19th May 2014 12:13
LONDON (Alliance News) - Standard Life Equity Income Trust PLC Monday said its net asset value total return on a diluted basis was 11.1% in the six months ended March 31, matched by its share price total return and outperforming its benchmark's 4.8%.
The trust has an objective of providing shareholders with above-average income from their equity investment, while also providing real growth in capital and income. Its benchmark is the FTSE All-Share Index.
Standard Life Equity Income Trust invests in a diversified portfolio consisting mainly of quoted UK equities, normally between 50 and 70 individual holdings. It is also able to invest in convertible preference shares, convertible loan stocks, gilts and corporate bonds.
"The manager has maintained the company's relative performance against a background of more uneven markets in recent months. The company remains priced at around asset value. While the UK equity market has made strong progress in recent years, our manager continues to identify attractive stock opportunities," Chairman Charles Wood said in a statement.
"The board believes that the reasons for encouragement over the medium term remain in place, notably the combination of positive dividend growth from our underlying investments and the backing of our revenue reserves, to meet our objective of delivering real growth of income and capital," Wood said.
Standard Life Equity Income Trust shares were Monday quoted at 410.32 pence, down 1.1%.
By Samuel Agini; [email protected]; @samuelagini
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