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Annual Results

Artemis Alpha Trust NAV hit by oil price fall

13 July 2015 07:17

Artemis Alpha Trust's net asset value per ordinary share fell by 0.9% in the year to the end of April. This compares with a 7.5% rise in the FTSE All-Share Index. The company's share price fell by 6.9% in the year.

Chairman Duncan Budge said the largest factor was a sharp fall in the price of oil. This had a material adverse effect on the company's oil and gas investments and reduced the net asset value by 9.6%.

He said that while the company's exposure to this sector had been reduced significantly from the levels seen in previous years, the remaining holdings, on average, fell in value by more than 50% during the year.

He added that there was also a disappointment in the unquoted portfolio, where, an online retailer of luxury gifts, was put into administration. The valuation of the company's stake was written down to nil which reduced the net asset value by 3.3%.

He added: "On a more positive note, the unquoted investments added value overall. The cimpany realised its investment in The Hut Group for nearly £15 million in cash - equivalent to just over three times its cost. Lynton Holding Asia was another positive contributor, following the sale of its main asset, an aviation business.

"The company will receive its share of the sale proceeds shortly and this should amount to a further £7 million, which also represents over three times the cost of the investment. It is hoped further realisations of unquoted investments can be achieved in the near future and we expect that unquoted investments will form a smaller component of the portfolio going forward."

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