Smaller Companies Value Trust plc
Half-Yearly Report for the six months ended 31 October 2008
Contents
1 Objectives
1 Financial Highlights
2 Interim Management Report
5 Directors' Responsibility Statement
6 The Portfolio
7 Sector Distribution
8 Income Statement
10 Balance Sheet
11 Reconciliation of Movements in Shareholders' Funds
12 Cash Flow Statement
13 Notes to the Financial Statements
15 Company Information
Trust Information
Smaller Companies Value Trust plc is registered in England and Wales
no. 4388908 and is an investment company within the meaning of
Part 23 of the Companies Act 2006.
Registered office
10 Fleet Place
London EC4M 7R
Objectives - Smaller Companies Value Trust plc
The Company invests in a diversified portfolio of quoted UK smaller companies with the objective of providing income
shareholders with a dividend yield, together with the potential for dividend growth and capital shareholders with the
benefit of geared capital growth.
The Board seeks to balance the interests of the holders of the income shares and capital shares at all times. The
Board has decided not to seek approval as a qualifying investment trust under the Income and Corporation Taxes Act 1988
(as amended) for the Company's current financial year.
Smaller Companies Value Trust plc has a life of seven years, ending on 30 April 2009.
Financial Highlights
Period ended Period ended Year ended
31 October 2008 31 October 2008 30 April 2008
(unaudited) (unaudited) (audited)
Net asset value per package 115.09p 253.88p 189.49p
unit (Articles basis)*
Share price per package unit** 85.00p 223.00p 176.50p
Discount per package unit 26.15% 12.16% 6.86%
Net asset value per capital 51.97p 195.03p 132.00p
share (Articles basis)
Share price per capital 32.00p 157.50p 109.50p
share**
Discount per capital share 38.44% 19.24% 17.05%
Net asset value per income 63.12p 58.85p 57.49p
share (Articles basis)
Share price per income share** 60.00p 62.75p 61.00p
(Discount)/premium per income (4.94%) 6.62% 6.11%
share
Hoare Govett Smaller Companies 4,781.56 9,041.75 7,589.10
Index
(excluding investment
companies)***
Total loss on ordinary (15,820) (4,344) (16,716)
activities
before and after taxation
(�'000)
Dividend per income share 3.00p 3.00p 6.75p
Net asset total loss per (74.40p) (17.13p) (74.77p)
package unit
* A package unit comprises one capital share and one income share.
** Source: Bloomberg
*** Source: Datastream. The Index includes both capital and income.
Interim Management Report
Introduction
For investors in UK smaller companies, the past six months have been harrowing - and completely without precedent.
Since its inception in 1990, the Trust's benchmark, the Hoare Govett Smaller Companies (excluding Investment Trusts)
index, has never fallen as sharply over any six consecutive months as it did during the period under review. During the
six months to 31 October 2008, the index fell by 36.99%. Over the same period, the net asset value (NAV) of the
Company's capital shares fell by 59.31% or 31.46% on an ungeared basis [source: SWIP], which is, perhaps, a fairer
measure of the manager's performance.
Global and market background
This was a challenging period for equity markets, as the severity of the global financial crisis intensified and
resulted in massive intervention from central governments and central banks. This in turn began to affect the outlook
for the economy. Smaller companies, which are generally more susceptible to economic changes than larger firms, were
especially affected by these developments, not least because of the increased difficulty in borrowing within financial
markets.
In September, the US government's bail-out of mortgage lenders Fannie Mae and Freddie Mac sent a wave of euphoria
around the world amid hopes that the worst of the credit crunch might be over. But the subsequent collapse of Lehman
Brothers and the bail-out of AIG in the US revived concerns over the stability of the global financial system. The UK
government took the exceptional step of offering to invest �37bn in preference shares in the country's biggest banks to
improve their capital base - in effect, partnationalisation of the sector. It also made further significant extensions
to its "special liquidity scheme", which allows banks to exchange more of their mortgage-backed bonds and other less
marketable assets for more liquid government Treasury bills. Further amounts were set aside for guarantees of new short
and medium-term debt.
The UK economy came to a halt during the period - GDP recording a decline of 0.5% during the third quarter - and the
value of Sterling plummeted against the other major currencies. There were also further sharp falls in housing market
indicators: mortgage approvals fell to their lowest ever level and house price indices continued to decline. Consumer
confidence also reached historically low levels. Elsewhere, CPI inflation remained significantly above the government's
2% target (though the expectation is that it will fall swiftly in the months to come) and the labour market is expected
to weaken rapidly in the near future.
