11th Dec 2019 13:55
(Alliance News) - JPMorgan Brazil Investment Trust PLC on Wednesday said it has beaten the benchmark as its net asset value increased by 16% in the first half of its current financial year.
The investment company reported NAV per share as at the end of October of 86.7 pence, up from 74.7p a year ago.
The company recorded a total return on net assets for the first half of 12.0%, compared with its benchmark, the MSCI 10/40 Index in sterling terms, which returned 11.8% for the same period.
"The outperformance was mainly attributable to asset allocation, most significantly in the financials and healthcare sectors," said Chair Howard Myles.
The share price return to shareholders was 11.3%, reflecting the slight widening of the share price discount to NAV, JPMorgan Brazil noted. As at October 31, the company's shares were trading at a discount of 18.3%, compared to 17.7% as at the end of April.
The stock was trading 0.2% lower in London on Wednesday at 68.85p a share.
Looking ahead, Myles added: "The outlook for corporate earnings is good and the investment managers will continue to seek high quality, reasonably priced companies with good growth prospects for investment in the company's portfolio."
By Evelina Grecenko; [email protected]
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