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Durban - Investment company Astoria Investments said on Wednesday that it had increased its net asset value (NAV) by 12 percent in the six months to end June.

The group’s NAV per Astoria share was $1.12 (R14.46) at the end of June, up from the NAV of $1 a share at the end of December.

The group’s results are reported in the dollars. It said it was happy with its performance in the last six months.

“The board believes that this is a satisfactory outcome reflecting the positioning of the company’s assets in strongly performing equity markets, while noting both the high cash balance which produces a low but positive yield, and the investments in unlisted private equity partnerships which are in the investment phase.

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"To place this performance in context, the listed equity portfolio (excluding the strategic stake in Echo Polska Properties - EPP) delivered a return of 16.9 percent against the MSCI world index of 11 percent,” the group said.

It said in the year ahead the biggest driver for the group’s performance would be the direction of global developed equity markets.

BUSINESS REPORT ONLINE