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Interim Results

Aberforth Geared Income Trust down 1.1%

29 January 2015 09:32

Aberforth Geared Income Trust's total return on total assets over the six months to 31 December was -1.1%.

The managers' report says this outcome was influenced by a weak showing from the small company asset class: the NSCI (XIC) generated a total return of -1.3%. The FTSE All-Share, which is representative of larger companies, produced a total return of -0.4%.

Aberforth Geared Income Trust chairman Jonathan Cartwright said: "The first six months of AGIT's financial year ending 30 June 2015 brought a series of challenges to equity valuations. At the global level, the economies of the Eurozone and Japan continued to find growth elusive, while China's rate of expansion has fallen further.

"Russia's actions in Crimea and the events in Ukraine, together with the Islamic State conflict, have added to investors' nervousness. Closer to home, although the UK survived Scotland's referendum, political uncertainty remains and may undermine a domestic economy that has been one of the better performing among developed markets. While these factors have been in evidence for some time, the new development over the six months was the collapse in the oil price, which brings a further set of risks - and opportunities - to the investment landscape."

The board has declared a first interim dividend of 2.50p per ordinary share for the year ending 30 June.The dividend will be paid on 27 February to shareholders on the register at close of business on 13 February.

At 9:32am: (LON:AGIT) Aberforth Geared Income Trust PLC share price was -1.25p at 164p

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