19th Feb 2026 17:44
(Alliance News) - Rights & Issues Investment Trust PLC on Thursday said its net asset value improved over the year but underperformed its benchmark against a backdrop of poor performance among UK small caps.
The investor in smaller UK companies said its net asset value per share at the end of 2025 was up 2.4% to 2,603.70 pence from 2,543.40 pence at the end of 2024.
Overall, shareholders achieved a return of 4.2% in 2025 compared to 24% for the benchmark FTSE all share total return index.
Total revenue totalled GBP3.5 million, up 3.0% from GBP3.4 million the year prior, while pretax profit excluding capital went up 5.7% to GBP2.3 million from GBP2.2 million in 2024.
The investment trust declared a final dividend of 32.75 pence per share, giving a total full year dividend of 45 pence per share, up 2.3% from the 44 pence in the prior year.
Rights & Issues said the underperformance was due to the relative weakness of smaller companies last year, with operational challenges that sank some of the companies in their portfolio offset in part by takeover activity.
The trust also noted that it was unable to conduct a buyback programme after it was barred at the general meeting last March, due to a vote against by a significant shareholder.
As a result, it plans to reintroduce the issue at the next annual general meeting, introducing the proposal as a general resolution should the special resolution vote fail.
Rights & Issues Chair Andrew Hosty said that the board "will continue to keep the investment manager's performance under regular review, particularly in light of the disappointing performance in 2025".
Jupiter Unit Trust Managers Ltd's investment managers Matt Cable and Tim Service said they don't seek "to make specific predictions for the year ahead", but remain "doggedly optimistic that opportunities continue to exist for long-term investors in our market."
Rights & Issues shares closed up 1.4% at 2,250.00 pence each on Thursday in London.
By Martin Miraglia, Alliance News reporter
Comments and questions to [email protected]
Copyright 2026 Alliance News Ltd. All Rights Reserved.
Related Shares: