30th Sep 2015 14:21
LONDON (Alliance News) - Witan Pacific Investments Trust PLC Wednesday reported a decline in net asset value per share in the first half of its financial year, although its total return beat its benchmark.
The investment trust said that its net asset value per share declined in the six months to July 31 to 276.54 pence from 279.45p at January 31, which it said was due to falls in value in the mainland Asian and Australian markets in sterling terms.
The 0.2% decline in its NAV total return, did however beat the regional benchmark index which posted a 1.1% fall in total return.
"At the time of writing, there is market concern about the prospects for economic growth, causing significant market and currency moves in Asian markets," Chairman Sarah Bates said.
"However, our managers, when we visited them, were confident about the longer term growth in the region and the benefits of social and corporate reform, although they did express some concerns about the level of the Chinese "A" share market," she added.
"Despite the recent turbulence, we expect current conditions will provide opportunities for our managers and we retain our longer term perspective and confidence in the companies in which we can invest in the region," Bates said.
Shares in Witan were trading up 3.0% at 216.00 pence Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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