26th Nov 2015 16:34
LONDON (Alliance News) - Baring Emerging Europe PLC Thursday said it outperformed its benchmark in its recently ended financial year.
The trust reported a negative total return on net asset value of 20.5% for the year to end-September, outperforming its benchmark the MSCI EM Europe 10/40 Index, which saw a negative total return of 23.0%.
The company said it had seen a challenging market environment over the past year. However it was encouraged by how well companies coped, and by sound central bank policy decisions seen in Russia. It noted that sentiment towards Emerging Europe has "yet to fully improve", but it sees greater scope for positivity ahead.
"It has required some fortitude to stick to our guns in Emerging Europe. We have all been treated to an object lesson in how poor politics can damage capital markets, even when the underlying long-run fundamentals are very attractive," said Chairman Steven Bates in a statement.
Dividends for the year totalled 23 pence, up from 19.0 pence a year before.
Shares in Baring Emerging Europe were down 2.7% at 520.50 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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