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Investment trust Henderson Smaller Comapnies Investment Trust reported a fall in net asset total return, though still outperformed its benchmark in the first half of the year.
For the six months ended 30 November, net asset value total return fell 2.1%, outperforming its benchmark, Numis Smaller Companies Index, which reported a fall of 2.8%.
The share price return fell 7.9%.
The fall in returns came as smaller companies underperformed larger companies, principally due to 'the rise in bond yields and a gravitation towards value over growth stocks,' the company said.
The company kept its interim dividend unchanged at 7 pence per share.
'The economic background remains uncertain and changeable in the face of new COVID-19 variants, but corporate earnings continue to recover from the lows of 2020 and the health of the corporate sector is much better than during the 2008-9 financial crisis,' the company said.
'Strong balance sheets and better than expected earnings recoveries post the initial impact of COVID-19 give cause for optimism.'