(Alliance News) - Montanaro European Smaller Companies Trust PLC on Thursday reported outperformance against its benchmark index for the first half of its financial year.
For the year to the end of September, the small cap European equities investor's net asset value total return was 8.3%, compared to the MSCI Europe SmallCap (excluding UK) Index, which returned 4.7% for the period.
As at September 30, Montanaro European's NAV per share stood at 1,094.1 pence, up 3.4% from 1,058.6p the same period the year before, and 8.2% higher from 1,010.8p at the end of March.
The trust's share price at the end of September was 1,022.5p, reflecting a 6.5% discount to NAV.
Shares in Montanaro European Smaller was down 1.5% on the day Thursday at 1,073.85 pence, having risen since the period-end.
Montanaro European declared an interim dividend of 2.00 pence, up 14% from 1.75p the prior year.
"The last six months have seen a further deterioration of global economic growth indicators alongside rising geopolitical tensions. No-one knows if this will continue and how central banks and governments will react should it do so. Brexit remains a source of ongoing uncertainty," said Chair Richard Curling.
"However, we are confident that your portfolio consists of some of the highest quality, growing companies in Europe. They continue to produce high returns on capital with solid balance sheets and good cash generation. The combination of resilient structural growth drivers and experienced management teams gives us confidence for the future," Curling added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Montanaro (MTE)