net assets, of
the regular, recurring annual costs of running an investment
company.
Ordinary shares
The Company's ordinary shares of 1p each.
Portfolio
A collection of different investments held in order to deliver
returns to shareholders and to spread risk.
Premium to NAV
The amount, expressed as a percentage, by which the share price
is more than the net asset value per share.
Share buyback
A purchase of a company's own shares. Shares can either be
bought back for cancellation or held in treasury.
Share price
The price of a share as determined by a relevant stock
market.
Total return
A measure of performance that takes into account both income and
capital returns. This may take into account capital gains,
dividends, interest and other realised variables over a given
period of time.
Treasury shares
Shares in a company's own share capital which the company itself
owns after a share buy back, that are held 'in treasury' instead of
being cancelled. Treasury shares are then available to be sold at a
later date by the company to raise new funds.
Volatility
A measure of how much a share moves up and down in price over a
period of time.
Alternative Performance Measures
Alternative Performance Measures ("APMs")
APMs are often used to describe the performance of investment
companies although they are not specifically defined under IFRS.
APM calculations for the Company are shown below.
Premium
The amount, expressed as a percentage, by which the share price
is more than the NAV per ordinary share.
As at As at As at
30 June 30 June 31 December
2021 2020 2020
----------------------- ------------- -------- -------- ------------
NAV per ordinary share a 1,746.6p 1,447.6p 1,648.9p
Share price b 1,780.0p 1,470.0p 1,710.0p
----------------------- ------------- -------- -------- ------------
Premium (b÷a)-1 1.9% 1.5% 3.7%
----------------------- ------------- -------- -------- ------------
Total return
A measure of performance that includes both income and capital
returns. In the case of share price total return, this takes into
account share price appreciation and dividends paid by the Company.
In the case of NAV total return, this takes into account NAV
appreciation (net of expenses) and dividends paid by the
Company.
Six months ended 30 June 2021 Share price NAV
-------------------------------------- ------------- ----------- --------
Opening at 1 January 2021 a 1,710.0p 1,648.9p
Closing at 30 June 2021 b 1,780.0p 1,746.6p
-------------------------------------- ------------- ----------- --------
Total return (b÷a)-1 4.1% 5.9%
-------------------------------------- ------------- ----------- --------
Six months ended 30 June 2020 Share price NAV
-------------------------------------- ------------- ----------- --------
Opening at 1 January 2020 a 1,298.0p 1,255.2p
Closing at 30 June 2020 b 1,470.0p 1,447.6p
-------------------------------------- ------------- ----------- --------
Total return (b÷a)-1 13.3% 15.3%
-------------------------------------- ------------- ----------- --------
Period from Company's listing on 19
October 2018 to 30 June 2021 Share price NAV
-------------------------------------- ------------- ----------- --------
Opening at 19 October 2018 a 1,000.0p 1,000.0p
Closing at 31 December 2021 b 1,780.0p 1,746.6p
-------------------------------------- ------------- ----------- --------
Total return (b÷a)-1 78.0% 74.7%
-------------------------------------- ------------- ----------- --------
Annualised total return 23.8% 23.0%
----------------------------------------------------- ----------- --------
Ongoing charges ratio
A measure, expressed as a percentage of average NAV, of the
regular, recurring annual costs of running an investment
company.
Period from
Company's
listing
on
Six months Six months 19 October
ended ended 2018 to
30 June 30 June 30 June
2021 2020 2021
GBP'000 GBP'000 GBP'000
---------------------- ----------- ---------- ---------- -----------
Average NAV a 2,515,761 1,531,545 1,613,089
Annualised expenses b 25,048 15,398 16,294
---------------------- ----------- ---------- ---------- -----------
Ongoing charges ratio (b÷a) 1.0% 1.0% 1.0%
---------------------- ----------- ---------- ---------- -----------
The Interim Report will be submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
This announcement contains regulated information under the
Disclosure Rules and Transparency Rules of the FCA.
Enquires:
PraxisIFM Fund Services (UK) Limited 020 4513 9260
Company Secretary
6 August 2021
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