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Benchmark-beating performance by Invesco Perpetual UK Smaller Companies – Invesco Perpetual UK Smaller Companies Investment Trust (IPU) issued its annual financial report for the year ended 31 January 2018.
The NAV of the company rose by 23.9%, on a total return basis. In so doing, it outperformed the benchmark index of the company by 8.8%. The Numis Smaller Companies Index (excluding Investment Companies) returned 15.1%. The company also outperformed the FTSE All Share Index by 12.6% over the same period. The discount at the year end was 4.3% (2017: 4.9%).
Positive contributions came from support service, technology and healthcare, while the portfolio’s exposure to the aerospace & defence sector negatively impacted performance.
At the individual stock level, the best performers included:
Disappointments in the period included:
The total dividends for the year was 20.8p (2017: 17.1p) of which 52% (2017:43%) was generated from revenue in the year. The remainder was funded from capital and represents 1.8% (2017: 2.1%) of the year end net assets.
In accordance with the terms of the tender offer and following shareholder approval at a general meeting held on 8 June 2017, the company repurchased 20,357,155 shares at a price of 487.05p per share. These shares are held in treasury.
Ian Barby, chairman, Invesco Perpetual UK Smaller Companies: The year under review saw largely positive market results, despite continued political uncertainty. Continued uncertainty around Brexit and the possibility of further interest rate increases are likely to have an impact on markets for some time to come.
IPU : Benchmark-beating performance by Invesco Perpetual UK Smaller Companies
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