3rd Oct 2019 10:59
(Alliance News) - Witan Pacific Investment Trust PLC on Thursday reported a rise in net assets but lagged behind its benchmark in the first half.
Over the six months to July 31, the trust's net assets rose 6.8% to GBP235.0 million from GBP219.9 million at the end of January. The trust's net asset value per share ended the half at 380.86, 8.0% higher than the 352.54p reported six months earlier.
Shares in the Asia Pacific-focused trust were broadly flat at 336.45p each in London on Thursday morning.
Witan Pacific upped its interim dividend by 2.0% to 2.55p per share from 2.50p.
Witan Pacific's net asset value returned 9.4% in total terms during the period, beaten by the MSCI AC Asia Pacific Free Index benchmark, which gained 11%.
Witan Pacific said: "The overall returns experienced by our shareholders were augmented by further Sterling weakness. In US Dollar terms, for example, our benchmark rose just 2.9%. Although absolute performance was strongly positive during the period, the continued net asset value under-performance against the benchmark, while marginal, is clearly disappointing."
Looking ahead, Witan said it expects Asian markets to be affected by trade tensions between China and the US, and protests in Hong Kong.
Currency volatility, particularly versus sterling, are also likely to affect short-term returns in the run-up to Brexit, Witan added.
By Eric Cunha; [email protected]
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