Momentum Multi-Asset Value Trust plc (LON:MAVT) said it has more than recovered from the challenges of the early stages of the Coronavirus (COVID-19) pandemic.
In its results statement for the period ended April 30, the investment trust told investors it performed well with net asset value showing a +47.9% total return and a share price total return of 48.5%.
The company confirmed a 6.72p per share dividend for the year as it announced a fourth interim dividend of 1.68p and noted a yield of 3.6%, based on the year-end share price of 185.5p.
It highlighted that the company chose to maintain its dividend during the pandemic despite the extraordinary pressures on many of its underlying investee companies and their ability to pay a dividend.
The company said that several of the company's UK equity holdings have yet to re-establish dividend payments, and until this normalises it is difficult to give guidance on future income.
“I am pleased to report significant increases in the company's NAV and share price, and we are maintaining the dividend. All credit is due to the team managing the portfolio for sticking to its investment style and discipline through this difficult period,” chairman Richard Ramsay said in the statement.
Looking ahead, he told investors: “No forecast can be given with certainty and no path is smooth but, with a well-resourced and disciplined [investment] manager and the continuing retreat of COVID-19 in developed countries, your board is confident the future looks a good deal brighter than at this point last year.”