LONDON (Alliance News) - The European Investment Trust PLC Wednesday said its net asset value was 870.23 pence per share at the end of March, an increase from the 800.41p recorded at the end of September 2014.
Including special and final dividends, which amounted to 15.0p per share, paid to shareholders in January, the NAV total return was 10.8% for the six months. That was superior to the total return from the FTSE All-World Europe ex UK Index in sterling of 9.3%, the company said.
"The recent strong move in equities gives us something of a valuation conundrum. The outlook for economic growth and European corporate profits is positive. We are still at an early stage in the economic cycle in Europe and the impact of stimulus from the quantitative easing programme has just started. However, it does appear to us that, in aggregate, European equities have moved to discount many of these positive factors. We therefore expect to adopt a cautious approach to the management of the portfolio," Dale Robertson of Edinburgh Capital Partners Ltd, the trust's manager, said in a statement.
Shares in the trust were up 0.6% at 837.50p midday Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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