14th Apr 2015 07:10
LONDON (Alliance News) - Alliance Trust PLC on Tuesday said it performed well in the first quarter of 2015 as the FTSE 250-listed investment trust continues to battle against the criticism levelled at it by activist investor Elliott Advisors (UK) Ltd.
Alliance Trust said its total shareholder return for the first quarter to the end of March was 6.9%, while its net asset value total return for the quarter was 7.9%. The trust said the performances are ranked in the top or second quartile of the global sector peer group over one year.
It added its equity portfolio has outperformed the MSCI All Country World Index benchmark over one, three and six months.
Alliance Trust shares were down 0.1% to 527.00 pence at the open on Tuesday.
Alliance Trust Investments ended the quarter with more than GBP2 billion in third-party assets under management, the trust said.
"We are pleased with the strong performance of Alliance Trust during the period which we believe shows that our strategy is working. The trust has outperformed the Global Sector over the first three months of the year, a continuation of the work Peter Michaelis and Simon Clements have done since they were appointed in September of last year," said Katherine Garrett-Cox, Alliance Trust's chief executive.
The trust has been engaged in a war of words with activist investor Elliott Advisors in recent weeks. Elliott, which holds a 12% stake in the trust, is seeking to appoint three directors to the board of Alliance Trust amid claims it has underperformed.
By Sam Unsted; [email protected]; @SamUAtAlliance
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