Fleming trust grows

FLEMING Overseas Investment Trust has maintained its interim dividend at 1.5p after a first half in which its net asset value grew by 26.2 per cent to 271p a share at 31 December, writes Paul Durman.

The trust has continued its progress over the past six weeks, lifting total assets from pounds 360.8m to nearly pounds 390m.

The growth in NAV over the half-year was 2.4 per cent below the appropriate FTA index. Fleming Overseas blamed this on its below-index exposure to Japan, 'which over the last two years has been of significant benefit'.

The trust is heavily invested in the US. It has 44 per cent of its equity portfolio in North America and a 60 per cent exposure to the dollar and related currencies. The 27 per cent invested in Europe is weighted towards expected beneficiaries of falling interest rates.

Pre-tax profits rose from pounds 3.5m to pounds 4.4m and earnings per share rose by 21 per cent.