7th Aug 2014 12:59
LONDON (Alliance News) - JPMorgan Claverhouse Investment Trust PLC Thursday said its net asset value total return was marginally negative, down 0.1%, and its share price total return down 0.2%, over the six months ended June 30, while the FTSE All-Share total return was up 1.6%, ending a run of four consecutive six-month periods in which NAV per share outperformed its benchmark.
"As always there are many uncertainties ahead. However, the period since the dark days of Spring 2009 has admirably demonstrated that long-term equity investors who have faith with the asset class have been richly rewarded since 2009," said Chairman Michael Bunbury, who is set to be replaced by Andrew Sutch at the conclusion of the trust's annual general meeting in April 2015. Sutch has been on the board since April 2013.
"Markets have now paused for breath and it will be important that company earnings should catch up with the growth in share prices which has largely resulted from expansion of price/earnings ratios. The world economy is expanding and the economies of some countries, and I would particularly cite the UK, are returning to robust growth. That should be positive for companies in Claverhouse's portfolio although, of course, most of the largest UK-based companies are reliant more on the global outlook rather than that of just the UK," Bunbury added.
Shares in the trust last traded at 733.70 pence.
By Samuel Agini; [email protected]; @samuelagini
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