16th Jan 2020 14:31
(Alliance News) - Independent Investment Trust PLC on Thursday said its net asset value grew by 6.4% in its recently-ended financial year.
The Edinburgh-based investment company said its NAV return over the year to the end of November 2019 was 8.5%. Over the same period, the FTSE All-Share Index and the FTSE World Index have produced total returns of 11% and 13%, respectively.
The trust's NAV per share as at the end of November stood at 571.8 pence, up from 537.4p it reported the year before.
The stock was trading 1.9% lower in London on Thursday at 574.75p a share.
A further erosion in the company's shares saw the discount move out to 9.4% at November 30 last year from 1.2% at the end of November 2018, producing a share price total return of negative 0.5%. However, as of Tuesday, the company's share price discount to NAV stood at 3.8%.
During the year, the trust said it has made a few changes to its portfolio, including the sale of its Kainos stake and reducing holding in Blue Prism.
"Elsewhere, good share price performances boosted our exposure to housebuilding and to travel and leisure, while poor share price performances caused a substantial reduction in our business services exposure," said Chair Douglas McDougall.
By Evelina Grecenko; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
IIT.L