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Scottish Investment Trust pleased to beat World index

By BFN News | 09:19 AM | Monday 28 May, 2012


In the six months to 30 April 2012, Scottish Investment Trust reports that the net asset value per share (NAV) total return was 7.0% (with borrowings at market value). This was ahead of both the company's global and UK comparator indices. The FTSE All-World Index total return was 6.6% and the UK FTSE All-Share Index�?¢ total return was 6.2%. The share price discount to ex-income NAV (with borrowings at market value) ended the period at 8.6%. Commenting on the results, Chairman, Douglas McDougall said:- "The listed equity portfolio rose by 8.2% in total return terms. There was a strong absolute and relative contribution from North American holdings which produced a total return of 16.3%, compared with 11.3% for the regional index. UK, Latin American and Asia Pacific (ex Japan) holdings also performed well on a relative basis." "Net additions to the equity portfolio amounted to £16.5m reflecting investment in a small number of higher dividend yielding equities, the aggregate yield on which is above the annual interest rate on the company's long-term fixed rate borrowings. "Over the past six months, there has been relatively little change in the investment outlook. While valuations appear reasonable, the outlook for the eurozone remains extremely difficult to predict, with clear risks from further deterioration. "Consequently, we prefer to keep most of the company's long-term borrowings liquid with a view to deploying them at more attractive levels as and when opportunities arise." At 9:19am: (LON:SCIN) Scottish Investment Trust share price was +0.5p at 446p Story provided by StockMarketWire.com

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