LONDON (Alliance News) - Chelverton Growth Trust PLC on Friday reported growth in net asset value per share in the first half of its financial year, beating its benchmark, and said it is well placed in the face of Brexit.
Chelverton said its NAV per share in the six months ended February 28 rose to 74.89 pence from 62.53p the year before, demonstrating growth of 20%. This outperformed its benchmark the MSCI Small Cap UK index which rose by 6.1% and the AIM All-share index which rose by 15%.
During the year, Chelverton liquidated its holdings in pharmaceutical company Alliance Pharma PLC, LED lighting manufacturer LPA Group PLC and industrial services and rental company Northbridge Industrial Services PLC in their entirety, while reducing its holding in security and surveillance systems firm Petards Group PLC.
"Looking through to the second half of the year and onwards, the economic and political agenda is going to be dominated by the daily reporting of the negotiations to leave the European Union," Chairman Kevin Allen said in a statement.
"For investors in this fund, the state of the UK economy is far more relevant. The sentiment of the so called "experts" is that the UK economy will continue to grow steadily into the future and, as the European Union itself starts to exhibit signs of increasing growth this will only serve to help. The board therefore feels that the portfolio will continue to make good progress," he added.
Shares in Chelverton were trading down 6.7% at 70.00 pence on Friday.
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