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Alliance Trust PLC released its interim results for the six months ended June 30, 2024, reporting strong investment returns. The companys share price and net asset value (NAV) per share increased, with total returns of 10.2% and 9.5%, respectively. The company also declared a second interim dividend of 6.62p, representing a 5.8% increase compared to the same period last year.
The Chair, Dean Buckley, highlighted the proposed combination with Witan Investment Trust to create Alliance Witan PLC, which will not change the investment strategy but will offer economies of scale and a higher profile. The investment performance section noted the challenging market conditions with returns highly concentrated in AI-related stocks, making it difficult for active managers to outperform. However, the companys investment manager, Willis Towers Watson, remains confident in the portfolios positioning.
The report also discussed discount management, shareholder engagement, and the outlook for the global economy and markets. The investment managers report provided a detailed analysis of the portfolios performance and changes in positioning. The company engaged with 95 companies on various issues and cast 2,717 votes at company meetings.
The financial statements included the condensed income statement, statement of changes in equity, balance sheet, and cash flow statement. Overall, the companys net assets and equity increased compared to the previous period.