2nd Oct 2018 11:05
LONDON (Alliance News) - Amati AIM VCT PLC on Tuesday said it had outperformed its benchmark in the first half of its year, led by a strong performance from its holding in AB Dynamics PLC.
For the six months to July 31, the venture capital trust's net asset value total return was 5.9%. This was more than twice the 2.3% return of its benchmark, the Numis Alternative Markets Total Return Index.
AB Dynamics was the most significant contributor for the period, with shares in AB Dynamics gaining 53%. AB Dynamics constitutes 5.7% of the Amati AIM fund.
The net asset value per share as at July 31 was 175.69 pence, up from 145.77p the year before, with the share price discount to net asset value dropping to 5.8% from 7.5%.
An interim dividend of 3.50p per share for the period has been declared, up 7.7% from 3.25p per share the year before.
In May, the company merged with Amati VCT, prompting a name change to Amati AIM VCT from Amati VCT 2.
"The increased scale as a result of the merger is expected to lower the expense ratio which has been reducing over the last few years as the company has grown," said Amati Chairman Peter Lawrence.
Lawrence raised concerns about the future of Brexit and its knock-on impact on investors but retained a confident outlook.
"I remain optimistic that our venture capital trust will find a positive path through the turmoil that may lie ahead," he said.
Shares in Amati AIM VCT were untraded at 170.50p on Tuesday.
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Amati Aim Vct