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Montanaro European Smaller Cos Trust PLC announced on Thursday that its net asset value per share fell, though its half-year dividend was unchanged.
The investment company said its NAV per share fell 28% to 124.1 pence on September 30, from 171.5 pence at its March 31 year end.
Its net asset value total return was negative 27% for the six-month period, underperforming its benchmark's return of negative 19%.
Montanaro also reported its half-year dividend to remain unchanged at 0.20 pence year-on-year.
"This is a disappointing short-term performance, reflecting a number of headwinds. Inflationary pressures and subsequent monetary tightening by central banks have increased the cost of capital globally. Such increases have disproportionately affected quality growth stocks, with high quality companies underperforming low quality companies in Europe and growth companies underperforming value companies," said Chair R M Curling.
Shares in Montanaro fell by 0.3% to 130.54 pence in London on Thursday afternoon.
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