North Atlantic Smaller Cos Investment Trust PLC - seeks capital appreciation from investment in a portfolio of smaller companies principally based in countries bordering the North Atlantic Ocean - Net asset value per share drops to 4,980 pence at July 31 from 5,779p on January 31, a 14% decline. Meanwhile, Standard & Poor’s 500 Composite Index grows 1.0% while Russell 2000 Index is up 2.6% during the same time period. Proposes no dividend, unchanged from a year prior.

‘The decline in Covid testing has had a material impact on some of the company’s investments, and the war in Russia has created inflation which has impacted markets in the UK and elsewhere,’ firm explains.

Company states that if deep drawn and stamped components manufacturer Utitec Inc is sold by the end of October, North Atlantic will restart its share buyback programme, says Chief Executive Christopher Mills.

‘There is no question that the value is, once again, opening up in equity markets and it is therefore expected that further new investments will be made over the coming months,’ he adds.

Current stock price: 3,464.19 pence, down 4.6% on Friday

12-month change: down 29%

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