(Alliance News) - Odyssean Investment Trust PLC said Monday it outperformed against its comparative index in the first half of its financial year, despite continued political and economic uncertainty.
For the six months to the end of September, the trust posted a net asset value total return of 7.2%, compared to the Numis Smaller Cos ex-Investment Trusts plus AIM Index, which made a total return of 1.4%.
As at September 30, Odyssean's net asset value per share was 103.2 pence, up 3.5% from 99.7p the same date the year before, and 7.2% higher from 96.3p at the end of March.
The trust's share price at the end of September was 101.0p, reflecting a 2.1% discount to net asset value.
Shares in Odyssean Investment Trust were down 0.1% on the day Monday in London at 101.90p, having improved slightly since the period-end.
As at September 30, the portfolio consisted of 17 companies, with three new positions added over the six month period.
"Geopolitical and domestic political uncertainties continue to dominate the headlines. Overall, the cloud over the UK stock market has led to UK stocks trading at meaningful discounts to international markets. In addition, UK smaller companies are trading at discounted ratings to overall UK markets, and thus have the potential to offer a double discount," said Chair Jane Tufnell.
"In the event that earnings estimates are broadly achievable, the current depressed market ratings augur well for investors. The concentrated nature of the portfolio compared with broader markets means that the net asset value growth dynamics are more likely to be driven by what has been happening on a company-specific basis rather than overall market movements," Tufnell added.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Odyssean Inves. (OIT)