This has left its mark across the entire UK equity market, but smaller companies, with their particular sensitivity
to economic changes, have been especially hard-hit.
Share price and discount
The widening in the Company's discount resulted from the highly volatile equity market conditions and was a
phenomenon seen across the investment trust sector.
Dividend
The Board recommends an interim dividend of 3.0 pence per income share. (2007: 3.0 pence per income share)
Outlook
The UK is likely to enter a very subdued period as tight credit conditions hit both households and the corporate
sector. Business investment has softened and the weaker housing market is weighing on consumer spending. The recent
interest rate cuts and moves to recapitalise the banking system reduce, but do not entirely remove, the possibility that
the economic outlook could worsen. Government action to support the banking system and lower interest rates should, in
time, reduce the intensity of the credit crisis. But an economic revival is likely to be slow. With a depressed housing
market, tight credit availability and potential job losses, the UK economy faces some serious headwinds. For the UK
equity market, the contracting economy and increased government intervention present a very challenging environment.
While the coordinated action of central banks and governments to address the banking crisis is to be welcomed, it is
likely to be several months before their efforts work their way through the financial system.
Although the outlook for smaller companies is uncertain, many continue to trade at very attractive valuations. The
prevailing economic, financial and regulatory issues are likely to lead to further share price volatility. The Company's
performance has been ahead of its benchmark during this exceptionally difficult period, and I remain confident in the
Manager's ability to manage the portfolio in these volatile markets.
Investment strategy
The Company's articles of association provide for the Company to be wound up on 30 April 2009 and for the Company's
net assets to be distributed in accordance with the respective rights attaching to the Company's income shares and its
capital shares. It is open for the Board to make alternative proposals to shareholders, which might include the
opportunity to roll over into an alternative vehicle, before 30 April 2009. The separate consent of the capital
shareholders is required for any such alternative proposals. The separate consent of the income shareholders is also
required for such alternative proposals unless the proposals include the opportunity for the income shareholders to
receive 60p in cash (in addition to any entitlement to any undistributed revenue reserve) for each income share.
No decision has yet been made by the Board as to whether to seek the necessary shareholder consents to avoid a
straightforward winding up and distribution of the Company's net assets.
The Company reported realised and unrealised capital losses of approximately �15.5 million for the first six months
of the current financial year, and the Board does not believe that the benefit of qualifying investment trust status,
that is, exemption from corporation tax on capital gains, will be of any advantage to the Company for the full financial
year. The Board has decided not to seek approval as a qualifying investment trust under the Income and Corporation Taxes
Act 1988 for the Company's current financial year. The Board believes that not being constrained by the investment
restrictions of being an investment trust allows the Company greater flexibility in the period to 30 April 2009 and has
authorised the Company's investment manager to manage the Company's portfolio accordingly. The Board intends that the
Company's financial statements will continue to be prepared under the AIC Statement of Recommended Practice (the "SORP")
as it considers that the form of presentation of financial statements recommended by the SORP is the one which is of
most use to the shareholders and which they would expect.
Further announcements on the Company's planned winding up process will be made in due course.
Anthony Bushell
Chairman
12 December 2008
Investment management
Portfolio activity
During the period the Company has adopted a strategy of moving out of illiquid stocks and increasing its overall
level of cash. This helped performance considerably. Transactions were relatively few and generally reflected our
caution towards companies with heavy levels of borrowing.
Among the new holdings established during the period were Misys, a software provider with a considerable presence in
the lucrative US healthcare market; and Wetherspoon and Hargreaves Lansdown, both of which made positive contributions
to relative performance. We supported a placing in 3i Infrastructure, which invests in infrastructure businesses. We
also established new holdings in Bellway, N Brown and Carillion, whose shares had reached compelling valuations. In
contrast, we took profits in Babcock International, Detica and VT after periods of strong share price performance and
disposed of holdings in Highway Insurance and Beazley amid the deteriorating outlook for the insurance market. Other
disposals included Southern Cross Healthcare, Michael Page and Taylor Nelson Sofres.
We reduced our exposure toward the property sector and to firms that depend on consumer spending. Our preference has
been for well financed companies operating stable business as well as firms that are looking to expand operations or
seem likely to recover from recent poor performance.
Principal risks and uncertainties
Information on the principal risks and uncertainties of the Company is included in our latest annual report in Note
17.
