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LONDON (Alliance News) - SVM UK Emerging Fund PLC said Friday that it outperformed its benchmark in the year to end-March, following the re-alignment of its portfolio in late 2012.
The trust has a total return on net asset value per share of 37.2%, outperforming the benchmark, the IMA UK All Companies Sector Average Index, which had a 17.1% total return.
The company said that its performance had been helped by maintaining a fully invested position, as the UK economy steadily strengthened, particularly in housing.
SVM said that consumer services including retailers, media, travel and pub groups had benefited from this improvement, which boosted consumer confidence. It has relatively low exposure to sectors with weaker growth prospects like utilities, oil and mining, it said.
Although there was some good performance in the banking sector, the trust said it anticipates returns to disappoint as capital is rebuilt, and its exposure to the sector is low.
Shares in SVM last traded at 51.00 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @hanassallnews
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