(Alliance News) - Gabelli Value Plus+ Trust PLC on Tuesday expressed caution entering 2020 as it performed weaker than comparative indices in the first half of its financial year.
The investment company reported NAV per share as at September 30 of 146.4 pence, up 1.2% from 144.6p a year earlier and up 6.2% from 137.9p as at the end of March.
Gabelli shares stood at 133.5p each on September 30, representing a 8.8% discount to NAV.
The company's delivered a NAV total return of 6.1% over the period, while its share price total return was 9.0%. In comparison, Standard & Poor's 500 Index gained 12% and Russell 3000 Value Index rose by 11%.
"This disappointing performance, compared with the two indices referred to above is due, in part, to the investment manager's value style investment bias," said Chair Peter Dicks.
Gabelli declared a dividend of 0.75p per share, up by 25% from 0.6p it paid a year ago.
Dicks added: "As we enter the year 2020, your board is conscious of the challenges and concerns which the company faces, along with the policy of investing in the US equity market through the investment manager's bottom up, value style investment philosophy."
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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