LONDON (Alliance News) - Majedie Investments PLC Wednesday said its net asset value returned 4.4% in the fourth-quarter, while it is seeking to change its investment policy.
Its core portfolio returned 6.1% and the investment in the UCITS Javelin Capital Emerging Markets Alpha Fund was down by 3.5% over the quarter, the company said in a statement.
The company is looking to change its investment policy so it can invest in the Tortoise Fund and the UK Income Fund.
On Monday, the company said it had appointed Majedie Asset Management to manage its assets with immediate effect, as it took the decision to close asset manager Javelin Capital LLP and rebase its dividend.
Javelin was launched by Majedie in September 2010 as a new asset management business, with the aims of both managing the company's assets and developing into a profitable business in its own right through managing third party funds. However, it found the markets went against it, and it no longer believes it can attract material third-party assets under management in the foreseeable future.
Additionally MAM has agreed to repurchase 10% of its capital from the company by [the end of March], which will realise approximately GBP18 million," Majedie Investments said in a statement, Wednesday.
"The company has also agreed to progressively reduce its stake in MAM by up to 2.5% per annum over each of the following four years," it added.
Majedie shares Wednesday closed at 206.00 pence, up 5.50 pence, or 2.7%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Majedie Inv. (MAJE)