Unicorn AIM VCT reports NAV decline amid 'heightened volatility'

Unicorn AIM VCT PLC on Tuesday expressed confidence in its future performance, with this tied to the diversified nature of its portfolio, as it reported a decline in its interim net asset value per share.

The Teignmouth, England-based venture capital trust invests in growth companies listed mainly on the AIM market.

Net asset value total return per share for the six months ended March 31, post adding dividends, was minus 6.9%, compared to the FTSE AIM All-Share Index which returned minus 7.1%.

NAV per share at March 31 was 88.0 pence, said Unicorn, down 15% from 122.6p a year prior.

Unicorn said its interim trading was characterised by ‘heightened volatility across global financial markets.’

The trust noted that changes to the rules surrounding inheritance tax in the Autumn statement ‘weighed heavily’ on share prices of companies that usually feature in IHT fund portfolios.

However, Unicorn did state that IPO activity picked up in the first quarter of this year, with five companies listing on AIM. It added that mergers and acquisitions in the small and mid-cap segments has continued to be prominent, with heightened takeover activity a sign of the value within AIM.

‘The portfolio remains well diversified across sectors and across differing stages of business maturity. We believe this positions the company to benefit meaningfully from an improvement in market conditions as and when this materialises,’ said the firm.

It declared an interim dividend of 3.0 pence, flat with the prior year.

Shares in Unicorn AIM VCT were flat at 79.50 pence on Tuesday afternoon in London.

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