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Chelverton UK Dividend Trust PLC last week reported its net asset value per share declined in the first half of its financial year, as inflation and political turmoil hurt smaller London stocks.
Chelmsford, England-based Chelverton UK Dividend is an investment trust that seeks income through investments in mid- to small-cap UK companies.
The company reported a 33% decline in NAV per share to 152.99 pence for the six months that ended October 31 from 226.56p a year before. Its NAV total return was negative 20%, compared to negative 7.7% in the first half of financial 2022.
The company declared a second interim dividend of 2.94p per share, up 7.0% from 2.75p the year prior.
‘The market has reacted very badly to the ongoing Ukrainian conflict and its impact on energy prices and other commodities. Coupled with this, the UK has exacerbated the general European problems by creating massive self-inflicted political uncertainty,’ Chelverton UK Dividend said.
It added that its companies are emerging from the pandemic ‘as better companies with more efficient processes’.
Chelverton UK Dividend shares were up 0.3% to 176.50p on Monday morning in London.
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