Sharp increase in NAVF earnings

The NAMAL Acuity Value Fund (NAVF) managed by National Asset Management Limited (NAMAL), the only listed Fund on the Colombo Stock Exchange reported a sharp increase in earnings for the nine months ending December 31, 2012.

The Fund's gross income rose by 94% YoY to Rs 45.8 m and total net earnings were Rs 52.7 m.

Executive Director and Chief Investment Officer, NAMAL, Avancka Herat said that NAVF reported significant growth in income due to the timely portfolio reallocation from equities to high yielding debt and a value oriented investment strategy.

As of December 31, 2012, the Fund's equity exposure was down to 72% (vs 80% in FY2011) and the Fund had almost 28% invested in high yielding corporate paper and cash equivalents.

The Fund's top five equity holdings include Asiri Hospitals Holdings, DCSL, CT Holdings, Lion Brewery and Ceylon Hospitals.