Artemis Alpha Trust PLC on Tuesday said its manager was optimistic about prospects for the stocks which are in the portfolio as it reported a sound increase in net asset value.

The London-based investment trust focused on the UK said net asset value per share grew 13% to 413.68 pence as at April 30, when the financial year ended, from 366.02p a year prior.

Artemis Alpha said the financial year was good amid lower inflation and improving economic conditions which had reducing concerns over the likelihood of stagflation.

‘The fading impact of the shock to energy and commodity markets which followed Russia’s 2022 invasion of Ukraine has been an important contributor to the improved macro outlook. Investor confidence has increased as expectations over the future path of interest rates has become clearer, even if its timing remains uncertain. In addition, corporate earnings have been stronger than expected, leading to an increase in equity valuations,’ it said.

NAV total return improved to 15.1% in financial 2024 from 1.3% in financial 2023, and outperformed the FTSE All-Share, its benchmark which had a total return of 7.5%.

Artemis Alpha declared a final dividend of 4.26p per share, up from 3.87p. It brings the total payout to 6.80p, up 9.7% from 6.20p.

Looking ahead, Chair Duncan Budge said: ‘The manager remains optimistic about the prospects for the stocks which are held in the portfolio; current conditions appear to offer an improved environment in which our investee companies can thrive.’

He added that during the year the board will look for a successor to take over as chair.

Artemis Alpha shares were flat at 366.00 pence each on Tuesday afternoon in London.

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