Aberforth Geared Income’s interims for the six months ended 31 December show a fall in total assets of 1% over the period which translated (adjusting for the gearing effect of the company’s zero dividend preference shares) into a fall in the ordinary share NAV of 3% – the share price came off 2.3%. By comparison, the FTSE All-Share Index, which is representative of larger UK companies, experienced a total return of -0.4% in the six months to 31 December 2014. Smaller companies were weaker: the total return of the Numis Smaller Companies Index (ex Investment Companies), which, as the Chairman suggests, defines AGIT’s opportunity base, was -1.3% The first interim dividend is 2.5p, 7.8% up on the previous year.
Oddly, for a fund that is all about stock picking, there is no mention of which stocks did well and badly in period in the report.
AGIT : Aberforth Geared Income’s portfolio outperforms modestly