Alliance Trust shifts away from UK

27th Sep 2010 07:32

Alliance Trust has reduced its holdings in UK-listed companies to less than a third of its portfolio and switched into Asia and other emerging markets.Net assets per share rose by 3.8% to 392.2p in the half year to July. The total dividend for the year will be at least 8.25p, it added.UK exposure fell from 36% of net assets to 31% with emerging markets up to nearly 6% from less than 1% six months ago. Pan Asia now accounts for 20%, up from 13%.Alliance did increase its holding in BP in June after the Gulf of Mexico disaster and expects the recovery in the oil group's share price to continue. Stakes in BAE Systems and BG were sold."We remain cautiously optimistic about the global economic recovery, whilst recognising that risks of a double dip recession persist. In our view, the overall outlook for equity markets remains positive. However, developed markets are hampered by debt indigestion and we see better prospects for growth in emerging markets and Asia," said chief executive Katherine Garrett-Cox.