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(Alliance News) - Brunner Investment Trust PLC on Tuesday reported that its net asset value per share increased in its half year, and it outperformed its benchmark.
Brunner Investment, a trust managed by Allianz Global Investors that seeks growth in capital and dividends from companies globally, said its NAV per share on May 31 was up 0.2% at 1,166.4.0 pence, up from 1,164.4p on November 30.
NAV total return per share increased by 1.1%, compared to negative 0.5% the year before. Brunner surpassed its benchmark, the 70% FTSE World Index Ex UK and 30% FTSE All-Share Index, which increased by 0.3%.
Brunner swung to a pretax profit of GBP7.7 million, from a loss of GBP1.0 million the year before.
Total net assets increased 2.0% to GBP498.0 million on May 31, up from GBP488.0 million the year before.
Investment income in its first half ended May 31 was up 18% at GBP8.7 million from GBP7.4 million the year before. Gain on investments in the six months was held at fair value GBP409,000, up from GBP14.5m loss at the same point the year prior.
Brunner declared an interim dividend of 11.1p, up 7.8% from 10.3p the year before.
Chair Carolan Dobson said: "Brunner will continue into the future with an ongoing focus on prudent management, aware of the macro-economic outlook and its potential impact on companies, but ultimately simply ploughing on with the business of crafting a portfolio of a selection of the world's best companies, where we are able to purchase them for shareholders at reasonable valuations.
"We firmly believe this is the best approach to create long-term wealth generation for our shareholders, whilst sparing them the rollercoaster ride of chasing the in-vogue investment style."
Shares in Brunner Investment were up 1.6% at 1,056.24 pence each in London on Tuesday.
By Will Neill, Alliance News reporter
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