LONDON (Alliance News) - Dunedin Income Growth Investment Trust PLC Monday said it underperformed the FTSE All Share in the half year to end-July in what it called a "difficult short period".
The investment trust reported a fall in net asset value per share of 2.1% for the half year, whilst the FTSE All Share rose 2.8%.
During the period, the company took a new position in speciality chemicals manufacturer Elementis PLC, and added to its holdings in Ultra Electronics Holdings PLC, Inchcape PLC and Berendsen PLC. It exited miner South32 Ltd and reinvested the proceeds into South32's parent company BHP Billiton PLC.
"We suffered from our relative lack of small and mid-cap companies, euro weakness affecting the value of our overseas holdings and a number of large positions such as Cobham, Compass, AstraZeneca and Pearson reversing strong share price performances in the prior period with limited justification. We don't see at this stage any fundamental reason why we should not benefit from some significant recovery from these companies in the future," the trust said in a statement.
Shares in Dunedin Income Growth were up 0.1% at 228.00 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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