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LONDON (Alliance News) - Downing Strategic Micro-Cap Investment Trust PLC said Friday its net asset value dropped in the first half of its financial year due to a "jittery global market".
As at August 31, the trust reported net asset value of 88.04 pence per share, down 5.4% from 93.06p as at the end of February.
The share price as at the end of August was 90.50p, reflecting a premium to net asset value of 2.8%.
Shares in Downing Strategic Micro-Cap Investment were up 0.6% at 82.45 pence on Friday.
The trust is now 83% invested in 12 investments, including Real Good Food PLC, Hargreaves Services, Ramsden Holdings PLC, Volex PLC and Redhall Group PLC.
Although 66% of Downing's portfolio is said to have seen improved trading since acquisition, the trust said the net asset value fell due to adverse short-term market sentiment.
"Markets decide, from time to time, that a correction, a 'reset' is needed. Such a view has now triggered a correction coupled with a more sober view of global growth. Nothing catastrophic has happened - yet, although Janet Yellen has pointed out an increase in doubtful lending. At times like these it is even more important that stock selection should be value driven and should grip sound earnings and long-term value," said Chairman Hugh Aldous.