31st Jan 2014 15:52
LONDON (Alliance News) - The Henderson Smaller Companies Investment Trust PLC Friday said it performed in line with its benchmark over the first six months of the year.
In a statement for its half-year, which ended on November 30, the trust said its net asset value total return was 14.51%, compared to the 14.4% rise in the Numis Smaller Companies Index (excluding investment companies).
The company said the outperformance was a result of its utilisation of gearing, otherwise known as making investments with borrowed money to enhance returns.
"The period under review has seen equity markets perform strongly helped by more positive economic tailwinds. These tailwinds remain in place and on balance the global economic situation continues to improve," Neil Hermon, fund manager, said in a statement.
"In this environment and with a positive perspective on likely future returns from our portfolio we retain some gearing which stood at 9.9% at 30 November 2013 and remains broadly unchanged," Hermon added.
"Our investments are generally trading well, are soundly financed and attractively valued. Additionally, the small cap market continues to throw up exciting growth opportunities in which the company can invest," Hermon said.
PERFORMANCE: comparative total return figures for periods ended 30 November 2013
6 months % | 1 year % | 2 years % | 3 years % | 5 years % | 10 years % | |
The Henderson Smaller Companies Investment Trust plc: net asset value per ordinary share | 14.51 | 41.89 | 86.50 | 92.01 | 319.22 | 330.91 |
The Henderson Smaller Companies Investment Trust plc: ordinary share price | 14.71 | 46.91 | 111.12 | 103.10 | 497.44 | 352.85 |
Numis Smaller Companies Index (excluding investment companies) | 14.39 | 37.93 | 69.69 | 72.76 | 235.12 | 253.74 |
FTSE SmallCap Index (excluding investment companies) | 17.37 | 47.19 | 89.30 | 74.29 | 200.19 | 109.93 |
FTSE All-Share Index | 3.88 | 19.80 | 34.35 | 37.80 | 98.68 | 134.02 |
Source: AIC and Datastream
The trust's shares were Friday quoted at 555.00 pence, up 1.00 pence, or 0.18%.
By Samuel Agini; [email protected]; @samuelagini
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