New City Energy results for the six months ended 31 March 2015 show the fund suffering in the wake of falling oil prices. The total return on net assets was -36.6% and the share price return was -37.4%. Two interim dividends of 0.42p have been paid for the period.
The managers’ report highlights those companies that managed to maintain their dividends in the face of the energy price declines – they mention Crescent Point Energy, Whitecap Resources, Vermillion Energy,
Arc Resources and Northern Blizzard in this regard.
NCE : New City suffers from oil price fall