The North American Income Trust plc
Half Yearly Report 31 July 2023
Seeking resilient growth and rising income from North American equities
northamericanincome.co.uk
Contents
Overview | |
Performance Highlights | 1 |
Financial Calendar, Dividends and Highlights | 2 |
Chair's Statement | 4 |
Investment Manager's Review | 6 |
Other Matters | 9 |
Portfolio | |
Ten Largest Investments | 11 |
List of Investments | 12 |
Geographical Analysis | 14 |
Investment Case Studies | 15 |
Financial Statements | |
Condensed Statement of Comprehensive Income (unaudited) | 17 |
Condensed Statement of Financial Position (unaudited) | 18 |
Condensed Statement of Changes in Equity (unaudited) | 19 |
Condensed Statement of Cash Flows (unaudited) | 20 |
Notes to the Financial Statements (unaudited) | 21 |
Alternative Performance Measures ("APMs") | 28 |
General Information | |
Investor Information | 31 |
Contact Addresses | 37 |
Investment Objective and Purpose
To provide investors with above average dividend income and long- term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities.
Reference Index
The Board reviews performance against relevant factors, including the Russell 1000 Value Index (in sterling terms) and the S&P 500 Index (in sterling terms) as well as peer group comparisons. The aim is to provide investors with above average dividend income from predominantly US equities which means that investment performance can diverge, possibly quite materially in either direction, from these indices.
Performance Highlights
Net asset value total returnA | Share price total returnA | ||||
Six months ended 31 July 2023 | Six months ended 31 July 2023 | ||||
-3.2% | |||||
-5.0% | |||||
Year ended 31 January 2023 | +9.6% | Year ended 31 January 2023 | +12.4% | ||
Russell 1000 Value Index (in sterling terms) | |||||
total return | Earnings per Ordinary share (revenue) | ||||
Six months ended 31 July 2023 | Six months ended 31 July 2023 | ||||
-1.0% | 6.10p | ||||
Year ended 31 January 2023 | +8.5% | Six months ended 31 July 2022 | 6.10p | ||
Dividends per Ordinary Share | Dividend yieldA | ||||
Six months ended 31 July 2023 | As at 31 July 2023 | ||||
5.20p | |||||
3.9% | |||||
Six months ended 31 July 2022 | 5.00p | As at 31 January 2023 | 3.6% | ||
- Considered to be an Alternative Performance Measure. Further details can be found on pages 28-30.
Performance (Total return)
6 months ended | 1 year ended | 3 years ended | 5 years ended | |
31 July 2023 | 31 July 2023 | 31 July 2023 | 31 July 2023 | |
% | % | % | % | |
Net asset value per Ordinary shareA | -3.2 | +1.5 | +42.6 | +29.7 |
Share price per Ordinary shareA | -5.0 | -1.7 | +41.9 | +25.5 |
Russell 1000 Value Index (in sterling terms) | -1.0 | +2.4 | +51.7 | +49.9 |
S&P 500 Index (in sterling terms) | +8.6 | +6.9 | +50.0 | +81.3 |
- Total return represents capital return plus dividends reinvested. Considered to be an Alternative Performance Measure. Further details can be found on page 30. Source: abrdn, Morningstar & Lipper.
Overview
Portfolio
General Information Financial Statements
The North American Income Trust plc | 1 |
Financial Calendar, Dividends and Highlights
Payment dates of quarterly dividends
August 2023
October 2023
January 2024
May 2024
Financial year end | 31 January 2024 |
Expected announcement of results for year ended 31 January 2024
April 2024
Annual General Meeting (Edinburgh) | June 2024 |
Financial Highlights
As at | As at | Capital return | |
31 July 2023 | 31 January 2023 | % | |
Net asset value per Ordinary share | 317.8p | 337.2p | -5.7 |
Share price per Ordinary share (mid) | 282.0p | 306.0p | -7.8 |
Discount to net asset valueA | 11.3% | 9.3% | |
Net gearing A | 5.5% | 2.9% | |
Ongoing charges ratioA | 1.00% | 0.93% |
- Considered to be an Alternative Performance Measure. Further details can be found on pages 28-29.
Six months to | Six months to | Change | |
31 July 2023 | 31 July 2022 | % | |
Revenue return per Ordinary share | 6.10p | 6.10p | - |
Interim dividends | 5.20pA | 5.00pB | +4.0 |
- Includes a first interim dividend of 2.60p paid on 4 August 2023 and a second interim dividend of 2.60p payable on 27 October 2023.
- Includes a first interim dividend of 2.50p paid on 5 August 2022 and a second interim dividend of 2.50p paid on 28 October 2022.
2 | The North American Income Trust plc |
"The Board is declaring a second quarterly dividend for the year to
31 January 2024 of 2.6 pence per share
(2023- 2.5 pence), taking total dividends for the first half of the year to 5.2 pence per share (2022 - 5.0 pence)"
The North American Income Trust plc | 3 |
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The North American Income Trust plc published this content on 16 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2023 11:24:25 UTC.