27th May 2020 14:16
(Alliance News) - Baring Emerging Europe PLC on Wednesday said it has recorded a negative return and underperformed against its benchmark in the first half of financial 2020 due to the market disruption created by the Covid-19 pandemic and crash in oil prices.
The investment trust recorded a negative return of 30.6% for the six months to March 31 versus a 28.4% loss recorded by benchmark, the MSCI Emerging Europe 10/40 index.
The company saw a 28% negative movement in its share price during the six-month period, versus a 2.7% negative movement a year ago. The stock was trading 3.2% higher at 654.00 pence each in London on Wednesday afternoon.
Net asset value per share at March 31 stood at 632.82 pence per share, down from 824.02p paid a year ago.
"After reporting an all-time high NAV for the last financial year to 30 September, with a 17.8% NAV total return over the year, it is profoundly disappointing to have to report that our portfolio has been hit by the market's reaction in February and March to the COVID-19 outbreak. It has also been impacted by the falling oil price, owing to the consequent reduction in demand," said Chair Frances Daley.
Baring Emerging declared an unchanged interim dividend of 15 pence per share.
By Tapan Panchal; [email protected]
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