(Alliance News) - Schroder UK Mid Cap PLC said its net asset value return was up, and it had outperformed its benchmark in a strong half-year performance.
Schroder UK Mid Cap, a London-based mid-cap focused investment trust said its net asset value per share on March 31 was 628.55 pence, up from 541.89p on September 30 at the end of its financial year.
The company's NAV total return for the six months ended March 31 was 18.5%, outperforming its 15.0% return of its benchmark, the FTSE 250 ex Investment Trusts Index.
The company declared an increased interim dividend of 5.5p per share, up 10% from 5.0p per share at the same time the previous year.
"Despite the ongoing challenges of stubbornly high inflation and increasing UK rates, investor sentiment has much improved in 2023 and there are some good reasons for optimism in the outlook," Chair Robert Talbut said.
"While investors should never be complacent given the complex international situation, still sticky levels of inflation and the risk of higher interest rates in the UK, the overall outlook has improved from the beginning of the financial year and the board remains optimistic that the portfolio managers can continue to find attractive investment opportunities with the prospect of long-term returns for shareholders."
Shares in Schroders UK Mid Cap Fund were up 2.3% at 532.00p in London on Wednesday morning.
By Will Neill, Alliance News reporter
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Schroder UK Mid & Small Cap Fund (SCP)