- Menhaden Capital's net asset value per share fell by 14.1% in the period from 31 July to the end of December on a total return basis.

The MSCI World Total Return Index rose by 0.8% on sterling terms in the period.

During the period the AIC Environmental Sector fell 6.2% and the WilderHill New Energy Global Innovation Index rose 3.0% in sterling, but declined 17.8% in US dollar terms.

Chairman Sir Ian Cheshire said that despite this disappointing start, the board believes in the company's long-term investment strategy and the Menhaden Team.

He said: "The company was launched with the aim of applying a patient yet opportunistic approach to a series of global energy and resources-linked mega trends the green industrial shift. Within this theme the portfolio managers are well placed, having unique access to ideas, world-class partners and opportunities such as the co-investment in X-Elio (formerly Gestamp Solar) with KKR."

At 4:04pm: [LON:MHN] Menhaden Capital Plc Ord 1p share price was -1.5p at 59p

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