9th Sep 2019 16:59
(Alliance News) - Weiss Korea Opportunity Fund Ltd on Monday reported a first half net asset value rise and higher total return than its benchmark index.
Net asset value per share on June 30 rose by 6.1% to 159.01 pence from 149.93p in December. Total net assets rose by 2.6% to GBP129.8 million from GBP126.5 million.
Shares in Weiss Korea Opportunity Fund were 1.4% lower at 143.00p each in London on Monday afternoon.
Total return for the period was 11%, outperforming the MSCI Korea 25/50 Net Total Return Index which decreased by 1.4% in sterling terms during the period.
The company said the positive first half was a contrast to the "very disappointing" 2018 for the South Korean market.
Weiss said: "The outperformance during the period was due to several factors. The largest contributor was that the company generally had more favourable weightings to positive and negative performing names than the Index. In other words, a portfolio holding the respective ordinary shares of the companies whose preference shares Weiss owns would have performed well relative to the index.
"The other major contributor to the fund's outperformance was a moderate narrowing of preferred share discounts. While we continue to believe that preferred shares discounts will narrow over the long term, we would not expect to see such strong stock performance due to company selection as we saw in the first half of the year."
Related Shares:
Weiss Korea Opp