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Interim Results

Dunedin Smaller Cos NAV up 16%

16 June 2017 07:54

Dunedin Smaller Companies Investment Trust's net asset value per ordinary share rose by 16.0% in the six months to the end of April on a total return basis.

This compares with a 16.1% rise in its benchmark, FTSE SmallCap Index (ex investment companies).

Chairman Norman Yarrow said: "The company has benefited from an exceptionally strong period of performance for smaller companies.

"The latter part of 2016 was in part characterised by investors preferring overseas earning streams, because this allowed them to benefit from the weakness of sterling.

"This caused larger companies to outperform their smaller peers. However, 2017 has seen oil and other commodity prices weaken in anticipation of less favourable supply and demand dynamics.

"Small and mid-sized companies have less exposure to these areas of the market and have consequently been a beneficiary.

"Simultaneously, there has been a convergence of rising investor risk appetite, alongside a recognition that smaller companies have been trading at a valuation discount relative to their larger counterparts."

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Related Company: DNDL

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