Menhaden Resource Efficiency PLC - UK investment trust investing in businesses and opportunities, delivering or benefiting from the efficient use of energy and resources. Reports net asset value at December 31 fell to 129.8 pence from 155.7 pence in the previous year. Says NAV total return per share was negative 16.5% compared to plus 17.3% in 2021.

Described 2022 as challenging reflecting the Russian invasion of Ukraine and lingering global economic impacts from the pandemic. Notes the year saw very significant market volatility, including in the UK, and a marked rotation away from risk assets into more defensive areas. Points out the company has a sizable allocation to the digitisation (decarbonisation) theme and hence a large exposure to tech stocks, which were particularly hard hit by the global economic headwinds.

Says principal contributor to the negative return was the underperformance of Alphabet, which was the largest position in the portfolio. Other negative contributors were Charter Communications, which was sold during the year, Amazon and Microsoft. Positive performance came from more defensive areas, such as infrastructure: Canadian National and Canadian Pacific Railways, and private investments John Laing and TCI Real Estate performed well. A final dividend of 0.4 pence per share was paid, compared to 0.2p a year prior.

Current stock price: 95.50 pence

12-month change: down 11%

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