30th Mar 2015 16:32
LONDON (Alliance News) - Manchester & London Investment Trust PLC said Monday it had underperformed its benchmark in the half year to end-January.
It saw a negative total return on net asset value per share of 2.6%, compared to a total return of 0.7% by its benchmark.
It attributed this to poor positioning ahead of the drop in oil price last November, and an under exposure to UK centric and smaller capitalisation stocks.
Since the period end the company's net asset value has improved to 296.4 pence from 285.5 pence.
The company announced a further special dividend of 0.25 pence and an ordinary interim dividend of 1.50 pence.
"Performance does appear to be improving since the period end. We hope that this continues through to the year end," the trust said in a statement.
Shares in Manchest & London Investment closed up 0.2% at 249.48 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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