24th Sep 2019 11:20
(Alliance News) - North American Income Trust PLC said Tuesday it underperformed against its comparative index in the first half of its financial year, even as net asset value rose over the period.
For the six months to the end of July, the investment trust reported a net asset value total return of 12.7%, compared to the Russell 1000 Value index, which returned 16.8%.
Net asset value per share at as July 31 was 310.4 pence, up 11% from 280.4p as at January 31. January 31's net asset value was restated following a sub-division of each share into five shares that took place in June.
North American Income's share price at the end of July was 312.5p, reflecting a 0.4% premium to net asset value.
Shares in the investment trust were up 1.0% on the day Tuesday at 304.00p, having declined since the period-end.
North American Income declared an interim dividend of 3.4p per share, up 6.2% from 3.2p the year before.
The trust's investment portfolio at the end of July consisted of 39 equity holdings and nine corporate bonds, with total revenue from the portfolio reaching GBP7.9 million, up 14% from GBP6.9 million the year before.
"Notwithstanding US GDP returning closer to longer-term averages and capital investment being subdued due to trade policy impasses, strong cash flows and capital discipline continue to generate progressive shareholder distributions for our investee companies," said Chair James Ferguson.
"Interest rates and inflation remain subdued and thus consumer spending remains robust. However, with the macro environment showing some signs of stress, our Investment Manager remains cautiously optimistic for the well-run companies within NAIT's portfolio and their continued ability to deliver a sustainable income stream," Ferguson added.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
North American