25th Sep 2014 10:56
LONDON (Alliance News) - New Star Investment Trust PLC Thursday said its net asset value rose 3.97% over its last financial year.
The trust, which targets long-term capital growth, said its NAV increased to GBP76.2 million from GBP73.3 million over the year ended June 30. This took year-end NAV per share to 107.33 pence, from 103.23p.
By comparison, the Investment Management Association's Mixed Investment 40-85% Shares index gained 8.03%.
The trust said the benchmark is appropriate because it has, since inception, been invested in a broad range of asset classes.
The MSCI AC World Total Return Index and the MSCI UK Total Return Index rose by 9.62% and 12.31%, respectively, over the financial year while UK government bonds returned 2.33%, the trust said.
"Investor expectations about central bank monetary policy are likely to drive financial markets as the Federal Reserve gradually reduces and then halts the exceptional measures taken to restore economic stability in the wake of the global financial crisis of 2007-09. Such measures may affect the performance of US equities and your company is focused on other markets with lower valuations and greater recovery potential and where interest rates are likely to stay low for a longer period. Such markets include Europe excluding the UK, Asia excluding Japan and some emerging markets," Chairman Geoffrey Howard-Spink said in a statement.
New Star Investment Trust shares were Thursday quoted down 5.2% at 68.76p.
By Samuel Agini; [email protected]; @samuelagini
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