Electric & General Investment Trust says that its net asset value jumped by nearly 21% in the six months to December 2010. The NAV rose from 398.12p a share to 473.98p a share at the end of 2010. The MSCI World Index rose by 17.5% over the same period. The interim dividend is unchanged at 2.1p a share. Electric & General aims for capital growth while also offering a progressive dividend policy. The trust invests in large international companies. The trust is almost fully invested. Chairman Lindsay Bury says that the investment manager believes that companies are still modestly valued. "As an asset class, equities may enjoy something of a renaissance, particularly if sentiment shifts from deflation and decline to inflation and growth", he adds.On 16 February, Electric & General announced reconstruction proposals. They give shareholders the chance to realise their investment in cash or roll over the investment into a new open ended fund which will have the Electric & General name and still be managed by Taube Hodson Stonex. The investment strategy will be the same. Electric & General says that costs will be lower with the manager taking a lower management fee of 0.3% of net assets but retaining the same performance fee. There will no longer be a discount to net asset value. JPMorgan Overseas Investment Trust had tried to persuade the Electric & General board to allow it to participate in the reconstruction so that investors were given the choice of rolling over their investment into JPMorgan Overseas. The full proposals should be sent to shareholders before the end of June.