LONDON (Alliance News) - Seneca Global Income & Growth PLC on Monday said its multi-asset value investing approach is well-suited to market conditions.
The trust said its net asset value total return was negative 1.3% in the first half of its financial year to October 31.
"The six months to the end of October have been a difficult time for markets, with the Greek debt crisis dominating the first part of the period and emerging market weakness coming to a head in sharp stock market falls in China. Against this background the NAV has declined modestly, outperforming equity markets, though underperforming the benchmark," Chairman Richard Ramsay said in a statement.
Ramsay said markets face a new phase in the coming weeks and months, as they prepare for the "imminent prospect" of interest rate rises in the US, while the UK "stands on the sidelines watching" and Europe moves towards further quantitative easing.
"Recent terrorist attacks in Europe have reinforced the sense that geopolitical risks remain acute, and China continues to look for ways to rekindle its growth. This will all undoubtedly add volatility to markets, creating an environment of heightened risk and opportunity which particularly suits your company's multi-asset value investing approach," the chairman said.
Shares in Seneca Global Income & Growth were up 0.7% at 143.72 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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