The Scotia Caribbean Income Fund Inc withstood a loss in value, ending the year with a Net Asset Value (NAV) of US$146.92 million as at March 31, 2020.
“For the year ended March 31, 2020, the Fund recorded increased interest income of US$7.53 million up from US$7.25 million the prior year,” the audited financial results stated.
“However, this increase in interest income was offset by an unrealised loss of US$8.63 million as at March 31, 2020, compared to an unrealised loss of US$1.54 million as at March 31, 2019,” it stated.
The report stated that as a result, the Fund recorded a net comprehensive loss of US$9.31 million as at March 31, 2020 compared to net comprehensive loss of US$2.10 million for the period ended March 31, 2019.
“Net assets attributable to shareholders decreased from US$154.61 million to US$146.92 million while the total number of investment shares outstanding increased from 42.18 million to 42.53 million with a decrease in the Net Asset Value (NAV) per investment share of 0.22 per cent from US$3.67 per share to US$3.45,” it stated
During the period, there were no significant regulatory changes impacting the Fund.
Adrian Stokes was appointed to the Board on February 3, 2020.
Hugh Miller resigned from the Board on May 31, 2019 and Robert Soverall resigned from the Board on February 7, 2020.
“The Fund will continue to strive towards meeting its mandate of providing a regular stream of income and modest capital growth from a diversified portfolio of investments located within the region. As always, the managers will do so with a focus on risk management, and a goal of providing shareholders with superior risk-adjusted returns. I would like to thank you, our valued shareholders, for your continued support and confidence. I would also like to thank the members of the Board and the entire team at Scotia Asset Management (St Lucia) Inc. for the hard work they have put in over the past year and I look forward to the continued growth of the Fund in the upcoming year,” director Rhory McNamara stated.