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(Alliance News) - Investment firm Aberdeen Diversified Income & Growth Trust PLC boosted its second quarterly dividend Monday despite assets and income struggling amid unpredictable markets in the six months to March 31.
At March 31, net asset value per share had fallen 3.6% to 116.24 pence from 120.64p six months earlier and down 2.3% on the 119.0p reported the year prior. This was after total income fell 4.5% to GBP10.7 million from GBP11.2 million the year before.
Shares in Aberdeen Diversified were 0.6% higher at 113.65 pence in London on Monday.
"It is disappointing to report that the first half of the year saw a decrease in the company's net asset value," Aberdeen Diversified Chair James Long said. "This coincided with a weak period for global equity markets."
"During a period of unpredictable markets, while the portfolio has delivered a negative return, its volatility has been lower than the equity markets, in line with the portfolio's design," Long added.
"Within the portfolio, gains in the company's emerging market bonds and infrastructure investments were more than offset by losses reported by the company's insurance-linked securities, leading to the fall in NAV," Long continued. "The ILS have proved unsatisfactory, driven by an exceptional series of natural disasters across the globe including hurricanes, typhoons and wildfires."
Aberdeen Diversified proposed a 1.34 pence second quarterly dividend, up 2.3% from 1.31p the year prior. During the first six months, the company has declared 2.68p worth of dividend compared to 2.62p the year before.
"The board remains convinced of its long-term strategy which envisages the company's diversified portfolio of assets, each with differing return drivers and risk characteristics, offering a sound proposition for investors against an often volatile equities background," Long explained.