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

 
 

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 04-Mar-2015

Ord
Price864.25p
NAV934.84p
Prem/-Disc-7.55%
Net Dividend Yield3.30%


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

January 2015

Major North American equity indices moved lower in January primarily on relatively disappointing economic news. Fourth-quarter 2014 US GDP growth came in at a lower-thanexpected annualized rate of 2.6%, down sharply from the 5.0% rate in the previous quarter. The deceleration was attributable mainly to an upturn in imports helped by the stronger U.S. dollar, which resulted in a larger trade deficit. The New York Mercantile Exchange (NYMEX) crude oil price declined further for most of January before rallying at month-end amid indications of slowing oil drilling activity in the US. The nation’s unemployment rate saw an uptick of one-tenth of a percentage point to 5.7% in January as more jobseekers entered the market; however, payrolls expanded by 257,000 during the month. The gains were led by the retail trade, construction and healthcare industries. The average wage moved higher following a marginal decline in December, and is up 2.2% year over year-above the nation’s core inflation rate (excluding food and energy) of 1.6% as of December.

The utilities sector recorded the highest return within the broader-market S&P 500 Index for the month as investors continued to seek higher-yielding dividend stocks on expectations of a longer period of low interest rates. Conversely, financials and energy were the weakest-performing sectors. The US investment-grade fixed income market, as measured by the Barclays U.S. Aggregate Bond Index, posted a gain in January, as yields declined across the US Treasury curve over the month.

In portfolio-related news, Mattel saw year-over year declines in revenue in both the US and international markets in the third quarter. There was particular weakness in sales of the company’s American Girl brand. Consequently, CEO Bryan Stockton resigned, and the company appointed former PepsiCo executive Christopher Sinclair as chairman and interim CEO. Shortly after month-end, office products retailer Staples completed a longanticipated agreement to purchase rival Office Depot for US$6.3 billion. Staples’ chairman and CEO, Ron Sargent, noted that the acquisition will enable the company to realise cost-savings of at least US$1 billion and “optimize our retail footprint.” Several Trust holdings announced dividend actions in January. Among others, asset management firm BlackRock boosted its quarterly payout by 13% to US$1.18 per share, representing an annualised yield of 1.4% at the stock’s closing price at month-end. Industrial gases supplier Praxair announced a 10% boost in its dividend, bringing the stock’s yield to 2.4% at its closing price at the end of the month. Finally, healthcare REIT Ventas declared a prorated dividend of US$0.21 per share upon the completion of its acquisition of American Realty Capital Healthcare Trust.

During the month, we added to existing equity investments in Starwood Hotels & Resorts, Dow Chemical and Exxon Mobil. We exited our position in automotive and industrial parts maker Genuine Parts Co. and trimmed the holding in electric utility Wisconsin Energy Corp. After a year in which the S&P 500 Index continued its remarkable six-year run, stocks are clearly more fully valued than they had been. We believe valuations have expanded to match improved corporate fundamentals over the same period. And despite share prices of large-cap equities hovering near all-time highs, current valuations on a forward P/E ratio are roughly at median levels over the last 10 years. Looking ahead, we believe that, paired with improved underlying fundamentals, valuation levels remain justifiable, especially in context of the low-interest-rate environment. With mixed data on labour and inflation, we expect the Federal Reserve to err on extending the period of near-zero rates. We also see lower inflation as a boost to economic growth as lower energy prices flow through both corporations and to the consumer in the form of lower input prices and fuel costs. However, even with these tailwinds, we expect equity returns to be more tempered in the next 12 months. Finally, the recent spike in volatility has led to more dispersion among sector and stock returns, which is a good backdrop for active managers. We anticipate using this to our advantage by adding to our investments that we feel may be indiscriminately punished by the market.

 
 

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