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Personal Assets Trust net asset value declines due to equities fall

5th Dec 2023 14:26

(Alliance News) - Personal Assets Trust PLC on Tuesday reported a fall in net asset value, citing equities as the largest detractor.

The investment trust aimed at private investors said net asset value declined to 468.10 pence per share as at October 31 from 481.23p as at April 30. Market capitalisation fell to GBP1.70 billion from GBP1.88 billion.

The company said its NAV over the six months to October 31 declined by 1.7%, outperforming the FTSE All-Share index, which fell by 5.9%.

"The largest contributors to positive returns were gold and a weakening sterling against the US dollar," the company said, with equities the largest detractor, with consumer staples costing 1.5% on the back of higher yields.

Personal Assets's half-year dividend was 2.80p per share, unchanged from a year ago.

The company declared a third interim dividend for the financial year to April 30 of 1.40 pence per share.

Looking ahead, the firm said it "remains very defensively positioned, with approximately 25% in equities, while the adjustment described above is ongoing. We suspect it has a year or two to run, although this could be impacted by external factors, including an increasingly fractious geopolitical backdrop denoted by growing tensions around Taiwan, the war in Ukraine, and the tragic situation in the Middle East."

Personal Assets shares were 0.1% higher at 465.90 pence each on Tuesday afternoon in London.

By Tom Budszus, Alliance News slot editor

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