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Personal Assets underperforms benchmark annually; raises payout

12th Jun 2023 11:35

(Alliance News) - Personal Assets PLC said on Monday that its net asset value performance had fallen beneath that of its benchmark, blaming the huge economic uncertainty and volatility.

In its financial year that ended April 30, the Edinburgh-based investment trust said its net asset value per share fell by 2.2% compared to its benchmark, the FTSE All-Share Index, which rose by 2.4%.

NAV per share total return swung to a loss to negative 0.9% from 7.1% the prior year.

Total income for the year dropped to GBP3.8 million from GBP119.9 million the prior year. This was due to investments held at fair value swinging to a loss of GBP55.0 million from a gain the last year of

GBP130.0 million.

"This was a dull year for returns for your company; while we would always prefer to make healthy positive real returns, occasionally we must accept they are not always readily available," said Investment Manager Sebastian Lyon.

"Over the past eighteen months the nature of the challenge has intensified, and we expect that inflation will remain higher and more volatile than it has been in the recent past."

Personal Assets declared a special dividend of 2.10 pence per share for the financial year, up 50% from 1.40p a year ago. This dividend will be paid alongside the first dividend of 1.40p financial year 2024, unchanged from a year prior.

The company said that despite the prolonged period of uncertainty, it was optimistic about the years ahead.

"After a disappointing year in 2022, we believe that the index-linked bonds are now poised for better returns," said Investment Manager Sebastian Lyon.

Shares in Personal Assets Trust were up 0.3% at 471.20 pence in London on Monday.

By Will Neill, Alliance News reporter

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