25th Nov 2019 08:45
(Alliance News) - Personal Assets Trust PLC said Monday it is treading carefully in what it described as a "benign" first half of its financial year.
Net asset value per share over the six months to October 31 was GBP415.16, up 2.5% from the figure recorded at the end of April. This compares to a 1.8% fall for the FTSE All-Share Index over the same time.
PAT's investment income rose 34% to GBP12.1 million, with pretax profit also rising 34%, to GBP30.3 million.
"Despite the modest fall in the FTSE, the environment has been relatively supportive amid falling bond yields and a resilient US stock market," said the investment trust.
Performance was driven by PAT's holdings in computer software firm Microsoft Inc, soft drinks maker Coca-Cola Co, nutrition company Nestle SA, consumer goods company Procter & Gamble Co, and Canadian gold royalty firm Franco-Nevada Corp.
The biggest detractor, PAT said, was its "small" holding in Irn Bru-maker AG Barr PLC.
Looking ahead, PAT said: "As regards specific political events such as Brexit, the UK general election or the US 2020 presidential election, short-term tactical decision-making is likely to fail. We try to take account of, and protect against, substantive risks to the portfolio.
"This requires an appreciation and understanding of multifarious political outcomes. However, we spend a much greater part of our time identifying and analysing businesses which should perform well regardless of the wider political and macroeconomic backdrop."
Shares in the FTSE 250-listed investment company were flat in early trading in London on Monday at a price of 42,150.00 pence each.
By George Collard; [email protected]
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