Returns were in line with the fund’s benchmark, the FTSE All-Share Index, while NAV was 0.7% below that of the index. The trust did, however, produce a higher yield than the benchmark.
The performance of the fund in comparison to the sector over the past six months is shown in the graph below.
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Revenue return increased 7.2% on the same period last year, standing at 5.36 pence per share. Interim dividends are up 4.9%.
A summary of results comparing the previous six months and the period to 31 March 2013 is shown in the table.
|
|
31/03/2013 (£m) |
30/09/2013 (£m) |
|
Net assets |
219.29 |
195.11 |
|
Net asset value per share |
248.67 |
222.01 |
|
Share price |
249.5 |
225.5 |
Julian Cane, fund manager, said: “The structural problems faced by most developed nations are likely to weigh on future growth rates; however modest levels of growth are expected for the foreseeable future. Despite the difficult background, company finances are generally in a reasonable state and dividends are expected to increase even if earnings progression proves more elusive. The dividend yield on equities remains attractive against many other asset classes, such as deposit rates or bond yields, and this is expected to provide support.”
