7th Dec 2018 14:39
LONDON (Alliance News) - Gabelli Value Plus+ Trust PLC on Friday said its net asset value rose in the first half of its current financial year.
The investment company's net asset value total return was 12.1%. In comparison, the Russell 3000 Value Index returned 15.2% and the S&P 500 Index returned 19.7%.
NAV per share grew to 144.6 pence in the six months to the end of September from 136.3p reported a year prior.
The trust's share price at the end of the period stood at 134.0p, representing a 7.4% discount to NAV, narrowed from a 10.4% discount at the beginning of the period.
Gabelli Value Plus shares were trading flat on Friday at 122.00p each.
In the first half, the company said it repurchased 163,000 shares at an average price of 127p and an average discount of 9.5%. The trust intends to continue to buy back shares when there is an anomalous discount to NAV and when it is in the interests of shareholders to do so.
"A combination of rising US interest rates and a gradual reduction in the US Federal Reserve balance sheet will probably create increasing market headwinds, that may be exacerbated by potentially escalating trade wars and other international events, both political and economic," said Chairman Jonathan Davie.
"The investment manager is well aware of these challenges and will continue to use market's volatility to add to long term positions and search for new research-driven, fundamental value ideas, as well as mispriced non-correlated opportunities," added Davie.
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GVP.L