(Alliance News) - Menhaden PLC on Tuesday posted a rise in net asset value in the first half of 2019, pulled up particularly by its investment in aerospace giant Airbus SE.
Manhaden's NAV per share rose 12% to 101.7 pence on June 30 from 90.6p at the end of 2018. According to its website, the company invests "in businesses and opportunities, delivering or benefiting from the efficient use of energy and resources".
Of its performance, Chair Ian Cheshire said: "The increase in the company's NAV was primarily due to the public equities and yield investments in the portfolio. In particular, Airbus, Air Products and Brookfield Renewable Partners performed well."
Aircraft design and manufacturer Airbus, in particular, was Menhaden's single largest performance contributor.
No interim dividend was declared for the period. In 2018, the firm paid a small annual dividend of 0.7p per share "as required by investment trust rules".
Cheshire said: "Global growth continues to slow and geopolitical, environmental and technological risks continue to cause uncertainty and volatility in stock markets. However, there has been a notably improved focus on tackling the global climate crisis and the investment community is well placed to engage with sustainability issues and achieve a real impact. Our portfolio manager is
optimistic about the long-term outlook for the companies in your portfolio and will continue to focus on selecting competitively advantaged businesses which deliver or benefit from the efficient use of resources. The board supports this investment strategy and believes that the premise on which the company was launched is more compelling than ever."
Shares in Menhaden were down 1.8% at 80.00 pence in London on Tuesday.
By Anna Farley; annafarley@alliancenews.com
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Menhaden Re Plc (MHN)