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(Alliance News) - Aberforth Smaller Companies Trust PLC said on Friday it underperformed against its benchmark index in the first six months of the year.
The trust, which invests in small UK-quoted companies, had a net asset value return of 8.3% in the six months ended June 30. Its benchmark, Numis Smaller Companies Index, had a total net asset value return of 10.5%.
Aberforth's net asset value per share at the end of period was 1,350.34 pence, up 6% from 1,273.72p in December but down 13% from 1554.75p in June 2018.
The company proposed an interim dividend of 10.0p per share for the period, up year-on-year from 9.5p per share, in line with the trust's progressive dividend policy.
The company's share price total return was 9% and the share price at the end of the period stood at 1,212.00p, representing a 10.2% discount to net asset value.
Aberforth said that despite a solid start to the year, "smaller companies lagged as Brexit concern re-intensified" towards the end of the six month period.
Chief Executive Richard Davidson, who took over in February, said: "Amidst all the negativity, global stock markets once again displayed their ability to climb a wall of worry and deliver meaningful gains for investors. Aberforth while participating, lagged the benchmark, as the growth style once again beat the value style."
Shares in the company were up 0.1% at 1,183.56 pence each in London on Friday afternoon.