11th May 2016 11:59
LONDON (Alliance News) - Keystone Investment Trust PLC on Wednesday said it underperformed against its benchmark in the first half of its financial year.
The investment trust, managed by Invesco Fund Managers Ltd, aims to provide shareholders with long-term growth of capital, mainly from UK investments.
The trust said its shares gave a total return of -3.6% in the six months ended September 30.
The underlying net asset value per ordinary share, with debt at fair value, gave a total return of +1.2%.
These compare with a total return by the trust's benchmark for performance measuring purposes, the FTSE All-Share Index, of +3.5%. All those figures are with income reinvested.
"The performance benefited from its zero weighting in the banks sector, but its underweight position in the oil & gas sector, notably the absence of a holding in Royal Dutch Shell or BG Group, detracted from performance. The zero weighting in the mining sector, where share prices demonstrated exceptional swings, was on balance a positive," portfolio manager Mark Barnett said in a statement.
Shares in the trust were up 0.1% to 1,662.2 pence.
By Samuel Agini; [email protected]; @samuelagini
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