(Alliance News) - Blue Planet Investment Trust PLC on Wednesday said it outperformed its benchmark index during the first half of financial 2020 by increasing the risk profile of the portfolio, allocating more capital to equities and closing short exchange traded fund positions.
For the six months to October-end, the investment trust reported a net asset value return of 0.7% versus the benchmark's total return of 0.1% over the same period. The company's benchmark index is an index of the top 100 listed companies in the UK, with dividends reinvested at the time of distribution.
The company's NAV at end of first half stood at 42.73 pence per share, down from 45.08p a year ago.
"In terms of the investments that helped drive our performance higher, Micron Technology had a total return of 33.5% over the period. Qualcomm Inc, Weibo Corp and Momo Inc also added value with total returns of 13.5%, 6.1% and 4.7% respectively. The stand-out performer during the period was Roku Inc," Blue Planet said.
"As for the negative impacts to our performance, Arista Networks Inc, which had been one of our better performers in previous periods, was our worst-performing equity during this period with a total return of -17.9%. Another stellar performer for us previously, MongoDB Inc, had the second biggest negative impact due to its weighting in the portfolio, producing a total return of -8.7%, however at the time of writing, still sits on an unrealised profit of over 225%," the company added.
Blue Planet Investment did not propose a dividend for the period.
Shares in the company closed at 34.50 pence each on Wednesday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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