Brunner Investment Trust PLC on Monday hailed a 26% share price total return in the first half of its financial year, as a rise in net asset value was accompanied by a narrowing of the stock’s discount to NAV.

Brunner invests in equities globally, aiming for long-term capital growth and rising income. Shares in the FTSE 250 listing were up 0.7% to 1,385.00 pence on Monday. They are up 33% over the past 12 months.

NAV per share with debt at fair value was 1,407.50p on May 31, up 12% on 1,258.6p on November 30, the end of Brunner’s last financial year.

NAV total return for the six months was 13%. This compared favourably with the 14% total return for Brunner’s benchmark, a blend of the FTSE World Ex UK and FTSE All-Share indices.

Net assets with debt at fair value totalled £600.9 million on May 31, up from £537.3 million on November 30.

During the same period, Brunner’s share price rose 25% to 1,330.00p from 1,065.00p, providing a 26% share price total return.

Contributing to that total return, Brunner will pay 11.8p per share in dividends for the first half, up 6.3% from 11.1p a year before. At the end of financial 2023, Brunner reached 52 years of consecutive dividend increases.

Looking ahead, Brunner commented: ‘After the mono-dimensional markets of the past few years it is interesting to see such different types of equity investments leading this year.

‘On the one hand, markets are being led by companies which are creating scarcely believable technologies. On the other, traditional banks - a business model which dates back centuries- are having a very strong performance. This wider market breadth is reassuring and suits Brunner’s balanced approach.’

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