North Atlantic Smaller Co Investment Trust PLC on Wednesday reported a rise in net asset value per share although it did underperform a benchmark index.

NASCIT is an investor in smaller companies based in countries bordering the North Atlantic Ocean.

Net asset value per share at July 31 was 5,551 pence per share, up 11% from 4,980 pence a year prior. Net income jumped 76% to £8.1 million from £4.6 million.

The trust noted that NAV per share rose 8.3% from 5,127p at January 31 compared to a rise of just under 13% in the sterling adjusted Standard and Poor’s index.

Performance was adversely impacted by the trust’s large cash holdings and the underperformance of the Private Equity Portfolio although this is expected to reverse over the next few months.

Consistent with prior years no dividend is being declared until the outcome for the current year becomes clearer, the trust stated.

However, it is anticipated that the payout for the financial year ending January 2025 will ‘comfortably exceed’ that paid in the previous financial year.

The performance of the quoted portfolio as a whole was a rise broadly in line with the comparable UK indices.

The unquoted portfolio rose 2% during the period during the period as there were no major realisations, the trust added.

However, this is expected to change over the next few months following a recent bid for Journey Group and the likely sale of another substantial holding at good premium to the end of July valuation, the trust noted.

The trust said it remains optimistic for the portfolio as a whole, adding shareholder returns will ‘hopefully be enhanced by a higher dividend and further share buybacks over the course of the next twelve months.’

Shares in NASCIT rose 1.0% to 4,070.00 pence each in London on Wednesday.

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