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US equities investor North American Income Trust posted a negative first-half performance, citing market ructions triggered by the Covid-19 pandemic.
The company's net asset value total return per share for the six months through July was negative 11.7%.
That was a marginal underperformance compared to the negative 10.7% return on the Russell 1000 Value Index.
North American Income Trust declared a second quarterly dividend of 1.8p per share, giving total dividends for the first half of 3.6p, up 5.9% on-year.
'As many countries, including the US, began their phased-in re-openings of their economies during the second quarter, the market has been more optimistic that the economy can eventually move past the impact of the initial lockdowns,' chairman James Ferguson said.
Still, Ferguson said visibility regarding future earnings remained cloudy as a lack of a systemic approach to containing the pandemic fueled concerns about a second wave.
'In the US, unemployment benefits have begun to roll-off and an additional stimulus package is likely to be needed for many who have been unable to return to work,' Ferguson said.
'If future stimulus remains held up by political wrangling in Washington, there are greater concerns with regards to the health of the consumer in the near term, but we understand the incentive to continue some of these programs as we enter the November election season.'
'Furthermore, while the overall goal is to build an all-weather portfolio, the election season has the potential to provide a wide range of outcomes and the manager will look to shape the portfolio to help insulate it from these risks.'
At 9:16am: (LON:NAIT) North American Income Trust The Plc share price was -2p at 220p