The share price total return in the period was 13.9 per cent, slightly less then the 15.1 per cent rise by the benchmark index, which is a composite of 80 per cent of the FTSE All-Share index and 20 per cent of the FTSE World ex UK index.
The discount of the shares to the net value of assets also widened from 2.8 per cent to 4.7 per cent.
Chairman Lynn Ruddick said the £513.4m investment trust had suffered through its allocation to emerging markets, which had lagged developed markets but benefited from its high level of gearing as equities rose strongly.
“After the strong returns of the first half of the year, this all suggests a conservative stance is currently warranted,” he said.
“However, the broad monetary conditions remain benign, with low interest rates and quantitative easing in operation throughout many developed world economies.”