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CT Capital falls short of benchmark amid market "turmoil"

1st Dec 2022 17:10

(Alliance News) - CT UK Capital & Income Investment Trust PLC on Thursday said it underperformed its benchmark during a tumultuous financial year for markets.

The London-based investment company said that net asset value per share total return for the year ended September 30 was negative 13% compared to the FTSE All-Share index benchmark total return of negative 4.0%.

The company said its investment loss was GBP57.3 million, swinging from a gain of GBP89.7 million for the year prior.

On the loss, Chair Jonathan Cartwright said: "This year the UK has witnessed probably one of its greatest periods of political instability. This, inevitably, is feeding through into turmoil on the financial markets, contributing to both volatility and a weakness in the value of sterling denominated assets."

Cartwright said he was confident CT Capital would "deliver attractive returns over the medium and longer-term."

"Domestic political stability had largely been taken for granted in the UK and it will be necessary in future to avoid further losses in confidence in the UK as a country in which to carry out business," the company said.

CT Capital announced a fourth quarter dividend of 3.85 pence per share, taking the total dividend for financial 2022 to 11.85p per share, up 1.7% from 11.60 the year prior, marking CT Capital's 29th year of increased payments, maintaining the company's AIC Dividend Hero status.

CT Capital shares closed 1.2% higher at 300.00p each on Thursday in London.

By Harvey Dorset; [email protected]

Copyright 2022 Alliance News Limited. All Rights Reserved.

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