21st Apr 2020 11:43
(Alliance News) - Asia Dragon Trust PLC on Tuesday said its performance has deteriorated over the past half-year, with mid-single-digit decrease in net asset value.
The investment company reported a 3.6% decline in NAV per share to 441.39 pence as at the end of February compared to 458.03p as at August 31.
The trust's share price on February 29 stood at 390.00p, representing a 12% discount to NAV.
The stock was trading 0.8% lower in London on Tuesday at 369.00p a share.
During the six month period, 996,000 shares were bought back and held in treasury, the company noted.
Asia Dragon Trust posted NAV total return for the first half of negative 2.6%, trailing the 0.6% increase in the benchmark, the MSCI AC Asia Pacific ex Japan Index.
More positively, the NAV and share price, on a total return basis, increased 8.1% and 6.7%, respectively, versus 4.6% growth from the benchmark.
Looking ahead, the company said it remains optimistic that its portfolio can navigate the present challenges and thrive once the current pandemic comes under control.
By Evelina Grecenko; [email protected]
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