7th Jan 2016 15:38
LONDON (Alliance News) - Miton Global Opportunities PLC Thursday said its net asset value, share price and total returns fell in the first half of its financial year, and only managed to outperform one of its two benchmark indexes.
The company, formerly named Miton Worldwide Growth Investment Trust, said its net asset value fell 4.4% over the six month period ended October 31, to 173.70 pence from 181.63 pence at the end of April, whilst its share price fell 2.8% to close at 158.25p on the last day of October from 162.75p at the end of April.
Miton shares were untraded on Thursday afternoon. It last traded at 157.0 pence per share.
The net asset value total return over the six month period fell 4.4%, which outperformed one of its benchmark indexes, the FTSE-All-Share Index, which fell by 5.7% over the same period. However, its other benchmark, the MCSI Work Index, fell by 3.6% in the period.
At the end of October, total net assets stood at GBP43.9 million after falling from GBP45.9 million at the end of April, whilst total borrowings was up to GBP5.0 million from GBP3.0 million.
"The period under review was a tough period for equity markets. During the summer, the major indices fell to levels around 15% below where they had reached in early April, most of the damage coming in August," said Miton.
"Looking forward, the closed ended sector accounts for around a fifth of all listings on the London Stock Exchange, yet these represent less than 4% of the market's total assets under management. Some very large trusts such as Scottish Mortgage and Alliance Trust, which individually have market capitalisations well into the billions, make up a significant proportion of the total assets under management. Therefore, it is not surprising that so many funds fall below the radar and languish at deep discounts to the fundamental value of their portfolios. In view of our own closed ended status, we are well positioned to exploit such opportunities," said Miton.
By Joshua Warner; [email protected]; @JoshAlliance
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