The share price total return over the six months ended
The trust said its underpeformance against the index was due to its exposure to specialist annuities provider
"Our holding in
The chairman said other life insurance holdings were hurt after a
"Positive stock contributions came from
While the last six months' returns have lagged the index, over the last three years the trust's NAV total return was 31.4% compared against a total return on the FTSE All-Share index of 28.5%.
In the long term, over the last 15 years, the trust's NAV is up by 121.7% compared against 99.6% for the index.
"It is these medium and long-term returns which attest to the capabilities of your manager, rather than the much noisier short-term data which can be distorted by individual events of the sort which derailed
Meanwhile, Bates said the trust's income grew by 4.6% as corporate dividends increased during the period.
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