Over the remaining six months of the financial year, a number of potential risks and uncertainties may have a
material effect on the Company's performance. These could cause actual results to differ materially from expected or
historic results. The key risks identified are as follows:
* Regulatory risk: The Company operates in a complicated regulatory environment and faces a number of regulatory risks.
Breaches of regulations, such as the UK Listing Authority Listing Rules and the Companies Act 2006, could lead to a
number of serious outcomes and reputational damage. The board monitors compliance with regulations by reviewing internal
control reports.* Interest rate risk: The Company's interest rate-sensitive assets and liabilities consist only of
cash-at-bank which is considered to be part of the investment strategy of the Company. The bank loan is subject to a
fixed interest rate and therefore does not suffer from interest rate risk. No other hedging is undertaken in respect of
this interest rate risk. As such, the board does not believe the Company suffers any material interest rate risk.*
Gearing risk : The loan facility is due for repayment on 30 April 2009. The loan is considered to be part of the
investment strategy of the Company and the Company is being actively managed to ensure that it meets its commitment to
repay. The investment manager will continue to monitor these risks, while pursuing an active management policy.
The related party transactions entered into in the first six months of this financial year have not had a material
effect on the performance of the Company. Details of the related party transactions are shown in Note 2 to the
Half-Yearly Report.
Gregor Macdonald
Scottish Widows Investment
Partnership Limited
12 December 2008
Directors' Responsibility Statement
The directors listed below (being all the directors of Smaller Companies Value Trust plc) confirm to the best of
their knowledge, this Half-Yearly Report has been prepared in accordance with the pronouncements on half yearly reports
issued by the Accounting Standards Board, and that the Half-Yearly Report herein includes a fair review of the
information required by DTR 4.2.7 and DTR 4.2.8, namely:
* an indication of important events that have occurred during the six months ended 31 October 2008 and their impact on
the Half-Yearly Report, and a description of the principal risks and uncertainties for the remaining six months of the
financial year; and* material related party transactions in the six months ended 31 October 2008 and any material
changes in the related party transactions described in the last annual report. Signed on behalf of the Board by
Anthony Bushell
Chairman
12 December 2008
Smaller Companies Value Trust plc board of directors
Anthony Bushell (Chairman)
Bernard Clark
Nigel Pearson
John Poulter
The Portfolio as at 31 October 2008
Investment 31 October 2008 Percentage of Business Activity
valuation total assets
�'000 less current
liabilities
%
1 Hargreaves Landsdown 1,078 10.64 General Financial
2 MitieGroup 934 9.22 Support Services
3 Savills 911 8.99 Real Estate
4 Rok 908 8.97 Construction & Materials
5 Cranswick 860 8.49 Food Producers
6 Shaftesbury 833 8.23 Real Estate
7 Hilton Food Group 818 8.08 Food Producers
8 Bovis Homes 785 7.75 Household Goods
9 Intermediate Capital Group 760 7.50 General Financial
10 Babcock International Group 710 7.01 Support Services
Top Ten Investments 8,597 84.88
11 Senior 701 6.92 Aerospace & Defence
12 Croda International 694 6.85 Chemicals
13 Elementis 693 6.84 Chemicals
14 Axon Group 652 6.44 Software & Computer Services
15 VT Group 623 6.15 Aerospace & Defence
16 Wetherspoon (JD) 617 6.09 Travel & Leisure
17 Kier Group 602 5.94 Construction & Materials
18 Aberdeen Asset Management 599 5.91 General Financial
19 BSS Group 583 5.76 Support Services
20 Caretec Holdings Inc 577 5.70 Health Care Equipment Services
21 Mouchel Group 570 5.63 Support Services
22 Tullett Prebon 562 5.55 General Financial
23 Fenner 560 5.53 Industrial Engineering
24 Atkins (WS) 537 5.30 Support Services
25 Headlam Group 518 5.11 Household Goods
26 Interserve 517 5.10 Support Services
27 Regus 512 5.06 Support Services
28 Carillion 502 4.96 Support Services
29 Rathbone Brothers 491 4.85 General Financial
30 Genus 455 4.49 Pharmaceuticals & Biotechnology
31 Brown (N) Group 448 4.42 General Retailers
32 Misys 441 4.35 Software & Computer Services
33 Hunting 429 4.24 Oil Equipment, Services & Dist
34 Bellway 416 4.11 Household Goods
