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LONDON (Alliance News) - Downing Strategic Micro-Cap IT PLC on Thursday reported a fall in net asset value in financial 2018, but add to its investments.
The company said net asset value in the year to the end of February declined 6.9% to 93.06 pence from 98.00p since its admission in May.
Mid market price per share stood at 93.60p at the end of February, representing a 0.6% premium to NAV. The stock was down 1.4% on the day at 89.86p per share.
The fund's said it was 66% invested as at March 29, up from 36% as at November 2. It is targeting a focused portfolio of UK micro-cap companies with a compound return of 15% per year over the long term.
During the year the company made ten investments with only one of them being "disappointing". Downing Strategic mentioned that its best portfolio performers in the period were Gama Aviation PLC and financial services provider Ramsdens Holdings PLC.
"Given the heightened volatility which has typified the market since the beginning of 2018, we believe that our value strategy will perform well as we opportunistically add to our positions in what we believe are already undervalued shares," said Partner & Head Judith MacKenzie.