LONDON (Alliance News) - British Empire Trust PLC on Monday said its net asset value per share on a total return basis decreased by 8.3% in the year ended September 30, while its benchmark index decreased by 5.6% in the same period.
Total ordinary dividends increased by 11.4% to 11.7 pence, the trust said. Its share price total return decreased by 9.2% in the year.
The trust's lead benchmark is the Morgan Stanley Capital International All Country World ex-US Index.
"This overall return shows a steady rise in NAV in the first half of the accounting year and then a steeper decline in the second half. Performance suffered in the second half of the year amid the general market sell-off, with exposure to energy-related assets and the strength of the pound reducing returns further," the trust said.
"The board recognises that 'value investing' has been underperforming 'growth' for probably the longest period on record, with the quantum of such underperformance not having been seen since the dotcom bubble of the late 1990s. This created a significant headwind for returns," the trust added.
Shares in the trust, previously named British Empire Securities & General Trust, were down 0.3% at 473.92 pence on Monday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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