19th Feb 2019 11:56
LONDON (Alliance News) - UIL Ltd on Tuesday said it outperformed its benchmark in the first half of its current financial year following an increase in net asset value.
The fund, which invests in public equity markets across the globe, reported NAV total return of 2.7% for the six months to the end of December 2018. In comparison, the company's benchmark, the FTSE All Share Total Return Index, returned negative 11% over the same period.
UIL's portfolio has continued to benefit from its technology investments and in particular, its investments in Afterpay Touch Group Ltd, an Australian fintech retailing platform and Optal Ltd, a UK fintech business payment platform, both of which delivered very strong operational performances in the first financial half.
The trust's NAV per share improved to 295.85 pence over the period from 266.08p reported in the first half of its financial 2018.
The share price total return for the six months was 1.7%. UIL's share price at December 31 stood at 174.00p, representing 41% discount to NAV, widened compared to 39% the year prior.
The stock was trading 1.7% higher on Tuesday at 175.90p a share.
UIL maintained its interim payout at 3.75p a share.
"The world's economies are slowing as reported by the international monetary fund. In addition, trade friction is rising as America First, China 2025 and Brexit drive changes in global relationships," said Chair Peter Burrows.
"All this leaves the board cautious about the outlook for the markets," added Burrows.
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