4th Mar 2014 11:08
LONDON (Alliance News) - Foreign & Colonial Investment Trust PLC Tuesday said its net asset value total return edged ahead of its benchmark in 2013 and said it will pay an inflation-busting dividend.
The trust said said net asset value per share, with debt at market value, rose 18.8% to 424.8 pence and the share price 17.9% to 378.0 pence over 2013
The net asset value total return was 21.4%, compared with 21.0% from the trust's benchmark, the FTSE All World index.
The trust increased its dividend to 9.00 pence, up 5.9%, compared with an increase of 2.7% in the Retail Price Index
"Cash realisations from our private equity portfolio and the repayment of our expensive debenture at the end of this year will further strengthen our dividend paying ability. The board is therefore planning another increase in dividends. The total dividend for 2014 can be expected to be at least 9.30 pence, an increase of 3.3% and the forty-fourth consecutive annual increase," Simon Fraser, chairman, said in a statement.
The trust said Jeremy Tigue, its fund manager of almost 17 years, intends to step down from the role. F&C Asset Management Head of Multi-Asset Investment Paul Niven will take over from July 1.
Niven "has worked closely with Jeremy for almost a decade and has extensive experience of managing large diversified investment funds. He is therefore very well suited to the role," Simon Fraser said.
The trust's shares were Tuesday quoted at 380.17 pence, up 1.4%.
By Samuel Agini; [email protected]; @samuelagini
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