30th Nov 2018 12:11
LONDON (Alliance News) - Odyssean Investment Trust PLC on Friday said it has outpaced the index it uses as comparison since incorporation, as it continues to deploy its cash into investments.
For the nine month period ended September 30 and starting with its December 2017 incorporation, the small companies investor posted a net asset value total return of 1.4%.
Meanwhile, the Numis Smaller Companies ex-Investment Trusts plus AIM Index, posted a negative 0.4% return for the period.
The trust said this was "a creditable result" given its average capital deployment of 23% during the period, which created cash drag, as well as the transactional costs of investing.
Odyssean Investment Trust said, however, that its objective is to "deliver long-term capital growth rather than outperform a specific index".
At September end, the trust's net asset value per share was 99.7 pence.
The company raised GBP87.5 million at its IPO at the start of May. As at September 30, 45% of this had been invested.
On that date the portfolio consisted of nine holdings. Odyssean Investment Trust intends to have a fully invested portfolio of between 20 and 25 holdings.
The investment trust's cash and cash equivalents stood at GBP48.5 million at the end of the period.
"Liquidity remains patchy, bid offer spreads remain wide and individual share price volatility remains high. There is no evidence to date of material outflows from open-ended funds," said the trust's investment manager, Odyssean Capital LLP.
"We will need to be patient in building positions and performance of individual stocks and the portfolio in the very short term may be unrepresentative," the investment manager added.
Shares in Odyssean Investment Trust were up 0.5% at 100.49p on Friday.
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Odyssean Inves.