Results for the year ended 30 September 2013 show a net asset value total return of 16.9% and a share price total return of 9.7% as the discount (calculated with debt at fair value) expanded from 20% to 28.4%. The full year dividend was maintained at 10.5p per share (net revenue was less than 65% of the dividend so MAJE is distributing capital). The manager has increased the level of gearing in the fund (from 9.2% to 21.5% at the end of September). Stock selection in the US and a negative return from their investment in an absolute return fund managed by Javelin held back MAJE’s performance although MAJE did feel able to write up the value of its investment in Majedie Asset Management (which now has £7.7bn under management).
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