10th Apr 2014 10:01
LONDON (Alliance News) - The Scottish American Investment Company PLC Thursday said its net asset value total return with debt at fair value declined over the three months to March 31, while total return from its benchmark was positive.
In a statement, the company said its NAV total return with debt at fair value was minus 1.7%. This compares against a total return on the benchmark of 0.5%. The share price total return was minus 5.6%, reflecting a move from a premium of 3.8% to a discount of 0.3%.
On January 1, 2014 the company changed its benchmark to the FTSE All-World Index in sterling terms, from 50% FTSE All-Share Index and 50% FTSE All World Ex UK Index in sterling terms.
Partial sales of Baidu and Vodafone saw both holdings drop out of the top twenty equity holdings. With the exception of a partial sale of Progressive, an addition to Sumitomo and a new investment in NTT, the other changes to the top twenty have been a result of market movements.
The direct property weighting has increased following the purchase of a new commercial property in Leicester.
The Scottish American Investment Company's objective is to increase capital and grow income in order to deliver real dividend growth. Its policy is to invest mainly in equity markets, but other investments may be held from time to time including bonds, property and other asset classes.
Its shares were Thursday quoted at 244.50 pence, up 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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