11th Nov 2019 12:03
(Alliance News) - SVM UK Emerging Fund PLC on Monday said its net asset value grew in the first half of its current financial year.
The investment company reported NAV per share as at September 30 of 111.51 pence compared to 110.06p as at March 31. The trust's net asset value progressed since the period end to 112.5p as at October 31.
In the first half of its current financial year, SVM UK Emerging Fund lagged the FTSE 100 Index, providing a headwind for the portfolio. The company's NAV total return stood at 1.2% at the end of the period compared to 4.9% returned by its benchmark, the IA UK All Companies Sector Average Index.
The strongest contributions to performance over the six months were from sportswear retailer JD Sports Fashion PLC, promotional merchandiser 4Imprint Group PLC, student accommodation provider Unite Group PLC and bookmaker GVC Holdings PLC.
Meanwhile, the main "disappointment" over the period was named professional services company Burford Capital Ltd, which was sold to realise a gain for the fund.
"The fund remains fully invested with some additional gearing, but has low exposure to some more economically-sensitive sectors such as mining and banking," said Chair Peter Dicks.
The stock was untraded in London on Monday, last closing at 86.30p a share.
By Evelina Grecenko; [email protected]
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