Page 1 of 2 | Morningstar Factsheets | All data as at 02 Dec 2014 unless stated otherwise
The North American Income Trust plc
Morningstar Peer Group Classification
North America
NAIT
Total Return Performance (GBP) over 5 years (or since inception)
Investment Objective
To provide investors with above average dividend income and long-term
capital growth through investing predominantly in S&P 500 constituents.
Valuation statistics (NAVs estimated1) GBX
02 Dec 2014
Price
875.50
Fair Cum NAV
948.97
Fair Ex NAV
935.06
Par Cum NAV
951.91
Par Ex NAV
936.81
Fair Cum Discount
-7.69
Fair Ex Discount
-6.32
Par Cum Discount
-7.97
Par Ex Discount
-6.54
Peer Group Discount
-1.27
-1.28
Z-Statistic2
12 m High
882.00
Low
765.50
943.30
785.56
+5.14
-7.56
Last Actual NAVs (GBX) as at 01 Dec 2014
Fair Cum NAV
939.30
Fair Ex NAV
925.39
Par Cum NAV
942.21
Par Ex NAV
928.30
Key Data
Domicile
Launch Date
Financial Year-end
Exchange
Next AGM
NAV Frequency
Dividend Frequency
Total Assets (GBP)
Net Assets (GBP)
Shares Outstanding
Gross Gearing3
Net Gearing4
Average Daily Shares Traded (1yr)
Average Daily Value Traded (1yr)
Total Expense Ratio5 (2014)
Market Capitalisation (GBP)
Net Dividend Yield6
UK
05 Jun 1997
31 Jan
London (LSE)
May 2015
Daily
Quarterly
349.7m
309.2m
33,007,082
113
109
0.025m
0.333m
1.04%
289.0m
3.20%
Performance (Total Return %)8 GBP
1 month 3 months
Price
+1.98
+4.98
NAV
+3.81
+6.56
Peer Group (Price)
+4.06
+7.15
Peer Group (NAV)
+3.80
+6.59
Benchmark
+4.92
+9.40
6 months
+8.54
+12.36
+12.47
+12.80
+16.10
1 year
+5.96
+18.39
+15.45
+19.01
+22.46
YTD
+6.58
+17.59
+15.15
+17.64
+20.56
3 years
+51.89
+52.34
+61.16
+59.45
+76.83
5 years
+86.04
+87.88
+106.04
+96.43
+120.23
Peer Group: Morningstar IT North America P
Morningstar Benchmark: S&P 500 Composite
Fund distributions reinvested on ex-dividend date8
Dividend Yields over 5 years (or since inception)
Dividend Policy
The fund intends to pay quarterly dividends
Year-on-Year Dividend Growth % (financial year 31 Jan)
2015
3.70
2014
38.46
2013
107.45
2012
2.73
2011
-8.50
Distributions (GBP) over 5 years (or since inception)
Dividend Growth % (annualised on current financial year)7
1 year
3.70
2 years
19.83
3 years
43.88
4 years
32.26
5 years
22.87
Directors
James G D Ferguson (Chairman), Guy Crawford, Archie Hunter
Fund Manager: Paul Atkinson (29 May 2012)
Aberdeen Asset Management
40 Princes Street, Edinburgh, UK, EH2 2BY
Telephone: +44 (0)131 528 4000
Website: http://www.northamericanincome.co.uk
Stockbroker: Winterflood Securities Limited
Management Fee Summary
Management fee 0.80% p.a. of Gross Assets. Contract terminable on 3
months notice.
Latest Dividend History (GBp)
Type
Income
Income
Income
Income
Income
Income
Income
Income
Income
Dividend Declared Date
6.000
12 Sep 14
19 Jun 14
6.000
14 Mar 14
10.000
16 Jan 14
6.000
18 Sep 13
5.500
27 Jun 13
5.500
22 Mar 13
13.000
18 Sep 12
6.500
30 Mar 12
5.200
Ex Div Date
01 Oct 14
02 Jul 14
07 May 14
22 Jan 14
02 Oct 13
03 Jul 13
24 Apr 13
26 Sep 12
02 May 12
Record Date
03 Oct 14
04 Jul 14
09 May 14
24 Jan 14
04 Oct 13
05 Jul 13
26 Apr 13
28 Sep 12
04 May 12
Payment Date
31 Oct 14
01 Aug 14
03 Jun 14
14 Feb 14
01 Nov 13
02 Aug 13
24 May 13
26 Oct 12
01 Jun 12
Initial Public Offering
on 21 Oct 1952
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
Financial Year
2015
2015
2014
2014
2014
2014
2013
2013
2012
Page 2 of 2 | Morningstar Factsheets | All data as at 02 Dec 2014 unless stated otherwise
The North American Income Trust plc
NAIT
Risk & Return9
Discrete Monthly Price & NAV Total Return % (GBP)
Sector Breakdown (%)
Discrete Yearly Price & NAV Total Return % (GBP)
Geographic Breakdown (%)
Risk & Correlation
Alpha (NAV) 11
Beta (NAV)12
R-squared (NAV)13
Sharpe (NAV)14
Price Volatility15
NAV Volatility15
Benchmark Volatility15
Peer Group Price Volatility15
Peer Group NAV Volatility15
3 months
-0.02
0.82
0.91
2.16
14
13
12
15
15
6 months
0.78
0.81
2.22
13
10
10
12
12
1 year
0.23
0.52
0.41
1.85
12
10
11
11
11
3 years
-0.18
0.85
0.76
1.46
12
11
12
11
11
5 years
-0.17
0.94
0.90
1.12
14
15
16
14
15
Additional Performance (Total Return%8) GBX
Largest Holdings (% Portfolio10) as at 31 Oct 2014
Microsoft Corporation
Philip Morris International, Inc.
