17th Dec 2015 12:29
LONDON (Alliance News) - Miton UK MicroCap Trust PLC, which invests in companies valued at less than GBP150.0 million by market capitalisation, on Thursday said it performed well over the the first few months of its life.
The investment trust said its net asset value rose to 52.42 pence on October 31 from 49.0p on April 30, even as the FTSE All-Share Index fell by 7.3% over the same period.
Miton UK MicroCap Trust joined the London Stock Exchange on April 30, with GBP100.0 million raised in its initial public offering. It subsequently raised an additional GBP5.4 million.
Chairman Andy Pomfret said the trust's investment strategy favours stocks with "real potential" for productivity growth, along with "risk moderated through preferring those with relatively strong balance sheets and good management".
"Superior productivity growth is anticipated to lead to better cashflow generation in time, and the longer-term expectation is that many of these kinds of companies will ultimately move towards paying good and growing dividends," Pomfret said.
"Given that dividend growth in the mainstream stocks has been coming under pressure recently, this illustrates why the board has confidence that our trust remains well-placed to generate further future outperformance," Pomfret said.
Shares in Miton UK MicroCap Trust were down 0.3% at 57.09 pence on Thursday afternoon.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Miton Uk