LONDON (Alliance News) - River & Mercantile UK Micro Cap Investment Co Ltd said Friday that it had seen a total return on net asset value of 12.6% in its first ten months to end-September, outperforming its benchmark which saw a return of 7.8%.
Numis Smaller companies plus AIM (excluding investment companies) total return index is the company's benchmark index.
River & Mercantile UK Micro said its first ten months since listing on the London Stock Exchange's Main Market at the end of 2014 had been "highly satisfactory."
For the period the company hailed strong returns from Nationwide Accident Repair Services Ltd and Alkane Energy PLC.
Three holdings detracted more than 1%, River and Mercantile UK Micro said: Shanta Gold Ltd, Blur Group PLC and Epistem Holdings PLC. The company noted that biotechnology and medicine company Epistem was the "most frustrating holding of the portfolio", as it felt that with positive news flow Epistem should have been the "top positive contributor in the period."
"Epistem is the epitome of a hidden gem in plain sight within the micro cap universe," River & Mercantile UK Micro said.
The investment company proposed no dividend for the period. Its shares were down 1.2% at 116.64 early Friday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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