5th Aug 2014 15:20
LONDON (Alliance News) - Capital Gearing Trust PLC Tuesday said its net asset value per share declined in the last quarter and significantly underperformed its benchmark, which rose in the period.
The company aims to achieve capital growth in absolute terms principally through investment in quoted closed-ended funds and other collective investment vehicles.
The UK-based investment trust said its net asset value per share in the three months to July 5 declined by 0.4% to 3,108.3 pence, compared with a NAV per share of 3,120.8 pence at the end of the previous three-month period on April 5.
This compares with its benchmark, the FTSE Equity Investment Instruments Index, which increased by 1.3% to 7,342.8 pence from 7,247,0 pence on April 5.
The trust's share price also declined to 3,100.0 pence on July 5, from 3,340.0 pence at the end of the previous quarter.
Capital Gearing shares were down 1.8% late afternoon Tuesday, trading at 3,116.17 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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