35 Unite Group 405 4.00 Real Estate
Investment 31 October 2008 Percentage Business Activity
valuation�'000 of total
assets less
current
liabilities
%
36 Hansard Global 360 3.55 Life Insurance
37 S I G 353 3.49 Support Services
38 Melrose 324 3.20 Industrial Engineering
39 Venture Production 323 3.19 Oil & Gas Producers
40 Fidessa Group 288 2.84 Software & Computer Services
41 Greene King 287 2.83 Travel & Leisure
42 CVS Group 286 2.82 General Retailers
43 Luminar Group Holdings 246 2.43 Travel & Leisure
44 Clarkson 172 1.70 Industrial Transportation
45 Topps Tiles 149 1.47 General Retailers
46 3I Infrastructure 97 0.96 General Financial
25,186 248.68
Net current liabilities (15,058) (148.68)
Total assets 10,128 100.00
less current liabilities
Note: all investments are equity holdings
Sector Distribution as at 31 October 2008
1 Industrials 28.91%
2 Cash 20.00%
3 Financials 19.34%
4 Consumer Goods 10.86%
5 Consumer Services 6.46%
6 Basic Materials 4.40%
7 Technology 4.36%
8 Healthcare 3.31%
9 Oil & Gas 2.36%
Income Statement
For the six months ended 31 October 2008 (unaudited)
For the six months ended 31 October 2008 (unaudited)
Revenue Capital Total
�'000 �'000 �'000
Losses on investments
Losses on investments - (15,382) (15,382)
Transaction costs - (124) (124)
- (15,506) (15,506)
Income 896 - 896
Investment management fee(?) (41) (123) (164)
Other expenses (87) - (87)
Net return/(loss) before finance 768 (15,629) (14,861)
costs
and taxation
Finance costs
Interest payable (64) (191) (255)
Income share dividends and (704) - (704)
other appropriations
Total finance costs (768) (191) (959)
Loss on ordinary activities - (15,820) (15,820)
before taxation
Taxation on ordinary activities - - -
Loss on ordinary activities - (15,820) (15,820)
after taxation
Loss per capital share (77.87p)
The total column in this statement is the income statement of the company.
No operations were acquired or discontinued during the period.
All revenue and capital items in the above statement derive from continuing operations.
A statement of total recognised Gains and Losses is not required as all gains and losses of the Company have been
reflected in the above statement.
The notes on page 13 form part of these financial statements.
(?)The investment management fee for the six months ended 31 October 2007 is shown as a credit, following an
announcement by HM Revenue and Customs that management fees paid by investment trusts, which were previously subject to
VAT, are now exempt. This exemption has a retrospective effect.
For the six months ended 31 October 2007 (unaudited) For the year ended 30 April 2008 (audited)
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
- (4,043) (4,043) - (15,918) (15,918)
- (173) (173) - (342) (342)
- (4,216) (4,216) - (16,260) (16,260)
989 - 989 1,835 - 1,835
21 63 84 (25) (76) (101)
83 - 83 (158) - (158)
927 (4,153) (3,226) 1,652 (16,336) (14,684)
(64) (191) (255) (127) (380) (507)
(863) - (863) (1,525) - (1,525)
(927) (191) (1,118) (1,652) (380) (2,032)
- (4,344) (4,344) - (16,716) (16,716)
- - - - -
- (4,344) (4,344) - (16,716) (16,716)
(21.38p) (82.28p)
Balance Sheet
As at 31 October 2008
At 31 At 31 At 30
October October April
2008 2007 2008
(unaudited) (unaudited) (audited)
�'000 �'000 �'000
Non current assets
Investments at fair value 25,186 58,426 45,109
through profit or loss
Current assets
Debtors 541 608 1,471
Cash at bank and in hand 6,003 998 3,456
Total current assets 6,544 1,606 4,927
Current liabilities
Creditors: amounts falling due (8,348) (325) (11,538)
within one year
Income shares (13,254) - (12,550)
Total current liabilities (21,602) (325) (24,088)
Net current (15,058) 1,281 (19,161)
(liabilities)/assets
Total assets less net current 10,128 59,707 25,948
liabilities
Creditors: amounts falling due
after more than one year
Bank loan - (8,127) -
Income shares - (13,260) -
- (21,387) -
Total net assets 10,128 38,320 25,948
Capital and reserves: equity
interests
Called-up share capital 203 203 203
Special reserve 19,408 19,408 19,408
Capital reserve (9,483) 18,709 6,337
Shareholders' funds 10,128 38,320 25,948
Net asset value per share
(Accounts basis):
Income share 65.24p 65.27p 61.77p
Capital share 49.85p 188.61p 127.72p
Net asset value per share
(Articles basis):
Income share 63.12p 58.85p 57.49p
Capital share 51.97p 195.03p 132.00p
The net asset values per share (Accounts basis) shown above, have been calculated in accordance with Financial
Reporting Standard 25 (Financial Instruments: Disclosure and Presentation).
