Hunter Hall’s global equities LIC has announced an after-tax profit of $30.5 million for the year ending 30 June 2016, recovering from a subdued half year result in February 2016.
The LIC outperformed its benchmark, the MSCI World index, by 11.9 per cent to deliver investors 12.3 per cent for the financial year.
Total shareholder return for the year was 20 per cent, and the LIC’s discount to its net tangible assets (NTA) narrowed from 15.4 per cent at June 2015 to 6.7 per cent at 30 June 2016.
The company declared a final ordinary fully-franked dividend of 3.5 cents per share.
Hunter Hall chief investment officer Peter Hall noted the LIC’s relatively high weighting to gold and cash – as well as its low weighting to European financials.
“While the returns were generated across the portfolio, almost a quarter of the return came from our top six performing companies in the portfolio,” Mr Hall said.
“[Gold miner] St Barbara was a standout performer over the year and Doray Minerals, Vocus, Medical Developments, Beadell Resources and Sirtex Medical all made a significant contribution to the return,” he said.
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