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Investment trust British Empire Trust reported that in the six-month period to 31 March its net asset value total return per share fell 3%.
The share price total return was down 3.5%, the benchmark was down 2.1%. The company maintained its first half dividend at 2p.
Chairman Susan Noble comments on the performance: 'As set out in the Investment Manager's Review, the six months to 31 March were a challenging period and the volatility which I mentioned in last year's annual report continued unabated.
'December, in particular, was difficult and the share price hit a low point on Christmas Eve before staging a substantial recovery in the first quarter of 2019.
'While it is disappointing to report a fall in share price and NAV over the period under review, the longer-term track record of the Investment Manager is strong and, as illustrated in their report by a number of examples, there is a good store of value in the portfolio.'
At 8:56am: (LON:BTEM) British Empire Trust PLC share price was +5.5p at 732.5p