INVESTMENT company Alliance Trust celebrated what it said was its best start to a financial year in 20 years yesterday, after rising markets helped reinforce the benefits of a revamp last year.
The company said its net asset value had risen 13 per cent so far in 2013 compared with a 10 per cent gain in UK equities as a whole since the start of the year, as measured by the FTSE All-Share index.
The trust, founded 125 years ago and based in Dundee, Scotland, noted its shares had advanced 16 per cent since the end of 2012.
The company has reduced the number of companies in which it holds shares to 100 from around 450 four years ago. This has allowed it to focus more on the specific companies it is backing and has made its portfolio less UK-centric.
“We’ve looked across the world and said we want the best companies wherever they are,” chief executive Katherine Garrett-Cox said.
Garrett-Cox has held on at the top of the investment trust, despite efforts by her former employer Aberdeen Asset Management to oust her and take control of the fund.
City A.M. Reporter