F&C Private Equity Trusts has reported a share price total return for the six months of 37.6% for the ordinary shares, one of the best-performing investment trusts regardless of sector.
The trust’s Net asset value total return for the ordinary shares was 8.3% over the same period, while the restricted voting shares saw net asset value total return of 15.4%.
Other key points of the trust’s half-yearly financial results include: realisations of GBP19m during the period, an increase of 60% over the first half of 2010; drawdowns and new investments of GBP14m during the period; and gearing on the Ordinary shares has reduced slightly.
In addition the trust has a number of co-investments in sale processes, which should enhance returns in the second half, while outstanding undrawn commitments total GBP87.8m, the lowest level in the Company’s history, relative to net assets. This total is increasingly composed of commitments that either cannot be drawn or can only be drawn under limited circumstances.
Manager, Hamish Mair (pictured), says: “Most companies in the company’s portfolio cut costs aggressively in 2008 and 2009 and few have budgeted on much help from the economic background since then. Provided we do not return to a deep or prolonged recession it is reasonable to expect that medium and longer-term value growth in the portfolio will continue.”
