North American Income outperforms in positive year for US share prices
North American Income Trust PLC on Friday said it is well placed to identify winners amid ongoing market disruption, as it posted full-year gains in net asset value.
The Edinburgh-based investor in US equities reported a NAV per share with debt at fair value of 402.8 pence at January 31, up 5.3% from 382.5p a year earlier.
North American Income reported a NAV per share total return of 8.8% for the financial year, while its reference indices, the Russell 1000 Value Index and S&P High Yield Dividend Aristocrats Index, returned 4.9% and 3.1% respectively over the same period.
The investment trust declared a fourth interim dividend for the financial year of 4.4p per share, up 7.3% from 4.1p a year prior. This brought its total dividend per share to 12.80p, up 4.9% from 12.20p.
Co-Fund Managers Fran Radano and Jeremiah Buckley said the financial year reflected ‘another positive period for US share prices’, as they noted the 5.4% gain in the S&P 500.
The fund managers explained that outperformance was primarily owed to stock selection over sector positioning, with the financials sector a ‘significant contributor to performance’.
They noted strong returns from Citigroup Inc, Morgan Stanley and Goldman Sachs Group Inc supported the positive outcome.
The biggest detractors, noted the fund managers, were in industrials and communications services, also owing to stock selection.
Radano and Buckley said that in industrials, a weaker performance from Booz Allen Hamilton Holding Corp outweighed gains elsewhere.
They added that their underweight position in Alphabet Inc also served as a detractor.
Shares in North American Income rose 0.7% to 410.68 pence on Friday morning in London.
Looking ahead, Chair Charles Park said stocks globally have been impacted by the war in the Middle East, adding that technological developments, namely in the form of agentic AI are also disrupting markets.
‘There are strong debates as to the degree of disruption and how long this might take, but we are already witnessing some of the effects. The board remains confident that the experienced team at Janus Henderson Investors, with all its resources, is equipped to distinguish between the winners and losers in this new dispensation,’ the chair stated.
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