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(Alliance News) - Monks Investment Trust PLC said Wednesday it underperformed against its benchmark in the first half of its financial year, despite a rise in net asset value.
For the six months to the end of October, the investment trust reported a net asset value total return of 1.6%, while its benchmark, the FTSE World Index in sterling, returned a positive 4.6%.
The trust's NAV per share as at October 31 was 861.0 pence, up 15% from 750.7p the same date the year before and 1.4% higher from 848.9p at the end of April.
Monks's share price at the end of October was 888.0 pence, reflecting a 3.1% premium to net asset value.
Shares in FTSE 250-listed Monks were down 0.2% on the day Wednesday at 915.15 pence in London, having improved since the period-end.
Monks declared no interim dividend. The company typically declares a final dividend at the financial year-end.
During the half-year, the trust increased its portfolio exposure to healthcare to 8% from 4% over the last 12 months, while several investments into companies such as heart pump manufacturer Impella and health data firm Sensyne Health PLC.
Also, Monks kept its exposure to technology firms meaningful at 20% of its total portfolio at the end of the period, with stronger long-term performers including Amazon.com Inc, Facebook Inc and Naspers Ltd.
"The portfolio's exposure to cyclical companies has been reduced over recent years. Fundamental analysis of semiconductor and domestic US holdings suggested that growth from today's starting point was unlikely to meet the portfolio's growth hurdle," said Chair James Ferguson.
"The managers believe the freedom to invest in an eclectic mix of companies is highly valuable in maintaining a portfolio which can generate good returns across different economic environments. The current portfolio leads the managers to be confident about the prospects for future growth and optimistic about the opportunities that lie ahead," Ferguson added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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