Invesco Income Growth Trust's net asset value per share rose by 9.1% in the six months to the end of September on a total return basis. This compares with a 12.9% rise in the FTSE All-Share Index.
Chairman Hugh Twiss said: "I must admit to having been surprised at the response of the UK stock market to the unexpected Brexit vote, fuelled largely by the collapse in sterling which clearly benefits the overseas earnings of many of the major quoted UK companies, and the fact that despite statements in the campaign, the Government has not yet pressed the exit button.
"So the fears I expressed in my annual report statement of the potential volatility following from a Brexit vote have turned out to be, so far, unfounded. Given the way the market and particular sectors have reacted, it is not surprising that although the total return on our net asset value (NAV) over the half year to 30 September 2016 was a strong 9.1%, it was a little behind our benchmark, which returned 12.9%. Nonetheless our share prices total return was better, at 11.6%, thanks to the narrowing of the discount.
"Whilst any underperformance is always disappointing, it should be looked at in the context of the excellent longer term outperformance that we shareholders have enjoyed."