The net asset total return during the six months to January 31 was 11.4% compared with 2.2% for the benchmark index, which was not named.
This outperformance, the company said, was "further compounded" by a significant narrowing of the share price discount to net asset value to 10% from 22%. This, together with a "good increase" in the dividend, meant that shareholders saw a total return of 29.1%.
Net asset value per share rose to
"Markets have enjoyed an extended period of strong returns and whilst average earnings have grown, so have the level of valuations. As demonstrated since the period end, as equities in general have become more expensive, political and economic uncertainties have the capacity to drive a significant increase in short-term volatility," the company said in a statement.
"Smaller company investment should always be considered over an extended period, and whilst conditions are likely to become bumpier, your Board is confident that it remains an attractive sector of the market which should reward the long-term investor," the company added.
Shares in the trust were up 1.1% at