9th Mar 2026 13:23
(Alliance News) - Mobius Investment Trust PLC on Monday reported a stable dividend for financial 2025, but noted performance was impacted by style headwinds.
The emerging markets trust posted a net asset value total return of 6.9% for the financial year ended November 30, while its comparator index, the MSCI Emerging Markets Mid Cap, returned 21.9% in the same period.
Net asset value per share was 158.7 pence at the end of November, rising 5.5% from 150.4p a year prior.
The discount to net asset value widened to 11.5% from 8.2%, as the company's share price rose modestly to 140.5p from 138.0p, with performance impacted by "pronounced style headwinds" in a "more challenging" year.
Shares in Mobius were down 2.8% at 138.00p on Monday afternoon in London.
"Markets favoured larger-cap and value stocks, while many of the company's high-quality, smaller-cap holdings lagged despite continuing to deliver solid operational and earnings progress", Chair Maria Luisa Cicognani remarked, noting that the year also saw a higher-than-expected take up of the trust's voluntary redemption exercise, at 43%.
Mobius Investment proposed a 1.7p final and total dividend, to be paid next month, the same as the previous year's.
The trust also said it has "no direct investment in any company" in the Middle East's stock exchanges, "as to date we have found more attractive opportunities aligned with our investment criteria elsewhere".
However, with the fallout stemming from higher energy prices and supply chain disruptions impossible to contain to a single geographic region, developments in the Middle East may "have secondary effects in the wider market", Mobius said.
"The performance of emerging market equities will be driven by cyclical factors including a weaker dollar, a relaxation in monetary policy and growth trends driven by further investments in digitalisation and technology", the trust said in its outlook.
"Economic growth in emerging markets is expected to outpace developed markets supported by stronger demographics fuelling domestic consumption and increasing investments in infrastructure and manufacturing as well as digital transformation. As global demand improves this should drive earnings for emerging markets companies," it added.
By Martin Miraglia, Alliance News reporter
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