The FTSE 250-listedEdinburgh Investment Trust, which invests primarily in UK securities, produced a net asset value (NAV) total return for the year to March 31st of 21.1 per cent debt at par and 22.4 per cent debt at market value.
This was far above the total return of 16.8% for the FTSE All-Share Index, the company's benchmark.
It its annual financial report, issued on Wednesday, the company reported that it had produced a share price total return of 20.1%, which compared to the Index's total return of 16.8%. The discount of the share price to NAV debt at par increased from 0.9% at March 31st 2012 to 1.7% at March 31st 2013.
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
The portfolio is concentrated in a relatively small number of sectors and its overweight position in the pharmaceutical sector and the underweight position in the mining sector were described as having been material drivers of the company's investment outperformance in the year.
The Edinburgh Investment Trust was down 1.18% to 588p at 08:18 on Wednesday.
MF
-
SIPP holders to get cash warnings and be offered default fundsNews Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
