The trust's NAV per share increased to
The trust's investment objective is to seek to obtain both high income and capital growth from investment, predominantly in high-yielding fixed-interest securities.
"The high yield bond market has continued to deliver strong positive returns in recent quarters, but we have not seen the level of spread tightening that occurred in 2012 and 2013. In our opinion, the market is now fully valued, and we see little potential for further capital appreciation,"
"Yields and spreads are low by historical standards. We are seeking to provide an attractive level of income, while focusing our portfolio on issuers with low default risk and on bonds where we think the balance of reward to risk remains relatively good," the manager added.
The trust's shares were Tuesday quoted up 0.5% at 184.96p.
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