StockMarketWire.com - BlackRock North American Income Trust's net asset value returned +1.7% in the six months to the end of April compared with a return of +4.3% in the Russell 1000 Value Index.

The company's share price returned -1.5% over the same period, as the shares moved from a premium to a small discount to NAV. All figures are in sterling terms with income reinvested.

Chairman Simon Miller said: "Although the NAV return was positive, it is disappointing that the focus on dividend-paying quality stocks has not been reflected in a better relative performance over the six months. Additionally, the strength of sterling negatively impacted returns for UK based investors. Both these factors could well reverse in coming months. The Board does not believe that it would be sensible at this stage either to alter the fundamental investment strategy which has served the investment manager well over the long term, or to hedge the dollar exposure back into sterling."




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