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LONDON (Alliance News) - Aurora Investment Trust PLC Wednesday said it is eyeing a recovery after reporting underperformance against the benchmark FTSE All-Share index in its last financial year.
The trust, which aims to make capital gains by targeting investments that trade on the London Stock Exchange, said its net asset value per share fell by 10.64% in the year ended February 28 as the benchmark gained 2.12%.
"Unfortunately, the good performance by the stocks in the portfolio with large capitalisations was severely outweighed by that of the more exciting smaller capitalisations, many of which have endured harsh bear market conditions. It is to be hoped that their time is about to arrive," Chairman Lord Flight said in a statement.
However, the chairman said the NAV per share has increased by 8.5% over the last three months, staging something of a recovery, while the FTSE All-Share Index gained 0.95%.
The chairman said there is "considerable scope for the performance of Aurora's current portfolio to improve and reverse the disappointment of recent periods".
The trust's shares were up 2.2% at 160.00 pence on Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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