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Investment company Artemis Alpha Trust posted a negative annual performance that missed its benchmark.
The company's net asset value per share for the year through April fell 8.6%.
The FTSE All-Share Index rose 2.6% over the same time period.
Chairman Duncan Budge said the fall was partly due to a 'disappointing' performance from some un-listed companies, to which Artemis was continuing to cut its exposure.
'The continuing uncertainty within the UK political scene and the tension between the US and China over trade will continue to create a challenging investment environment,' Budge said.
'However, we remain focused on ensuring that the rationalisation of the portfolio and the implementation of the new investment policy bears fruit.'
'We remain resolute in achieving our goal of delivering consistent and improving returns to shareholders.'
At 1:34pm: (LON:ATS) Artemis Alpha Trust Plc share price was 0p at 285.5p