Edison review of BMO Managed Portfolio Trust

RNS Number : 6647H
BMO Managed Portfolio Trust PLC
16 November 2018
 

TO:                  RNS

FROM:            BMO Managed Portfolio Trust

DATE:             16 November 2018

SUBJECT:      Edison review of BMO Managed Portfolio Trust plc

LEI:                 213800ZA6TW45NM9YY31

 

Edison issues review on BMO Managed Portfolio Trust (BMPG)

BMO Managed Portfolio Trust (BMPT), which changed its name from F&C Managed Portfolio Trust on 9 November 2018, has a unique structure comprising two discrete portfolios investing in closed-end funds: BMPI, which aims to generate an attractive and growing level of income, with some capital growth, and BMPG, which aims to generate capital growth. Any income generated by BMPG is transferred to BMPI in exchange for an equivalent amount of capital. Manager Peter Hewitt notes that BMPI's Q1 19 dividend is 3.8% higher year on year, and as previously announced, barring unforeseen circumstances, the board expects the regular annual dividend to be at least 5.85p per share (5.70p in FY18). For BMPG, the manager says the portfolio offers exposure to well-managed funds, with strong performance records and secular long-term growth characteristics. Given the manager's near-term caution on equity markets, he has been increasing the more defensive exposures in both BMPI and BMPG.

 

BMPT's board aims to ensure both portfolios trade close to NAV. Renewed annually, there is authority to repurchase up to 14.99% of shares to manage a discount, and issue up to 10% of shares to manage a premium. BMPI and BMPG are currently both trading at modest premiums, which are broadly in line with their averages over the last one, three and five years. While BMPG does not pay a dividend, BMPI is offering an above-market dividend yield of 4.4%.

 

Click here to view the full BMPG report.

 

All reports published by Edison are available to download free of charge from its website

www.edisoninvestmentresearch.com

About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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For more information please contact Edison:

Mel Jenner, +44 (0)20 3077 5720

Sarah Godfrey, +44 (0)20 3681 2519

investmenttrusts@edisongroup.com

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