Mobius Investment Trust PLC on Wednesday said its net asset value was hurt by inflation, but its net loss narrowed on lower losses on investments.
Mobius said its NAV per share at its May 31 half-year end fell 4.9% to 127.6 pence from 134.2p on November 30. Mobius invests in emerging or frontier markets.
Mobius attributed this to inflation hurting the short-term performance of some of its portfolio holdings in Turkey, China and Kenya.
Shares in Mobius were down 0.8% at 139.39 pence each in London on Wednesday morning.
For the six months to May 31, its pretax loss narrowed to £5.4 million from £19.5 million a year prior, as losses on investments held at fair value dropped by 71% to £5.6 million from the year before.
Looking ahead, Mobius noted ‘positive signs in the market’ despite volatility in the first half of the financial year.
Chair Maria Luisa Cicognani said: ‘I am delighted that our investors share our views and passion for identifying, and investing in, rising stars within a large universe of over 100,000 companies that make up the emerging markets public investment space. We will continue to focus on what we do best: researching and working with our investee companies to deliver long-term investment performance.’
Copyright 2023 Alliance News Ltd. All Rights Reserved.