The shareholders' funds attributable to each class of share have also been calculated in accordance with the
articles of association.
The difference between these figures relates to the rights, under the articles of association, of the shareholders
on a return of assets, which gives rise to an adjustment in the finance cost of those shares.
Reconciliation of Movements in Shareholders' Funds
For the six months ended 31 October 2008
Issued Special Capital Total
Capital Reserve Reserves �'000
�'000 �'000 �'000
Shareholders' funds at 1 May 203 19,408 23,053 42,664
2007
Loss on ordinary activities - - (4,344) (4,344)
after taxation
Shareholders' funds at 31 203 19,408 18,709 38,320
October 2007
Shareholders' funds at 1 203 19,408 18,709 38,320
November 2007
Return on ordinary activities - - (12,372) (12,372)
after taxation
Shareholders' funds at 30 203 19,408 6,337 25,948
April 2008
Shareholders' funds at 1 May 203 19,408 6,337 25,948
2008
Loss on ordinary activities - - (15,820) (15,820)
after taxation
Shareholders' funds at 31 203 19,408 (9,483) 10,128
October 2008
Cash Flow Statement
For the six months ended 31 October 2008
Six months ended Six months ended Year Ended
31 October 2008 31 October 2007 (unaudited) 30 April 2008 (audited)
(unaudited) �'000 �'000
�'000
Operating activities
Investment income received 1,115 1,037 1,587
Other income received 16 2 2
Deposit interest received 75 50 91
Investment management fees (86) (290) (509)
paid
Investment management fees VAT 296 - -
refund
Other cash receipts (79) (101) (102)
Net cash inflow from operating 1,337 698 1,069
activities
Servicing of finance
Interest paid on bank loan (255) (255) (507)
Dividends paid on income (762) (715) (1,325)
shares
Net cash outflow from (1,017) (970) (1,832)
servicing of finance
Investing activities
Purchases of investments (14,700) (22,619) (39,567)
Disposals of investments 17,052 23,305 43,229
Net cash inflow from investing 2,352 686 3,662
activities
Increase in cash 2,672 414 2,899
Reconciliation of net cash
flow to movement in net debt
Increase in cash in the period 2,672 414 2,899
(Increase)/decrease in income (704) (148) 562
share liability
Opening net debt (17,346) (20,807) (20,807)
Closing net debt (15,378) (20,541) (17,346)
Financial Statements
These half-yearly financial statements do not represent full financial statements in accordance with Sections 434
and 435 of the Companies Act 2006.
The financial information for the year ended 30 April 2008 has been extracted from the annual report and accounts of
the Company which have been filed with the Registrar of Companies. The auditor's report on those accounts was
unqualified.
Notes to the Financial Statements
1 Accounting policies
Basis of accounting
The financial statements have been prepared in accordance with pronouncements on halfyearly reports issued by the
Accounting Standards Board, with the Disclosure and Transparency Rules of the Financial Services Authority, with UK
Generally Accepted Accounting Practice (GAAP) on a going concern basis and with the Statement of Recommended Practice
"Financial Statements of Investment Trust Companies" issued in December 2005.
The financial statements have been prepared on a going concern basis, which assumes that the Company will continue
in operational existence for the foreseeable future and be able to meet its liabilities as they fall due. There are
uncertainties that the Directors have had to consider in deciding to prepare the financial statements on this basis,
which are set out below.
Under the Articles of Association the Directors are obliged to convene a general meeting of the Company on 30 April
2009 at which an Ordinary Resolution will be proposed to wind up the Company voluntarily. The Directors may be exempted
from this obligation by a special resolution of the Company and separate extraordinary resolutions of the holders of the
Income shares and the holders of the Capital shares in each case passed after 30 April 2008.
In the event that such special resolution is to be considered no earlier than 1 April 2009 and it contains proposals
that would result in the Income Shareholders receiving not later than the Planned Winding Up Date 60p in cash (in
addition to any entitlement to any undistributed revenue reserve) for each Income Share held then the Income
Shareholders shall not be entitled to vote upon the special resolution and a separate extraordinary resolution of the
Income Shareholders shall not be required.
