20th Aug 2014 07:58
LONDON (Alliance News) - EP Global Opportunities Trust PLC Wednesday said it had underperformed the FTSE All-World Index and FTSE All-Share Index in the half year to end-June, hit by the strength of sterling and weaker performance by its Japanese holdings.
The trust saw a total return on net asset value per share of 0.6%, underperforming the FTSE All-World Index, which saw a return of 3.2%, and the FTSE All-Share Index, which saw a total return of 1.6%.
EP Global Opportunities said the strength of sterling had held back the performance of overseas markets. The Japanese market failed to recover ground it lost in January, the trust said.
"Despite the gains last year,there is still good value to be found in individual Japanese companies," the trust said in a statement.
EP Global Opportunities did not propose an interim dividend; and said that it will only pay one dividend for the year, as it has done in the past.
"Share prices are now at levels where they are more vulnerable to external shocks, although there is still room for them to move higher. We continue to be optimistic on the outlook for equities, but believe there will be increasing need for caution if valuations rise further," the trust said.
Shares in the trust are untraded Wednesday; they last closed at 222.01 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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