28th Nov 2013 17:56
LONDON (Alliance News) - Montanaro UK Smaller Companies Investment Trust PLC said Thursday it saw net asset value per share rise in the half year ended September 30, although it failed to outperform its benchmark.
The investment trust's total return net asset value was 4.0%, or GBP182 million, falling short of its benchmark, the Numis Smaller Companies Index (excluding Investment Companies), whose total return during the period was 13%.
Net asset value per share grew 3.1% to 538.08 pence on September 30 from 522.17 pence on March 31. It's share price discount narrowed in the half, as shares rose 11% to 486.00 pence from 437.00p.
Montanaro said that positive momentum in UK equities had been maintained throughout the period. The revived British economy, Montanaro said, had provided a favourable backdrop for smaller quoted companies.
The company said that it is comfortable with its position, and does not anticipate any material changes to the portfolio in the coming quarter. It said its investment management fee will be decreased to 0.85% from 1.0% on April 1, 2014.
Shares in the investment trust closed up 1.50 pence at 484.50 pence Thursday.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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