Majedie Investments generated a 12.9% return on net assets for the year ended 30 September 2015 and a return to shareholders of 15.7%. The dividend was increased from 7.5p to 8p. This was the first full year of the Company’s assets being managed by Majedie Asset Management and they did a pretty good job – over the year to 30 September 2015 the FTSE All Share Index and the MSCI World Index fell by 2.3% and 0.1% respectively on a total return basis.
The MAM UK Equity fund beat its benchmark by 2.3% over the year. The MAM Tortoise Fund, an absolute return fund, returned -3.5%. The MAM UK Income Fund did particularly well, returning 11% and beating its benchmark by 13.3%. The MAM Global Equity Fund, MAM Global Focus Fund and MAM US Equity Fund returned 2.5%, 8.2% and 11.0% respectively, which is a relative outperformance of 2.6%, 8.3% and 5.3% compared to the sterling benchmarks of the MSCI ACWI (Developed and Emerging Markets) and the S&P 500. The valuation of the company’s 16.7% stake in Majedie Asset Management was increased to £52.3m.
MAJE : Majedie Asset Management does wonders for Majedie