Yesterday, they issued results for the half-year to 31st October 2013.
Over the six months period, NAV per share fell by 4.9% to £334.75 compared to a rise of 5.8% in its comparator, the FTSE All-Share Index. PNL's share price fell by £20.40 to £336.60 over the same period, being a premium of 0.6% to the Company's NAV at that date.
|6m Comparison PNL -v- FTSE All Share|
(click to enlarge)
As the markets have risen quite a bit over the past year or so, I thought it would be a good plan to park some of the gains from a couple of share sales in a safe haven. I was not expecting a great share price surge from my holding but I must admit to being disappointed to be down around 3.5% since purchase.
In my earlier post I said "I also like the concept of not losing money. I am reminded of legendary investor Warren Buffett’s investing rules - Rule 1, never lose money. Rule 2, Never forget Rule 1" mmm….
Of course, four months is too soon to reach a judgment but I note from the report that the 3 year performance has not been too good - "Over the three years to 31 October 2013 the NAV rose by 10.5% compared to the FTSE All-Share Index's rise of 22.1%. This underperformance of 9.5% is equivalent to 3.3% per annum over the three year period".
I will be looking to see some signs of the share price making progress over the coming months.