LONDON (Alliance News) - Better Capital PCC Ltd on Wednesday said it saw diverging performances for its 2009 and 2012 portfolios in the first half, with the 2012 portfolio taking a hit from a couple of its investments.
Better Capital said its 2009 portfolio net asset value rose to GBP264.2 million in the half to the end of September, from GBP262.3 million at the end of its last financial year on March 31. The 2009 portfolio has made a net asset value total return of 42% since its inception and an annualised return of 6.2%.
The 2012 portfolio, however, saw its net asset value decline to GBP263.3 million in the half, from GBP339.9 million at the end of March. The 2012 portfolio has seen a net asset value total decline of 23% since inception, with an annualised decline in its net asset value of 6.6%.
The 2009 portfolio's performance was broadly flat in the half, with a good performance from its investment in machined-and-fabricated-parts manufacturer Gardner Aerospace, offset by weakness at Omnico, a customer relationship software firm.
The decline in the value of the 2012 portfolio was driven by falls in the value of its investments in Everest, a UK-based home-improvement products manufacturer, office products company SPOT, and CAV Aerospace, which makes metallic components.
Better Capital shares were down 0.2% to 93.85 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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