EP Global Opportunities has reported a 4.2% return on net assets for the first six months of 2015 which compares favourably to a 2% return ion the FTSE All-Share Index. The shares moved from trading at a small discount to trading on a 0.1% premium.
They say their performance benefited from the emphasis on Japan and Continental Europe and a low level of investment in the USA. At the end of last year, 56.2% of net assets were invested in Japan and Continental Europe and only 10.3% was invested in US shares. While profit taking in Japan resulted in £6m of sales, the money raised was reinvested in Japanese equities. Despite the strong relative performance of the Japanese market, it continues to be our most favoured equity market and at the end of June 2015, it represented 35.1% of Shareholders’ funds.
There is no manager’s report and no performance attribution in the statement.
EPG : EP Global reports modest outperformance