Smithson Investment Trust PLC Market Update 30.3.20 (date of AGM) (0930I)
March 30 2020 - 9:41AM
UK Regulatory
TIDMSSON
RNS Number : 0930I
Smithson Investment Trust PLC
30 March 2020
Smithson Investment Trust plc (the "Company")
Market Update 30.3.20
Further to the Company's Annual General Meeting (AGM), held
today, the Board has issued a statement regarding the performance
of the trust during the period of market volatility caused by the
Covid-19 pandemic.
From January 1(st) 2020 up to and including the 26(th) March
2020, the net asset value (NAV) of the trust has fallen 8.4% while
the reference equity index, the MSCI World Small and Midcap Index,
is down 20.4%. In the same period, the Smithson Investment Trust
share price is down 14.3% and is now trading at a discount to NAV
for the first time.
Simon Barnard, portfolio manager, commented: "The portfolio has
held up well in relative terms during this challenging period.
Although we own one travel related company which has been hit hard
by the reduction in flights and hotel stays, we also own several
healthcare related companies, including a company which makes
respiratory equipment, which have benefited from an increase in
demand related to Covid-19. The high quality of the companies which
we own, including the very low levels of debt within these
companies, means that they should exit this crisis in a strong
position.
We continue to have confidence in the long-term outlook for the
companies in the portfolio and have used the opportunity of recent
share price falls to selectively purchase more shares in those
companies using the cash we had available."
Due to the current UK government advice not to travel, the
manager did not attend the AGM, but will instead provide the annual
presentation as a pre-recorded webcast which will be made available
on the Smithson Investment Trust plc website (smithson.co.uk) later
today.
The Company's LEI is: 52990070BDK2OKX5TH79.
Enquiries:
PraxisIFM Fund Services (UK) Limited
Company Secretary
Contact Guy Dixon or Martin Darragh
Tel: 020 7653 9690
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