Phoenix Spree Deutschland NAV for 30th June

We were pleased to see the announcement from PDSL this morning, just after our October newsletter went to the printers. The interim results from the trust confirmed what we had suspected, that the net assets rose in the first six months of this year, up to 492p per share at the half-year. The trust also maintained its dividend, is committed to continuing its buyback program, and confirmed it has no loan maturities due until September 2026. Overall, we felt the statement backed up our recommendation in the September newsletter, and we note the positive share price reaction today.