Managers blame currency markets

Second Alliance investment trust has reported a 4.5% rise in its net asset value for the six months to January 31, compared with a rise of 6.9% in its benchmark FTSE All-Share index. The trust increased its interim dividend by 29.2% to 31p to allow more to be reclaimed as a tax credit before the rule change. Trust managers Gavin Suggett and Alan Young blame the underperformance on unfavourable currency markets, particularly sterling against the dollar.