17th May 2018 12:23
LONDON (Alliance News) - Henderson European Focus Trust PLC said on Thursday it underperformed against its benchmark index for the first half of its financial year, in the face of a more challenging macro environment.
Henderson European reported a net asset value negative return of 5.0% for the six months to the end of March, compared to a 4.3% negative return from its benchmark index, the FTSE World Europe ex UK Index.
The trust's net asset value per share stood at 1,281.86 pence as at March 31, up from 1,277.88p for the same date the year before, but down from 1,370.62p as at September 30.
Share price as at March 31 was 1,270.00 pence, reflecting a premium to net asset value of 0.9%.
Shares in Henderson European Focus Trust were 0.51% from 1,281.50 pence on Thursday.
In addition, the trust declared a dividend per share of 9.50 pence, up from 9.00p the prior year.
"Our fund management team has grown steadily more cautious over the past six months. This reflects the fact that fewer individual bargains are apparent, as well as the anticipation of a more challenging macro environment than is perhaps anticipated by the consensus. Thus, the company's portfolio has moved to an ungeared position, in the expectation that better entry prices will present themselves," said Chairman Rodney Dennis.
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