9th Sep 2019 12:12
(Alliance News) - Aurora Investment Trust PLC on Monday said its net asset value rose in the first six months of the year but total return lagged behind its benchmark index.
At June 30, Aurora reported a net asset value per share of 191.03 pence, up 4.8% from 182.24p at the end of December. Net assets rose by 21% to GBP123 million from GBP102 million in December.
Shares in Aurora were 1.1% higher at 185.00p each in London on Monday afternoon, meaning the company's shares are trading at a 3.2% discount to its June 30 net asset value.
Total return during the period was 6.9%, behind the FTSE All-Share index which returned 13%.
The company said the main contributors to its interim net asset value performance were JD Wetherspoon PLC, Tesco PLC and Barratt Developments PLC, all of which posted 20% gains, Aurora said.
Sports Direct International PLC, Lloyds Banking Group PLC, Randall & Quilter Investment Holdings Ltd and Vesuvius PLC all posted gains above 10%, Aurora added.
Aurora said that card payment protection company CPP Group PLC, down 19%, funeral services provider Dignity PLC, down 5%, and easyJet PLC, down 10%, were detractors to performance.
During the period, easyJet became Aurora's largest investment, while it reduced its holding in both Tesco and GlaxoSmithKline PLC.
Looking ahead, Aurora said it expects future returns from companies that have suffered a price decline so far in 2019. Aurora added that the "intrinsic value" of the companies have not reduced.
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