4th Apr 2024 11:18
(Alliance News) - Dunedin Income Growth Investment Trust PLC on Thursday released its annual results, which demonstrated a positive performance despite a challenging investing environment.
The UK-focused investment fund said that for the year ended January 31 2024, total net asset value return increased by 6.7%, outperforming its benchmark FTSE All-Share Index which generated a 1.9% return.
Over the same period NAV per share increased by 0.8% to 304.99 pence from 302.57p.
The company increased its final dividend by 1.2% to 4.15p from 4.10p, representing a 5% increase in the total for the year to 13.75p up from 13.10p.
Chair David Barron commented: "this year's performance represents a welcome return to outperformance after two years in which the investment manager's strategic focus on high quality companies with an emphasis on dividend growth and sustainability had proven something of a challenge in a market that had favoured more value orientated investment styles."
Looking ahead, the company believes its strategy will deliver comparable positive returns over the long term as economic conditions ease and sustainability returns to the forefront of investor's attention.
However, the company remains mindful of the risks posed by ongoing geopolitical tensions and inflationary pressures.
Barron added: "we think it is important to maintain a relatively well-balanced portfolio and the investment manager's focus on investing in companies with pricing power, strong balance sheets and with greater exposure to structural, rather than cyclical, growth should offer greater resilience in both capital and income generation."
Dunedin IGIT shares were up 0.8% to 278.32 pence each in London on Thursday morning.
By Elijah Dale, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.