F&C Global Smaller Companies reported a hike in the value of its investment portfolio in its half yearly statement Monday - despite a tough macroeconomic environment holding back share prices.
The investor of small businesses revealed revenue per share was at 3.76p for the six months ended October 31st, a 10.3% rise to the comparative period the year before.
The interim dividend per share climbed 22.7% to 2.00p from 1.63p, buoyed by the efforts of the world's central banks to boost the global economy.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
During the period 1,105,326 new shares, 2.7% of the initial share capital, were issued to meet demand in the market.
"It is pleasing that the company's shares have for some time now been trading close to net asset value and the board is keen to use issuance and potentially buyback powers in the future to ensure that this continues to be the case," the company said in a statement.
The company flew in the face of the challenges of a wailing global economy. The problems in Europe, the UK and the US continued to put a damper on the market during the period.
The geographical distribution of the company's investment portfolio rose 39.7% in North America, 29.4% in the UK, 11.6% in Continental Europe, 7.4% in Japan and 11.9% in the rest of the world.
"Despite the macro issues besetting Continental Europe, we were again able to record some good gains as individual companies prospered," the firm said.
RD
-
Should you invest in UK equities?The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
-
State pension errors: DWP urged to check for mistakes among divorced peopleFormer pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
