Investors Capital, managed by Rodger McNair (pictured), has released its annual results for the year ended 31 March 2014. The fund outperformed – generating a total return on the net asset value of 9.7% vs. a 9.1% return on the FTSE All-Share capped 5% Index (its benchmark). The fund, which is managed with two portfolios – one part equities and the other high yield securities including bonds, is being managed at the moment with a bias towards equities (83% vs. 13%, with the balance in cash). The equity portion generated a return of 10.5% and the high yield portion 6.9%.
The dividend rose by 2.1% to 4.37p – this despite revenues being fairly flat for the year as the balance of the portfolio swung to the lower yielding equity portion. next year’s revenue number will be boosted by the lower management fee that the Board agreed earlier this year.