LONDON (ShareCast) - Independent Investment Trust, which invests primarily in UK equities, outperformed the FTSE All-Share index in the three months to the end of February.

The company’s net asset value (NAV) total return in the three months to 28 February was 6.5% versus a total return on the All-Share index was 4.0%.

NAV per share at the end of February was 207.6p, compared to 194.9p at the end of November 2009.

Net cash rose to £17.8m from £13m at the end of November, while the net cash as a proportion of shareholder funds rose to 13.8% from 10.7% on 30/11/09.

During the quarter, the company bought back 397,000 of its own shares for cancellation at a cost of £697,000, creating an uplift of 0.1% in the net asset value per share.

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