The North American Income Trust plc
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Investor Warning

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NMPI Status

The Company currently conducts its affairs so that securities issued by The North American Income Trust plc can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.

 

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of The North American Income Trust plc, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.

Read the PIDD for The North American Income Trust

 
 

Morningstar Ratings

Fund Rating

 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 17-Dec-2014

Ord
Price840.50p
NAV910.67p
Prem/-Disc-7.70%
Net Dividend Yield3.33%


Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 

Portfolio Holdings Disclaimer

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.

 
 

The North American Income Trust plc

Objective

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. Dividends - paid semi-annually in first year; quarterly thereafter.

 
 

The North American Income Trust plc Half Year Report for the six months to 31 July 14
Paul Atkinson, Head of North American Equities

In this webcast Paul Atkinson gives an update on a wide range of subjects including performance, a sector breakdown, top twenty largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

October 2014

Major North American equity indices moved higher in October amid improving economic data reports and a generally positive start to the corporate earnings season. Eight of the ten sectors within the broader-market S&P 500 Index gained ground during the month, led by utilities and healthcare. Conversely, the energy and materials sectors posted negative returns amid ongoing weakness in commodity prices. The US investment-grade fixed income market also finished positive territory in October as yields fell across the intermediate- and long-term segments of the US Treasury yield curve. The decline occurred despite the long-anticipated end of the US Federal Reserve’s asset purchase programme at the end of the month.

In portfolio-related corporate news, automotive parts manufacturer Genuine Parts Co. saw healthy year-over-year revenue and earnings growth in the third quarter. There was strength across all four of its business segments during the period, including its largest unit: auto parts. Oil and gas exploration and production company National Oilwell Varco posted higher revenue and earnings in the third quarter compared to the same period in 2013. However, its order backlog decreased from the previous quarter amid a slower capital spending environment for offshore energy.

Only one Trust holding announced a dividend action in October. Packaged foods company Kraft Foods raised its quarterly payout roughly 5% to US$0.55 per share—equivalent to a yield of 3.9% based on the stock’s closing price on 31 October. We did not initiate or exit any positions during the month. We added to holdings in packaged foods distributor Sysco Corp. and Starwood Hotels & Resorts, among others. Reductions to existing positions included fertiliser maker PotashCorp and global industrial conglomerate Emerson Electric., among others.

Large-cap equities have materially outperformed their small-cap counterparts for the year to date, and sit near all-time highs. Without a material pickup in economic growth, we find it hard to envisage further valuation (price/earnings multiple) expansion for the overall market and thus see further gains being more so driven by underlying operating earnings growth and distributions. Recent volatility, however, has led to more sector and stock dispersion, which we think is good for active managers. We anticipate using this to our advantage by adding to holdings that we feel may be indiscriminately punished by the market. We continue to monitor the third-quarter earnings season and the possible impact of a stronger dollar on the overseas earnings of our investments. We are also watching for the potential impact that a quicker-than-expected normalisation of interest rates has on valuations of higher-than-average dividend-paying companies. Against this backdrop, the manager remains confident in the Trust’s ability to continue its recent record of covered increases in its dividend.

 
 

Trust Details

The North American Income Trust plc

Registered Office:
7th Floor
40 Princes Street,
Edinburgh,
EH2 2BY

Registered in Scotland as an Investment Company Number 005218