6th Dec 2019 10:46
(Alliance News) - Baring Emerging Europe PLC on Friday said it has outperformed its benchmark in its most recently ended financial year, thanks to a 13% growth in net asset value.
The investment company said its NAV per share as at the end of September stood at 930.81 pence, up from 824.76p it reported a year prior.
Baring share price was 846.00p on September 30, representing a 9.1% discount to NAV.
The stock was trading 1.0% higher in London on Friday morning at 853.50p a share.
The company's NAV total return over the year totalled 17.8%, while its benchmark, the MSCI Emerging Europe 10/40 Index, returned 15.9%.
Baring increased its dividend per share to 35p, having paid a 34p per share dividend a year ago. During the year, Baring bought back 695,747 shares at an average price of GBP7.7. These shares were cancelled.
"The board and investment manager continue to believe that emerging European markets offer a wealth of investment opportunities at attractive valuations," said Chair Frances Daley.
"Our investment manager now believes the time has come to take advantage of the mandate's scope for geographical diversification within emerging Europe, Middle East & Africa, including frontier markets, in order to enhance risk adjusted returns," added Daley.
By Evelina Grecenko; [email protected]
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