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Independent Investment Trust : IIT – final results

Max Ward, manager
Max Ward, manager

IIT has announced its final results for the 12 months ended 30 November 2013. Over the year Independent’s net asset value total return (including income) was 20.2%. By comparison the FTSE All-Share Index returned 19.8% and the FTSE World Index 22.5% over the same period.

IIT’s discount narrowed during the year, boosting the return to shareholders to 29.8%.

The Chairman’s statement apologises for not doing even better over the year, saying they were too cautious and held too much cash while markets were rising and that they had a defensive bias to the portfolio. The portfolio was little changed over the year but the statement mentions the addition of a holding in the John Laing Infrastructure Fund : JLIF. The ongoing charges ratio has fallen to 0.43% to 0.39% and the statement notes that this is one of the lowest in the industry.

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