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LONDON (Alliance News) - Majedie Investments PLC said Thursday its net asset value decreased for the six months ended March in a "disappointing" performance.
Majedie's net asset value at par and fair value fell by 4.1% and 2.8%, respectively.
The company said it does not measure itself against any one benchmark but instead each investment is measured on its own. However, over the six months the FTSE All-Share Index fell by 2.3% and the MSCI All Country World Index rose by 0.2%.
Majedie's total assets fell to GBP192.4 million from GBP215.0 million the year before.
The company said its "meaningful exposure" to the UK market after the Brexit vote and its "long only" funds underperforming were to blame for its results.
The company has declared an interim dividend of 4.0p per share, from 3.5p the previous year.
Despite its "slightly subdued" returns, Majedie believes its portfolio is "defensively positioned and should prove relatively resilient".
Shares in Majedie were down slightly at 292.60 pence each Thursday.