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City of London Investment Trust H1 returns fall short of benchmark
StockMarketWire.com
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The City of London Investment Trust reported first-half returns that lagged its benchmark as the company was underweight sectors that appreciated sharply.
For the half year ended 31 December, the company reported a pre-tax profit of £95.5 million, compared with a profit of £94.6 million year-on-year.
Net asset value per share stood at 357.4 pence at end of last year, up from 344.0 pence on 30 June.
The company's net asset value total return of 6.9% lagged the the FTSE All-Share Index, its benchmark, which produced a total return of 9.3% for the six months to 31 December 2020.
'The biggest detracting sector was not holding equity investment instruments, especially Scottish Mortgage, followed by being underweight in travel & leisure, including not holding Flutter Entertainment,' the company said. 'The third biggest detracting sector was our above average exposure to gas, water & multi-utilities.'
'A strong rally took place in the final two months of the period after newly developed vaccines were revealed to be effective against the virus,' the company said.
Story provided by StockMarketWire.com
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