(Alliance News) - Invesco Income Growth Trust PLC said Thursday it underperformed against its benchmark for its recently ended financial year, which was regarded as "challenging".
For the year to the end of March, the investment trust reported a net asset value total return of 5.7%, compared to the FTSE All-Share Index which returned 6.4%.
Net asset value per share as at March 31 was 311.2 pence, up from 305.2p the same date the year before.
Meanwhile, Invesco Income's share price at the end of March was 262.0p, reflecting a discount of 16% to net asset value.
Shares in the investment trust closed 0.7% lower on the day Thursday at 270.00 pence, having improved further since the year-end.
The trust said that the year was a difficult one, as the UK stock market was volatile, reflecting Brexit, as well as more global economic and political factors.
Portfolio-wise, however, the trust said that it mostly saw a solid performance, with the portfolio's weighty position in the industrials and support services sector supporting the overall performance, as did Whitbread PLC and Legal & General PLC.
"Challenging is how I have described in my recent statements the job that Ciaran, our portfolio manager, faced in trying to produce a positive return in the year ahead and that is exactly how it was," said Chair Hugh Twiss
"So, particularly with the accompanying political impasse in the UK, it will continue to weigh on the UK stock market, and with the prospect that even when it is eventually resolved one way or the other, it is likely to be followed by a period of considerable political uncertainty in the UK," Twiss added.
Invesco Income Growth proposed a total dividend of 11.45 pence per share, up 3.6% from 11.05p the year before