28th Mar 2019 12:34
LONDON (Alliance News) - Dunedin Income Growth Investment Trust PLC on Thursday said it performed in line with its benchmark in 2018 despite a decline in net asset value.
The company posted NAV per share of 270.90 pence as at January 31, down 8.3% from 295.55p reported a year earlier.
Dunedin's NAV total return for the year was negative 3.86%, while the company's benchmark, the the FTSE All-Share Index, returned negative 3.83%.
"It is disappointing to report on a year when the NAV total return was negative, albeit in line with the benchmark," said Chair David Barron.
"The equity portfolio performed well relative to the benchmark but this was offset by the impact of gearing in a falling market and ongoing charges," explained Barron.
The share price total return for the year was negative 0.8% reflecting a modest narrowing of the discount to NAV to 7.0% as at the end of 2018 from 8.1% at the start of the year.
The stock was trading 0.2% higher on Thursday at 255.60p a share.
Dunedin said it paid three interim dividends of 3.0p per share in respect of the year, up from 2.58p the year prior.
Related Shares:
Dunedin Inc.