Majedie’s net asset value total return for the six months to the end of March 2015 was 14.5%. The return to shareholders was 10.5%. The interim dividend is 3p.
38.5% of the assets is in a segregated fund that tracks the MAM UK Equity Fund. This returned 7.7% net of fees in the six months to 31 March 2015, which is an outperformance of 2.4% compared to its benchmark, the FTSE All-Share Index, which rose by 5.3%. The 11% invested in the MAM UK Income fund did even better, returning 15.6%. Investments in the MAM Global Equity Fund, MAM Global Focus Fund and MAM US Equity Fund also outperformed their respective benchmark indices. The absolute return investment in the MAM Tortoise Fund returned 4.7% during the period. Finally the investment in the asset management company was also written up as funds under management hit £11.6bn.
MAJE : Majedie has good first half as MAM funds outperform and expand