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IN BRIEF: New Star Investment underperforms benchmarks; notes weak G7

13th Oct 2022 08:06

New Star Investment Trust PLC - Investment company focused on long-term capital growth - In the financial year that ended June 30, net asset value total return is negative 9.5%, compared to positive 22% the previous year. NAV total return of negative 9.5% underperforms against three benchmarks. MSCI UK Index returns positive 3.2%, MSCI AC World Index returns negative 3.7%, and IA Mixed Investment 40% to 85% Shares returns negative 7.1%.

NAV per share falls 10% to 174.56 pence at June 30 from 194.49p a year before. Dividend kept flat at 1.40p per share. States that September 30 net asset value was 174.35p per share, down 0.1% since June 30 and falling 12% from 199.81p at August 31, 2021. Has no figures for NAV on September 30, 2021 as its full-year 2021 results report dates September 23, 2021.

Looking ahead, New Star notes weakening monetary trends in G7 countries and an intensifying housing market weakness. Further, "falling long-term bond yields relative to short-term interest rates suggest a period of weak or no economic growth extending into the spring of 2023. Inflationary trends, however, were showing signs of moderating over the early autumn, suggesting that a return to 1970s-style price rises was unlikely," company says.

Current stock price: 120.00 pence

12-month change: down 14%

By Tom Budszus; [email protected]

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