20th Feb 2014 16:57
LONDON (Alliance News) - The Independent Investment Trust PLC Thursday reported a net asset value total return of 20.2% for the financial year ended November 30 2013, outperforming one benchmark but underperforming another.
Its share price total return for the year was 29.8%, led by a narrowing of the discount, while earnings per share rose to 6.16 pence, from 5.81 pence.
Th trust said it was "too cautious" over the period, holding too much cash, and said the equity portfolio had a more defensive bias than it might normally be associated with.
"We note with due humility that we have, for a second year in succession, failed to capitalize properly on market conditions whose exuberance is reflected in notional total returns of over 30% for both the FTSE 250 and the FTSE Small Companies indices. Our judgement proved to be too cautious," the trust said in its full year report.
Shares in the trust closed at 267.84 pence per share Thursday, down 0.4%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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