LONDON (Alliance News) - Majedie Investments PLC Monday saw a stronger total return in its recently ended financial year, although noted it had been hit by volatile stock markets.
The investment trust reported a total return on net asset value per share of 16.0% for its year to the end of September, compared to a 12.9% total return the prior year.
This performance fell short of the FTSE All Share Index, which saw a total return on NAV of 16.8%, and the MSCI World Index in sterling, which rose 30.6%.
Majedie Investments said its shares traded at a discount to NAV in the second half of the year as a result of volatility in stock markets and currency markets in the wake of the European Referendum result, which hit the investment company sector in general.
It noted that it is "uncomfortable with the level of the discount and is looking at all opportunities to reduce it".
Majedie proposed a final dividend of 5.75 pence, taking its total dividend for the year to 8.0p, up 6.7% from the previous year.
"The past year has been extraordinary in terms of political shocks with the European Referendum result and more recently the US Presidential election. The economic consequences and the effect on the stock markets were and remain difficult to predict. I am confident however that the broad spread of the company's holdings and the good long term track record of the funds managed by MAM will provide your company with resilience and growth in its assets," said Chairman Andrew Adcock in a statement.
Shares in Majedie Investments were up 1.0% at 267.00p Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Majedie Inv. (MAJE)