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Brunner Investment Trust said first-half performance undershot that of its benchmark as first-half net asset value returns fell 5.9%.
For six months ended 31 May, net asset value total return per share fell by 5.9%, compared with a 2.9% increase on-year. That undershot its benchmark index, which fell by 5.4%.
Net asset value per share fell by 6.9%, compared with a 1.8% rise on-year.
The dividends for the half year were increased by 0.2% to 9.34p a share.
'Looking forward, the key question is to what extent economic and corporate fundamentals can sustain a rally which thus far has primarily driven by liquidity,' the company said.
'A meaningful and sustained economic recovery - should it materialise - would be of most benefit to lower quality cyclical stocks, where cash flows and balance sheets have been severely strained during the lockdown,' it added.
At 9:40am: (LON:BUT) Brunner Investment Trust Plc the share price was 0p at 787p