The North American Income Trust plc
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Investor Warning

Please be aware of scams that can affect investors.

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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

4 Star 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 18-Sep-2014

Ord
Price848.00p
NAV899.44p
Prem/-Disc-5.72%
Net Dividend Yield3.18%


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

 
 
 

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 Annual Report for the year to 31 Jan 2014
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

July 2014

US large-cap equities fell sharply on the last day of July and ended the month with negative returns. The catalysts for the decline included heightening geopolitical tensions in the Middle East and Ukraine, as well as several disappointing corporate earnings reports. Telecommunication services and information technology were the strongest-performing sectors within the broader-market S&P 500 Index for the month, while utilities and industrials were the primary market laggards. The US investment-grade fixed income market recorded a modest downturn as yields moved higher, particularly in the three-to seven-year segment (i.e., the “belly”) of the US Treasury yield curve.

US GDP grew at a 4.0% annualised rate in the second quarter as increases in consumer spending and private inventory investment offset higher imports. The US Federal Reserve announced another US$10 billion reduction in its asset purchase plan effective in August, again citing significant strength in the economy to support continued improvement in the employment situation.

Many of the Trust’s holdings released second-quarter earnings reports during July. Technology-related REIT Digital Realty Trust saw improved leasing volumes attributable to good pricing and healthy occupancy rates. New Trust holding National Oilwell Varco reported impressive sales growth in its core oil services business. Telecom Verizon’s wireless business remains strong and subscription and revenue growth for the quarter was in line with our expectations. Kraft Foods reported generally disappointing organic sales as its own promotional activity, as well as that of its competitors, had a negative impact on profits. Toy-maker Mattel experienced a continuation of softening sales in its core toy products over the quarter.

Among the Trust’s holdings, oil and gas company ConocoPhillips announced a 6% increase in its quarterly dividend payment to US$0.73 per share, lifting the stock’s annualised yield to 3.5% based on its closing price on 31 July. Payroll services provider Paychex raised its dividend by 8.6% to US$0.38 per share, representing an annualised yield of 3.7% at the closing share price at month-end.

During the month, we added to the Trust’s investments in fertiliser maker PotashCorp and global diversified healthcare company Baxter International. Conversely, we reduced the positions in Microsoft and PC chip-maker Intel.

Within the Trust’s fixed income portfolio, we exited the Taseko Mines credit and reinvested the proceeds into a credit issued by First Quantum Minerals, a bigger, more diversified miner with a lower cost structure. At month-end, the Trust’s corporate bond holdings stood close to their lowest allocation since May 2013.

 
 

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