Terry Smith’s Smithson Investment Trust PLC (LON:SSON) achieved growth in its share price and net asset value per share total return in the first half of the year that outperformed the benchmark.
The global small and mid-cap trust, which floated on the London Stock Exchange last October, said its NAV per share total return was 27.6% for the six months to the end of June, compared to the MSCI World SMID Index return of 17.2%
The share price total return for the period was 23.4%.
Its NAV and share price returns have risen 20.3% and 23.4%, respectively, from the date it started trading to the end of June.
The company made no new investments or divestments during the first half, ending the period with 29 investments.
The group closed the period at a premium to NAV of 2.6%.
Chairman Mark Pacitti said: “The board remains positive on the outlook for global small and mid-cap equities in the medium to long term but realises that politics and other macroeconomic factors might affect market movements in the short term.”
Ahead of its successful start to trading in London, Smithson had raised £822.5mln, beating the previous £800mln record set by Neil Woodford’s Patient Capital trust in 2015.