The validity of the going concern basis depends upon the Board developing proposals for the continuation of the
Company beyond 30 April 2009 and for these proposals to be approved by shareholders on or prior to 30 April 2009.
However, any proposals recommended by the Directors would have to be made in response to market conditions at the
time and, accordingly, it would not be appropriate for the Directors to consider the available options until a time
nearer to that date. Whilst the Directors believe that continuation currently remains a viable option, the Board cannot
be certain that this will be the case in 2009.
Notwithstanding the above, the Directors consider that it is reasonable to prepare the financial statements on a
going concern basis and not to provide for costs of liquidation until such time as the future of the Company is more
certain.
Were proposals not presented to shareholders, or should such proposals not be approved, adjustments would be
required to reduce the balance sheet values to their recoverable amounts, reclassify non-current assets as current, and
provide for further liabilities that might arise including the liquidation costs.
A summary of the accounting policies which have been consistently applied throughout the period, can be found in the
Company's annual financial statements for the year ended 30 April 2008.
2 Related parties
Investment management and administrative services are provided to the Company by Scottish Widows Investment
Partnership Limited (SWIP). The monthly fee under this contract is payable in arrears at the rate of 0.95% per annum for
the first �25 million of the gross assets, 0.85% per annum on the gross assets between �25 million and �35 million and
0.625% per annum on gross assets above �35 million. This arrangement may be terminated at any time by either party
giving 6 months' notice. The total fee for the six months ended 31 October 2008 was �164,250 of which �164,250 was still
outstanding as a receivable at the period end. (The total fee for the year ended 30 April 2008 was �446,000 which
�86,000 was still outstanding as a receivable at the period end of 30 April 2008 and the total fee for the six months
ended 31 October 2007 was �261,000 of which �120,000 was still outstanding at the period end 31 October 2007).
A Facilities Agreement was entered into by the Company with Lloyds TSB Scotland plc on 7 May 2002. The Company has
drawn down �8,126,824 (31 October 2007: �8,126,824, 30 April 2008: �8,126,824). Interest paid/payable for the six months
ended 31 October 2008 was �255,000 (31 October 2007: �255,000, 30 April 2008: �507,000). Lloyds TSB Group and Scottish
Widows Group (in respect of managed funds) held 52.17% (31 October 2007: 52.17%, 30 April 2008: 52.18%) of the capital
shares of the Company and 5.99% (31 October 2007: 5.99%, 30 April 2008: 5.99%) of the income shares of the Company.
Deposit interest included in income includes amounts received from SWIP Global Liquidity Fund plc. The total income
received amounts to �81,000 (31 October 2007: �52,000, 30 April 2008: �97,000) with �15,000 (31 October 2007: �5,000, 30
April 2008: �9,000) outstanding at the period end.
Company Information
Directors
Anthony Bushell (Chairman)
Bernard Clark
Nigel Pearson
John Poulter
Investment Manager
Scottish Widows Investment Partnership Limited
Edinburgh One
Morrison Street
Edinburgh EH3 8BE
0131 655 8500
Secretary and registered office
Scottish Widows Investment Partnership Limited
10 Fleet Place
London EC4M 7RH
020 7203 3000
Registrar
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex BN99 6DA
Scottish Widows Investment Partnership Limited ("SWIP") is one of the largest asset management companies in the UK.
They actively manage funds across a broad range of asset types and are major investors in global and pan-European equity
markets, as well as property, fixed interest and cash.
The global nature of SWIP's business is reflected not just in the markets they invest in, but also in their client
base and the geographical spread of their business operations, which encompass the United States, Europe and the Far
East.
SWIP manages money for a large number of investors with a wide variety of investment objectives. The investor's
needs can be met by investing in SWIP's diverse fund range or through a bespoke portfolio.
SWIP's flexible investment style also enables them to meet their client objectives in all market conditions. They
have a rigorous investment process, which emphasises their own independent fundamental research. This gives them a depth
of information and insight that is not available to the market generally.
With �79.4 billion*, as at 31 October 2008, of funds under management and the backing of their parent company,
Lloyds TSB Group plc, clients can have confidence in their stability and position of strength. Their size and market
leadership has also allowed them to attract and retain one of the UK's strongest and most experienced investment teams.
SWIP believes that the expertise of their investment teams and the comprehensive research that they conduct is key
to providing consistently superior returns for their clients.
* Source: SWIP
Smaller Companies Value Trust plc
10 Fleet Place
London EC4M 7RH
44616 12/08
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