Miton UK MicroCap Trust PLC - investor in small cap companies - Statutory net asset value per share including fair value of warrants declines 12% to 56.29 pence as at April 30 financial year end, from 64.20p the year prior. "Beyond globalisation, policies such as reshoring manufacturing, which tend to boost inflation, are expected to lead to a much more challenging economic outlook. Interestingly, we believe changes like this favour companies funded with risk capital, such as those listed on stock markets, over those principally funded by debt, like private equities," the company says.

It recommends a final dividend of 0.09p per share, down 40% from 0.15p a year prior.

More positively, Miton UK says that "the new UK outperformance trend will accelerate further and become persistent," while it expects market trends to start to favour small cap stocks over large ones, "in which the UK exchange is better represented than most other markets."

Current stock price: 50.00 pence per share, down 3.4% on Friday afternoon in London

12-month change: down 4.8%

By Tom Budszus, Alliance News slot editor

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