LONDON (Alliance News) - Acorn Income Fund Ltd on Thursday said its net asset value declined in 2018 as a result of ongoing Brexit uncertainty.
The investment company said NAV per share declined by 21% to 384.61 pence in 2018 compared to 486.84p reported at the end of 2017.
Acorn's NAV total return in 2018 was negative 17%. In comparison, the total return on the FTSE All-Share Index and the Numis Smaller Companies ex Investment Cos Index was negative 9.5% and negative 15%, respectively.
"Whilst this was disappointing, the UK market in general and smaller companies in particular suffered under a difficult global macro backdrop and the ongoing uncertainty of a Brexit resolution," said Chair Helen Green.
Share price total return came in negative 24%, with the trust's shares trading at 334.00 pence on December 31, representing a 13% discount to NAV.
The stock was trading 1.0% lower on Thursday at 356.76p a share.
Acorn increased its dividend for the year by 10% to 19.80p compared to 18.00p paid a year earlier.
Looking ahead, Green said: "We have very strong belief and confidence in the long term attractions of our investment strategy and confidence in our investment advisers to steer our asset allocation and stock selection."