UIL outperforms benchmark index as portfolio makes valuation gains

UIL Ltd on Thursday posted an improved net asset value per share, as exposure to gold mining investments contributed to portfolio gains.

UIL is a closed ended investment company focused on investments worldwide where the underlying value is not fully recognised.

The company reported a NAV total return for the six months ended December 31 of 29.8%, outperforming its benchmark, the FTSE All-Share total return Index, which returned 13.7% over the same period.

NAV per share grew 26% to 226.44 pence from 174.99p at June 30, as UIL said most of its top ten investments saw increased valuations in the interim period. Compared to a year earlier, it gained 29% from 179.41p.

The company named Zeta Resources as the standout performer, owing to its exposure to gold mining investment.

UIL declared a second quarterly dividend of 2.00 pence, bringing its total dividend for the interim period to 4.00p, flat with a year earlier.

Shares in UIL were up 2.3% at 178.00 pence on Thursday afternoon in London.

‘The global fault lines we have been predicting for some time are now evident for all to see. Their effects are of real concern, both globally but even more so within nations themselves since they go to the heart of the values of our society and our relationships with each other. As a consequence, uncertainty is significantly elevated and we are witnessing extraordinary volatility as a result. However, the eclectic nature of UIL’s portfolio should be of benefit and is likely to stand in good stead as pressures mount,’ said Chair Stuart Bridges.

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