17th Feb 2020 13:11
(Alliance News) - Aberdeen Frontier Markets Investment Co Ltd on Monday reported that it underperformed its benchmark and a fall in net assets during its firs half.
Aberdeen Frontier's net assets at December 31 stood at USD48.2 million, down 1.6% year-on-year from USD49.0 million.
Net asset value per share came in at 50.61 pence, down 5.3% from 53.44p in the year prior.
Aberdeen Frontier shares were untraded in London on Monday afternoon, last quoted at 44.02 pence each in London on Monday afternoon.
The trust's net asset value total return came in at 0.4%, beaten by the MSCI Frontier Markets Net Total Return Index benchmark of 5.5%.
"The company's under-performance against the index resulted from its exposure to the quite exceptional events in Argentina and, to a lesser extent, in Lebanon," the trust explained.
Aberdeen Frontier added: "It is pleasing to observe signs of recovery over the six months ended December 31, 2019 as both frontier markets and the company's portfolio delivered positive returns. Highlights included a turnaround for Pakistan, Egypt, and Vietnam, the company's three largest country exposures."
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.