Verizon Communications Inc
Wisconsin Energy Corporation
Chevron Corp
Freeport-McMoRan Copper & Gold
Target Corp
Republic Services, Inc.
TransCanada
Conocophillips
Total
Capital Structure
Number of Shares
33,007,082
Loan CCY
USD
GBP
USD
4.1%
4.0%
3.6%
3.3%
3.1%
3.0%
3.0%
2.9%
2.9%
2.9%
32.9%
Share Type
Ord 25p
£m
32.7
1.5
6.4
Redemption
Period
2014
2013
2012
2011
2010
2009
Since FTSE 2009 Low (13 Mar 09)
Since Sub-Prime (20 Nov 07)
Since FTSE 2007 Peak (13 Oct 07)
Price
+6.58
+28.15
+7.92
+1.02
+20.45
+9.63
+137.70
+85.24
+66.89
NAV Peer Price
+17.59
+15.15
+19.73
+26.14
+6.42
+7.61
+2.52
+4.11
+17.89
+21.21
+12.20
+11.89
+156.90
+166.41
+87.05
+117.19
+69.98
+96.64
Peer NAV Benchmark
+17.64
+20.56
+25.08
+29.93
+7.16
+10.91
+1.93
+2.87
+17.86
+18.68
+11.88
+12.60
+174.81
+200.94
+102.49
+120.86
+85.65
+101.08
Wind-up Provisions/Buy Back Policy
Shareholders are given the opportunity to vote on the continuation of the company every 3 years at the AGM in that
year. The Company has the authority to allot shares up to 33.33% of the nominal value of the existing issued share
capital of the company (10% non pre-emptively) and the authority to purchase up to 14.99% of the issued share
capital. This authority will be renewed at every AGM. The fund will aim to establish a long-term level of the discount
to the NAV of no greater than 5%.
Coupon
2.180%
1.403%
1.056%
Net Dividend Yield – This is calculated by dividing the current financial years dividends (this will include prospective dividends) by the current price.
Dividend Growth – The annualised percentage growth in dividends. Based upon the current financial year, including any future estimates or forecasts.
Performance – Calculated using start and end period Share Prices or NAV Dividends are reinvested on the ex-dividend date at the prevailing Share Price or NAV.
Risk & Return – 1 Year ex income par NAV total return performance against 1 Year NAV volatility. Please see notes 8 and 15 for performance and volatility definitions
respectively.
2
10 Portfolio – In order to calculate the portfolio value we deduct any holdings in cash only (Note that Fixed Interest is not included).
11 Alpha – The difference between the fund’s average excess total return and the benchmark’s average excess total return.
3
12 Beta – The sensitivity of the fund to broad market movements. A Beta of 0.5 would imply the fund will move by half as much as the index.
4
13 R-squared – A measure of correlation between the fund and index. A value of 0.8 means that 80% of the fund’s NAV changes can be explained by changes in the index.
14 Sharpe – A risk-adjusted return measure, calculated by dividing the fund’s average monthly excess total return over the risk-free rate by the standard deviation of those returns.
5
The figure shown is the annualized Sharpe Ratio.
15 Volatility – The annualized standard deviation of the logged daily returns, adjusting for distributions from capital.
The factbook pages are compiled by Morningstar and have no regard to the particular needs of any specific recipient. All price information is indicative only. Nothing herein is to be construed as a solicitation or an offer to buy or sell any financial products. The factbook pages
are prepared by Morningstar and based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, nor are they a complete statement of these securities. Morningstar accepts no liability whatsoever for any loss or damage of any
kind arising out of the use of all or part of these factbook pages.
1
NAV Estimation - Fair value of debt refers to the market price of the debt if it is traded or, if it is not traded, an
estimation of its value calculated using points over gilt methodology.
Cum Income NAVs include net revenue in the financial year to date. All estimates are fully diluted for the effects of
warrants, convertibles or treasury shares. NAV estimations are created and maintained by Morningstar. For more
detailed methodology document please contact [email protected]
Z-Statistic 1y – Shows whether the fund’s current discount is significantly higher or lower than the average over the
past year, calculated as (Current Discount – Mean) / Std Dev
Gross Gearing – The ratio of estimated gross Assets to the Net Assets, expressed as a percentage
Net Gearing – The ratio of estimated Gross Assets minus cash and fixed interest to the Net Assets, expressed as a
percentage. Cash and fixed interest represents not-equity exposure.
Total Expense Ratio – (Total Expenses – Performance Fees – Cost of Leverage – Tax – Restructuring Costs) /
Average Net Assets
6
7
8
9