23rd Mar 2015 11:50
LONDON (Alliance News) - Activist investment fund Crystal Amber Fund Ltd on Monday said its net asset value performance underperformed its benchmarks in the first half, despite a good share price run for Aer Lingus Group PLC, the fund's largest holding.
Crystal Amber said its net asset value per share dropped 5% to 152.7 pence at the end of December, down from 160.8 pence at the end of June 2014. Its total return over the period turned negative at -4.7%, compared to a -0.5 return from the FTSE Small Cap Index, a 3.8% return for the FTSE 250 index and a -4.1% return for the Numis Smaller Companies Index.
The company said the economic environment was mixed over the period, with positive data in the UK and US offset by weakness in Europe, while markets remained volatile due to concerns surrounding potential interest rate movements, the falling oil price and geopolitical unrest.
The positive performance for the portfolio, however, was driven by Aer Lingus, the Irish flag carrier, which pushed higher on the back of the takeover bid for the company from FTSE 100-listed International Consolidated Airlines Group, the owner of British Airways.
Crystal Amber shares were untraded Monday, having last traded at 150.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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