18th Apr 2016 15:25
LONDON (Alliance News) - Invesco Perpetual UK Smaller Companies Investment Trust PLC on Monday said its net asset value rose by 10.9% on a total return basis in the year ended January 31, an outperformance versus the 3.8% of its benchmark, the Numis Smaller Companies Index excluding investment companies.
The trust's performance against the benchmark and the -4.6% delivered by the FTSE All-Share index resulted in a performance fee of GBP2.1 million to portfolio manager Invesco Asset Management.
Its share price rose to 362p per share from 328.3p during the period, an increase of 10%, and the discount, even in recent volatile markets, narrowed to a low of 3.0% and ended the year at 7.3%.
The stock was quoted at 388.50p on Monday afternoon, down 0.1% on the day.
The trust said it will pay a total dividend for the year of 14.3p per share, an increase of 4.0% on the previous year.
"Looking forward, after such a volatile start to 2016, there are still more hurdles ahead, not least in the inevitable uncertainty created by the 'Brexit' referendum on June 23. Meanwhile, governments worldwide have pulled out all the stops to stimulate their countries? economies with over USD10 trillion of quantitative easing to date and interest rates held at all-time lows," Chairman Ian Barby said in a statement.
"There are correspondingly few levers left to pull should the world economy descend into a recession. However, the portfolio manager remains confident that most economies are far better placed to deal with a relatively low growth, low interest rate period, even if that now seems likely to last for longer than expected, before growth restarts in earnest," Barby said.
By Samuel Agini; [email protected]; @samuelagini
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