New Star Investment Trust PLC Announces Half-Yearly Results for 2023

New Star Investment Trust PLC (NSI) has disclosed its unaudited financial results for the six months ending 31st December 2023, indicating a positive performance amid a challenging global economic landscape. The Trust reported a net asset value (NAV) per ordinary share increase of 2.41%, reaching 181.10p, despite a slight decline in its mid-market share price during the period. The Trust's total return for the six months was 3.38%, showcasing growth in the face of fluctuating market conditions.

Financially, the Trust experienced a rise in net assets to £128,623,000, reflecting a growth from the prior period. Revenue return also saw a significant jump to £1,467,000, compared to £735,000 in the corresponding six months of the previous year. A notable shift in the management fee accounting treatment contributed to the profitability, enhancing the amount available for distribution to shareholders.

The investment strategy remains focused on achieving long-term capital growth by diversifying across global equity, bond, and other markets. The Trust continues its practice of not following an index but instead seeking investment opportunities through a variety of asset classes and markets. Investment in technology and US stocks was a key driver of performance during the period, as well as strategic adjustments to the portfolio to increase income-generating assets.

Looking ahead, the Trust is optimistic about the global equity and bond markets, driven by expectations of easing monetary policy and declining inflation. However, political uncertainties and geopolitical risks are flagged as potential challenges. The Trust's NAV saw a slight increase to 184.56p by the end of February 2024, hinting at continued growth.