Graphite Enterprise Trust Outperforms Benchmark In First Half

LONDON (Alliance News) - Graphite Enterprise Trust PLC Monday said it outperformed its benchmark, the FTSE All-Share Index, during the half year to end-July.

The trust reported a total return on net asset value per share of 3.0% for the period, just outperforming a 2.8% total return for the FTSE All-Share Index.

The portfolio increased in value by 7.8% in local currencies, the trust said, however the weakness of the euro limited the increase in the sterling value of the portfolio to 4.7%.

Graphite Enterprise Trust proposed a maiden interim dividend of 5.0 pence per share.

"We have been pleased with the performance of the portfolio in the first six months of the year. Realisations have continued at very strong levels and the profits of underlying companies have continued to grow more rapidly than those of listed companies," the trust said in a statement.

"It is also important to note that investments made after the financial crisis now represent over 70% of the total portfolio. As the performance of these companies has been stronger than that of the earlier vintages and the uplifts achieved on realisation have been higher, we would expect that they will continue to drive strong performance," it added.

Shares in Graphite Enterprise Trust were up 0.2% at 570.00 pence Monday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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