A growing exposure to hedge funds has helped Colin McLean's Scottish Value investment trust to ...
A growing exposure to hedge funds has helped Colin McLean's Scottish Value investment trust to outperform its benchmark FTSE World Index. The portfolio, which now has some 25% invested in hedge fund assets, increased its NAV by 19.3% in the six months to 31 March, compared with an 11.9% rise in the benchmark.
The trust took the decision to start buying into hedge funds last September and since February, McLean has invested in Horseman Global, a global macro fund that is up 9% over the year to 15 May 2002.
McLean has been cutting back the trust's exposure to warrants following its merger with the Warrants and Value Trust in April last year.
Since then, the trust's warrant exposure has been reduced to 12% of assets and McLean said this will be reduced to 5% over the medium term.
Scottish Value Trust's interim dividend will be unchanged at 1p per share and will be paid on 10 July 2002 to shareholders on the register at the close of business on 7 June 2002.
Over three years to 6 May 2002, the trust is ranked second out of 28 in the global growth sector, returning 46.5% on a share price basis compared to the sector average return of 5.8%.
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