Edison review on The Brunner Investment Trust

RNS Number : 0052S

Brunner Investment Trust PLC

27 September 2017

 

London, UK, 27 September 2017

Edison issues review on The Brunner Investment Trust (BUT)

The Brunner Investment Trust (BUT) aims to generate long-term growth in capital and income from a portfolio of high-quality global equities. Over time the exposure to overseas stocks has increased, providing a broader opportunity to generate income and capital growth, and the number of holdings has been reduced. Since June 2016, BUT has had a single manager, Lucy Macdonald, who has refined the UK stock selection process in line with that for overseas companies. Under her sole tenure, the trust has outperformed the composite benchmark by more than 4pp. BUT has a distinguished record of dividend growth; annual dividends have increased for the last 45 consecutive years and the current yield is 2.3%.

BUT's discount has been in a narrowing trend since late 2016. Its current 11.9% discount to cum-income NAV with debt at fair value is narrower than the one-, three-, five- and 10-year averages of 14.5%, 13.8%, 13.5% and 12.9%. There is scope for the discount to continue to narrow as the redemption date approaches for BUT's first tranche of high-cost debt in January 2018, or if investment performance continues to improve. BUT has a progressive dividend policy and its annual dividend has increased for the last 45 consecutive years.  

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