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LONDON (Alliance News) - Strategic Equity Capital PLC said on Friday it outperformed its comparative index in the first half of its financial year despite tough conditions during the period.
The company said its net asset value negative return for the six months to the end of December was 9.5%, outperforming the FTSE Small Cap excluding Investment Companies Index which saw a negative return of 13.9%.
Net asset value per share as at December 31 was 233.72 pence, down from 273.28p the same date the year before.
Shares in Strategic Equity Capital were down 0.5% at 203.40 pence on Friday.
The company said that global financial markets were very weak during the period, with concerns over a slowdown in growth, as well as increased economic and political tensions. Company-wise, industrials and retailers were hard hit with either weak trading or uninspired outlooks for 2019.
Despite Strategic Equity's limited exposure to those sectors, it was not immune to the wide sell-off.
"Our plan is to follow rigorously and consistently our disciplined investment process. We sense more than ever that investors are also now concentrating on fundamental valuations, which in these volatile and uncertain times should offer the best protection and prospects. We therefore expect our portfolio to benefit from a positive re-rating," said Chair Richard Hills.
