21st Aug 2015 06:48
LONDON (Alliance News) - HgCapital, the private equity manager of London-listed HgCapital Trust PLC, on Friday said several of its investments are performing ahead of plan, meaning they are expected to return cash to investors, including HgCapital, in the second half.
In addition, the private equity manager said it is likely to continue to hold several of its older investment that could be realised now for good returns, on the belief that there is "more to go given their trading performance and market opportunity".
The manager's comments came within the trust's interim results statement for the six months to the end of June. They showed that the trust's net asset value per share increased to 1,293 pence at the end of June from 1,278p six months earlier, taking into account the 32p dividend paid by the trust in May.
Its total return performance, assuming reinvestment of dividends, was 3.8% in the six-month period.
One month later, at the end of July, the trust's NAV per share amounted to 1,287p.
"Strong trading in the underlying portfolio over the period has continued to drive further growth in the NAV, meeting the trust's objective to outperform listed equities," Roger Mountford, chairman of the trust, said in a statement.
The trust reported 12% growth in its underlying portfolio in local currency, though weakness in the the euro and Nordic currencies hit net assets.
By Samuel Agini; [email protected]; @samuelagini
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