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HgCapital Trust PLC on Monday said it outperformed the FTSE All-Share index last year despite challenges, but it opted for a lower total dividend. The London-based investor in unquoted businesses said net asset value per share as at December 31 rose 9.6% to 500.5 pence from 456.6p a year prior. NAV has since edged down to 500.4p as of February 29. NAV per share total return in 2023 was 11%, outperforming the FTSE All-Share index, which had a total return of 7.9% Between December 31 and February 29, NAV total return was neutral, compared to negative 1.1% for the FTSE All-Share index. HGCapital proposed a final dividend of 4.5p per share, unchanged from a year ago. This brings the total dividend for 2023 to 6.5p, 7.1% lower than 7.0p in 2022. David Toms, head of research at investment manager Hg, said: ‘During a period of increased volatility, the resilience of the Hg portfolio has been demonstrated with valuations and profitability remaining stable.’ Looking ahead, the company expects capital deployment to increase in 2024, boosted by ‘an improving investment environment’. HGCapital shares were 0.2% lower at 460.50 pence each on Monday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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