LONDON (Alliance News) - British Empire Trust PLC on Thursday said it comfortably beat its benchmark during the first half of its financial year as Japanese investments delivered.
The investment firm's net asset value total return over the six months to March was 2.3%, compared to a negative return of 0.6% for the MSCI All Country World ex-US Index.
British Empire Trust's net asset value per share increased to 785.90 pence at the end of March, from 753.39p a year prior. It has maintained its interim dividend at 2.00p per share.
The company said Japanese investments made an "important" contribution to company performance, with a total return in Japan of 14% for the trust compared to the 4.1% returned by the broad Japanese index.
Among its best performing stocks during the period were Japanese IT firm Digital Garage, Norwegian fishing, construction, and engineering firm Aker ASA, and the Japan Special Situations portfolio, while two investments which dragged were Jardine Strategic Holdings Ltd and Pershing Square Holdings Ltd.
Looking forward, British Empire Trust said markets remain unpredictable, but it believes it has "significant underlying value" in its portfolio with potential for returns in future.
Shares were up 0.3% on Thursday morning at 743.33p apiece.
