30th Mar 2016 11:24
LONDON (Alliance News) - City Merchants High Yield Trust Ltd on Wednesday said it performed "satisfactorily" in 2015 despite volatility in bond markets.
The trust's net asset value total return was 2.7% in 2015, the trust said, versus a 0.27% decline for the Investment Management Association Sterling Strategic Bond Sector.
The trust said it met its dividend target of 10 pence in 2015, matching the prior year level, and is targeting the same payment in 2016.
"The board believes the portfolio remains well positioned to continue to provide an attractive level of income for shareholders. There is potential for capital appreciation but also for some disappointment," Chairman Clive Nicholson said in a statement.
In addition, the trust will seek shareholder approval to appoint PricewaterhouseCoopers as its new auditor, a move which would put an end to 10 years of being audited by Ernst & Young LLP.
Shares in City Merchants High Yield Trust were up 0.7% at 177.64 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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