Tavistock YTD trading ahead of expectations
Wealth management group Tavistock Investment said on Wednesday that trading during the first two months of its financial year was ahead of the board's expectations.
Tavistock said the "strong performance" of its ACUMEN Protection Portfolios had contributed significantly to its success, given that they were designed specifically to shield clients from sharp and sustained falls in financial markets.
The AIM-listed group's newest fund, the ACUMEN ESG Protection Portfolio, performed "particularly effectively" since its launch on 5 December, with its net asset value having declined by less than 1%.
Tavistock also credited swift action taken to mitigate the impact of Covid-19 for helping guide it through the treacherous coronavirus-laden waters.
Chief executive Brian Raven said: "The performance of the ACUMEN Protection portfolios has been exceptional, underpinning the profitability of the group's investment management business.
"The board maintains its focus on tight financial management and is confident the business will emerge from the current crisis in good shape."
As of 0950 BST, Tavistock shares had shot up 21.43% to 1.70p.