6th Oct 2020 21:40
(Alliance News) - Pacific Assets Trust PLC on Tuesday said its first half net asset value edged fractionally higher as it reported "markets rallied strongly" after interventions from global governments and central banks.
Net asset value per share at July 31, the end of the investment company's first half, was 0.1% higher year-on-year at 286.0 pence from 285.8p.
Shares in the company closed 1.3% higher at 276.00p each in London on Tuesday.
For the six month period, its NAV total return came in at 1.8%, lagging both the 4.2% it posted a year earlier and the MSCI All Country Asia ex Japan Index which grew by 8.6% in the six months to July 31.
Pacific Assets noted however, that the index is not used as the "principal comparator due to the lack of any overlap with the companies selected for the portfolio".
The trust held its payout at 3.0p per share.
"The company also benefitted from longer-term holdings in Unicharm, Nippon Paint Holdings, Taiwan Semiconductor Manufacturing, Voltronic Power Technology and Dr Reddy's Laboratories. Each of these companies preserved capital better than alternatives during the initial market volatility and has rebounded strongly," Pacific Assets said.
"More generally, following global government and central bank stimulus, markets rallied strongly."
By Eric Cunha; [email protected]
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