MIDDLEFIELD CANADIAN INCOME PCC
Interim Management Statement
This statement has been prepared to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any party for any purpose other than as stated above. This statement covers the period 1 January 2012 to date.
Middlefield Canadian Income PCC is a closed-ended investment company incorporated in Jersey on 24 May 2006. The Company has initially established one closed-ended Cell known as Middlefield Canadian Income - GBP PC (referred to as the "Fund" which term includes, where the context permits, the Company acting in respect of Middlefield Canadian Income - GBP PC). Admission to the official list of the UK Listing Authority and dealing in redeemable participating preference shares commenced on 6 July 2006.
Investment Objective
The Fund's investment objective is to provide shareholders with a high level of dividends as well as capital growth over the longer term. The Fund intends to pay dividends on a quarterly basis each year.
To achieve its objectives, the Fund invests predominantly in the securities of companies and real estate investment trusts ("REITs") domiciled in Canada and listed on a Canadian Stock Exchange, that the Investment Manager believes will provide attractive levels of distributions, together with the prospect for capital growth.
Performance Summary
The net asset value of the Fund as at 30 April 2012 was 97.91 pence per share or £86.5 million. The total return of the Fund, which reflects changes in the net asset value as well as dividends paid, was -3.9% for the year-to-date period ended 30 April 2012. Comparatively, the returns generated by the S&P/TSX Equity Income Index and the S&P/TSX Composite Index over the same period were 3.9% and 3.8%, respectively.
The asset class weightings for the Fund as at 30 April 2012 were:
Asset Class | Portfolio Weighting |
| Energy Producers | 22.5% |
| Real Estate | 19.4% |
| Utilities | 10.5% |
| Industrials | 8.8% |
| Power and Pipeline | 7.7% |
| Financials | 6.7% |
| Materials | 4.2% |
| Consumer Discretionary | 3.6% |
| Oil and Gas Services | 3.3% |
| Metals and Mining | 3.3% |
| Other | 10.0% |
Material Events
The Board of Middlefield Canadian Income PCC is not aware of any significant event or transaction, which has occurred between 1 July 2011 and the date of publication of this statement, which could have a material impact on the financial position of the Company.
Middlefield International Limited (the "Manager") remains positive on the outlook for the Canadian equity income sector. The Manager believes that as a result of increasing investor demand for yield, companies offering high levels of sustainable and increasing income will continue to attract significant investor interest and achieve premium valuations.
In addition, the Fund is pleased to announce that it was voted "Highly Commended" in the North American category of the Moneywise 2012 investment trust awards.
Gary Boudin W. Garth Jestley
Kleinwort Benson (Channel Islands) Middlefield Canadian Income PCC
Fund Services Limited Director
Company Secretary Tel.: 01481 727111
Tel.: 01481 727111
11 May 2012
Past performance is not a guide to future performance.
This interim management statement is available at: www.middlefield.co.uk.