Independent Investment Trust : IIT – interim results

Independent Investment Trust, managed by Max Ward (pictured), delivered a total return on its net asset value of 5.2% over the six months ended 31 May 2014 compared to returns of 4.8% for the FTSE All-Share Index and 4.0% for the FTSE World Index. The discount widened from 6.5% to 8.6%. The dividend is unchanged at 2.0p and the Board plans to maintain the final dividend, paying out a special dividend if revenue warrants it.

They added exposure to renewable energy funds, to add to their position in John Laing Infrastructure : JLIF, which they say makes a good alternative to holding cash – cash balances fell from 10.2% to 4.6% of the portfolio.

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