10th May 2021 17:36
North Atlantic Smaller Cos Investment Trust PLC - investor in smaller companies based in countries bordering North Atlantic Ocean - Reports good performance against its benchmark index for its recently ended financial year.
As at January 31, the trust's net asset value per share rose 21% to 5,292 pence from 4,384p on the same date the year before. The trust outperformed against the sterling adjusted S&P Composite index, which returned 11%.
North Atlantic Smaller declares no final dividend, having paid out 30p per share in the prior year.
Chair Peregrine Moncreiffe says: "Equity markets have, in my opinion, already priced a recovery in corporate profits into current valuations, which do not appear for the most part to be particularly cheap. The core driver of equity markets is therefore the continuing provision of liquidity by central banks, with the only cloud coming perhaps from significant fiscal stimulus combining with an increase in money velocity to prompt some reversal of the deluge of monetary easing measures.
"I am pleased to say that the company continues to have substantial cash balances and the majority of our investments have no debt and healthy cash reserves. Although it is unlikely the company's NAV will perform as well in the year end to 31 January 2022, I am hopeful we can continue to see further progress in the current year."
Current stock price: 4,050p
Year-to-date change: up 8.4%
By Arvind Bhunjun; [email protected]
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