18th Sep 2013 08:41
LONDON (Alliance News) - The North American Income Trust PLC Wednesday said it saw increased net asset value as North American markets performed well, despite some volatility and ongoing concerns over Federal tapering.
In the half year ended July 31, the company's net asset value per share rose to 882.37 pence from 738.07 pence in the previous year. Net assets rose to GBP289.1 million from GBP232.3 million.
North American equity markets performed well for the first three months, the company said, but encountered a period of volatility in late spring. The healthcare, consumer discretionary and financials sectors delivered strong gains, although materials companies performed weakly. North American Income Trust said that this indicated lower growth expectations in Asia.
However, the prospect of a tapering by the US Federal Reserve of its quantitative easing program has caused the investment trust to reduce its holdings in consumer staples, pharmaceutical and REIT companies and increase those in industrials and materials instead, it said.
North American Income Trust said that US corporate performance remained healthy, although it warned that uncertainties remained over the solution to US government debt. It added that despite the overall upturn in the economy, fundamental economic repair is ongoing.
Shares in the investment trust were trading up 2.75 pence at 853.25 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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