North Atlantic Smaller Companies Investment Trust lagged Standard & Poor's 500 Composite Index and the FTSE Small Cap Index in the six months to the end of July.
The fully diluted net asset value, adjusted to reflect Oryx International Growth Fund, rose by +3.0% as compared to a rise in the sterling adjusted Standard & Poor's 500 Composite Index of +20.6% and the FTSE Small Cap Index of +6.7%.
Performance against the Standard & Poor's Index was disappointing although the Company only has a very small portfolio of US listed stocks amounting to approximately 2% of assets.
Income for the period amounted to a loss of £1,530,000 (31 July 2015: loss of £688,000). Consistent with past policy the directors do not propose to pay a dividend (31 July 2015: nil). The biggest impact on the quoted portfolio was the fall in the price of MJ Gleeson Group which reduced the net asset value by £6.3m together with a more modest fall in the value of Goals Soccer Centres which cost a further £2.0m. In total these two holdings reduced the NAV by approximately 2%.
In the UK, Oryx performed broadly in line with the index with the net asset value rising by 6.2% over the period. AssetCo and EKF Diagnostics Holdings also performed well rising by 15% and 25% respectively. BBA Aviation rose 45% and Bioquell (adjusted for a share buyback) rose just over 20%.
In the US, the company's modest position in AMBAC Financial Group performed well rising by nearly 30% over the period.
At 3:08pm: (LON:NAS) North Atlantic Smaller Companies Investment Trust Plc share price was +12.5p at 2537.5p