AURORA INVESTMENT TRUST PLC Aurora Investment Trust plc Half Yearly Financial Report
For the six months ended 30 June 2021
CONTENTS | |
Page | |
Financial and Performance Highlights | 1 |
Objective and Investment Policy | 2 |
Investment Manager's Review | 4 |
Top Holdings | 7 |
Sector Breakdown | 8 |
Interim Management Report | 9 |
Statement of Directors' Responsibilities | 11 |
Condensed Statement of Comprehensive Income | 12 |
Condensed Statement of Financial Position | 13 |
Condensed Statement of Changes in Equity | 14 |
Cash Flow Statement | 17 |
Notes to the Financial Statements | 18 |
Alternative Performance Measures | 24 |
Corporate Information | 26 |
Half Yearly Financial Report | 1 | ||
FINANCIAL AND PERFORMANCE HIGHLIGHTS | |||
Performance | |||
At | At | At | |
30 June 2021 | 30 June 2020 31 December 2020 | ||
(unaudited) | (unaudited) | (audited) | |
Net Asset Value ('NAV') per Ordinary | |||
Share1 | 230.90p | 161.61p | 213.39p |
Ordinary Share price | 232.00p | 168.00p | 207.00p |
Premium/(discount)1 | 0.5% | 3.95% | (4.58)% |
FTSE All-Share Index ('Benchmark') | 7,852.35 | 6,465.24 | 7,068.59 |
Gearing (net) | Nil | Nil | Nil |
The total returns in sterling for the period/year were as follows:
Six months to | Six months to | Year to | |
30 June 2021 | 30 June 2020 | 31 December 2020 | |
(unaudited) | (unaudited) | (audited) | |
% | % | % | |
NAV total return per Ordinary Share1 ,2 | +6.69 | (28.27) | (5.30) |
Ordinary Share price total return1, 2 | +12.30 | (26.97) | (10.00) |
FTSE All-Share Index ('Benchmark') | +11.07 | (17.43) | (9.80) |
- Definitions of these Alternative Performance Measures ("APMs") together with how these have been calculated can be found on pages 24 to 25.
- Including dividend reinvested.
2 | Aurora Investment Trust plc |
OBJECTIVE AND INVESTMENT POLICY
Investment Objective
Aurora Investment Trust plc's (the "Company") objective is to provide Shareholders with long-term returns through capital and income growth.
New Investment Policy
Proposed changes to the Investment Policy
At a General Meeting held on 28 September 2021 the following new investment policy was approved:
The Company seeks to achieve its investment objective by investing predominantly in a portfolio of UK listed companies. The Company may from time to time also invest in companies listed outside the UK and unlisted securities. The investment policy is subject to the following restrictions, all of which are at the time of investment:
- The maximum permitted investment in companies listed outside the UK at cost price is 20% of the Company's gross assets.
- The maximum permitted investment in unlisted securities at cost price is 10% of the Company's gross assets.
- There are no pre-defined maximum or minimum sector exposure levels but these sector exposures are reported to and monitored by the Board in order to ensure that adequate diversification is achieved.
- The Company's policy is not to invest more than 15% of its gross assets in any one underlying issuer (measured at the time of investment) including in respect of any indirect exposure through Castelnau Group Limited.
- The Company may from time to time invest in other UK listed investment companies, but the Company will not invest more than 10% in aggregate of the gross assets of the Company in other listed closed-ended investment funds.
- Save for Castelnau Group Limited, the Company will not invest in any other fund managed by the Investment Manager.
While there is a comparable index for the purposes of measuring performance over material periods, no attention is paid to the composition of this index when constructing the portfolio and the composition of the portfolio is likely to vary substantially from that of the index. The portfolio will be relatively concentrated. The exact number of individual holdings will vary over time but typically the portfolio will consist of holdings in 15 to 20 companies. The Company may use derivatives and similar instruments for the purposes of capital preservation.
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Aurora Investment Trust plc published this content on 04 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 October 2021 17:23:04 UTC.
