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Gartmore Fledgling ends year up after rollercoaster ride

Gartmore Fledgling ends year up after rollercoaster ride

Gervais William’s Gartmore Fledgling trust has marginally outperformed, increasing the value of its portfolio 8.5% over the year to the end of June versus a 8.4% increase in its Fledgling Index.

This has led the board to recommended a final 4p dividend, up from 3.5p last year, alongside a special dividend of 2.6p, bringing the total for the year to 7.5%, 25% up on 2008.

The £79 million trust is currently trading at a 13.4% discount from a recent low of 23%.

In a statement, Gartmore head of small cap investment Williams, and co-managers Andrew Russell and Harmesh Suniara, said: ‘Over the year to 30 June 2009, portfolio performance was in line with the Fledgling Index on a mid-to-mid NAV relative basis.

‘Given the extreme volatility of the Fledgling market and substantial rebalancing undertaken during the period, we believe this result is very satisfactory.’

Chairman Jimmy West added: ‘We believe that the Fledgling Index continues to have the potential to outperform the FTSE All-Share Index over the longer-term.

‘Even following the very strong rally of recent months Fledgling companies remain more attractive than their larger counterparts on the basis of both price-to-book and price-to-sales measures. Their significantly higher dividend yields and lower debt levels are also a key attraction.’

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Gervais Williams
Gervais Williams
4/81 in Equity - UK Equity Income (Performance over 3 years) Average Total Return: 38.50%
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