2nd Sep 2014 09:38
LONDON (Alliance News) - Standard Life UK Smaller Companies Trust PLC Tuesday reported a diluted net asset value total return of 7.7% in its last financial year, compared with a total return of 20.3% for the company's benchmark.
In the trust's financial report for the year ended June 30, Chairman David Woods said the last quarter was a "particularly difficult performance period" for the company.
"The valuations of quality growth smaller company stocks have been hit hard since March 7 2014 with the prospect of higher interest rates earlier than the market had previously anticipated," Woods said in a statement.
"The investment manager's investment process has delivered excellent returns for shareholders and the board remains confident in the outlook for the company over the long term. We expect the portfolio to continue to deliver strong earnings and dividend growth. The emphasis on risk aversion, quality and resilience, growth and momentum remains intact," Woods said.
The trust is managed by Standard Life Investments. Its benchmark is the Numis Smaller Companies Index (excluding investment companies).
The trust's shares were Tuesday quoted up 0.7% at 287.05 pence.
By Samuel Agini; [email protected]; @samuelagini
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