LONDON (Alliance News) - FTSE 250-listed investment trust Alliance Trust PLC on Thursday said its returns proved disappointing in what was a turbulent first half for the company.
Alliance Trust said its net asset value total return in the six months to the end of June was 1.4%, with its total shareholder return at 2.7%. The returns were "disappointing", Alliance said, and were hit in the second quarter by weakness in some of its income holdings.
The group said it has continued the process of reducing the number of holdings in its equity portfolio, which fell to 68 at the end of the half from 88 a year earlier.
"The first half of 2015 was a particularly challenging period for Alliance Trust. In the run up to our AGM a significant proportion of our shareholder base indicated that they sought change. The board has listened to these concerns and is actively engaged in addressing them. The board anticipates announcing, in the Autumn, the changes that it intends to make," said Chairman Karin Forseke.
Alliance faced criticism in the first half from activist investor Elliot Advisers (UK) Ltd. Elliott's criticisms of Alliance led to a public spat that forced the trust to defend its performance against peers.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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