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LONDON (Alliance News) - Aberdeen Diversified Income & Growth Trust PLC said Tuesday it outperformed its benchmark in the first half but had nonetheless recorded a drop in its net asset value return due to the effect of "natural catastrophes" on its insurance linked securities.
The trust's NAV total return for the six months ended March 31 was negative 0.1%, which put it ahead of its negative 0.2% MSCI All Country World Index benchmark.
As at March 31 the company's NAV per share was 121.86 pence, down 2.0% from 124.30p as at the end of September.
"Several, unusually severe, natural catastrophes in 2017" had the largest negative impact on the trust but falling share prices in the social infrastructure sector and the collapse of engineering giant Carillion PLC also played roles.
The company cut its interim dividend by 20% to 2.62p from 3.27p paid the year before.
Aberdeen Diversified share price stood at 119.00p as at the end of March, representing a 2.3% discount to its NAV.
Aberdeen Diversified Chairman James Long said that this six month period marks the company's "first year following its new investment approach" which focused on portfolio reorganisation and a move to longer term investments.
"It is easier for the company's investment manager to reduce the portfolio's equity exposure, in the knowledge that the portfolio contains a range of other asset classes with the potential to generate attractive returns for shareholders over the medium term," Long said.
Shares in Aberdeen Diversified Income & Growth Trust closed up 1.2% at 122.50p on Tuesday.