13th Jun 2016 10:31
LONDON (Alliance News) - Gabelli Value Plus Trust PLC, the investment trust floated on the London Stock Exchange in February 2015 with a mandate to invest in US equities, on Monday said it is looking at the longer term for outperformance against the broader US stock market.
The investment trust reported a net asset value total return of 3.9% from its starting net asset value of 99 pence per share in 2015 to March 31, 2016. That calculation takes into account the costs of issuing the shares, which reduced the starting net assets from 100p, at which level the net asset value total return was 2.9%.
Chairman Andrew Bell said that Gabelli Value Plus lagged the US market. "Whilst unwelcome in the short term, the manager's investment approach does not attempt to mirror the composition of the US stock market index or to track it, aiming to deliver positive returns for shareholders while adding relative value in the longer term," he said in a statement.
Shares in Gabelli Value Plus were down 0.1% at 94.80p on Monday.
By Samuel Agini; [email protected]; @samuelagini
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