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Caledonia Investments PLC on Friday reported a positive interim net asset value total return, but said portfolios were impacted by rising inflation and interest rates.
Net asset value per share at September 30 grew 3.2% to 5,039 pence per share, from 4,884 pence at June 30.
The FTSE 250 listed investment trust said total return for the six months that ended on September 30 was 4.5%, compared to 16% a year ago.
It said it had net assets of £2.78 billion on September 30, roughly unchanged from March 31.
The company said a final dividend of 47.3 pence per share for the year ended March 31, along with a special dividend of 175p per share was paid on August 4, amounting to a payment of £121 million.
‘The underlying performance of our private assets during the first half of the year, in both Private Capital and Funds, coupled with the significant positive impact of the 15% fall in the value of Sterling against the US dollar, has more than offset the volatility and weakness in global equity markets,’ Caledonia noted.
The total return on the Funds portfolio was 22% for the first half of the year, ‘reflecting ongoing valuation growth across the maturing portfolio of US and Asia based funds, and a significant positive exchange impact given that the majority of these holdings are US dollar denominated’.
Meanwhile, the Private Capital portfolio generated a total return of 6.3% during the period.
Caledonia Investments said portfolios were impacted by rising inflation and interest rates.
Shares were down 0.8% at 3,270.00 pence each on Friday morning in London.
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