12th Sep 2014 08:47
LONDON (Alliance News) - The North American Income Trust PLC Friday said it outperformed its benchmark in the half year to end-July, as stronger performances from large-cap companies offset weaker performances from small-cap companies.
The trust proposed a second quarterly dividend of 6.0 pence, taking its total dividend for the first half to 12.0 pence, up from 11.0 pence in the previous year.
It posted a total return on net asset value per share of 7.1% in the half year, outperforming the S&P 500 Index which saw a return of 6.5% in sterling terms.
The North American Income trust said that its investments continue to increase their dividends, underpinning its confidence that it can maintain its progressive dividend policy.
It said that larger-cap companies had out-performed smaller-cap counterparts, which ended the period in negative territory. The company said that whilst the international backdrop has been "a source of some distraction", referring to geopolitical risks in Ukraine and the Middle East, the domestic operating environment for its investments continued in the right direction.
"For all the noise, monetary policy under new Fed Chair Yellen remains friendly and likely to be so for some considerable time yet," the company said in a statement.
The trust also noted the rising uncertainty in regards the referendum on Scottish independence September 18. It said that as a Scottish-registered company it has "given consideration to the implications that this might have for the company."
Shares in the North American Income Trust are untraded Friday. It last traded at 849.50 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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