11 December 2019
Perpetual Income and Growth Investment Trust plc
Company Update
The Board of Perpetual Income and Growth Investment Trust plc
(the “Company”) notes the announcement made today by The Edinburgh
Investment Trust plc (“Edinburgh”) concerning a change of its
investment manager. Edinburgh is
currently managed by Invesco Fund Managers Limited (“Invesco”) with
Mark Barnett as its portfolio
manager, which is a similar management arrangement to that of the
Company.
In the Company’s recent half-yearly financial report the Board
made it clear that it was concerned about the Company’s run of poor
performance and is very sensitive to shareholder concerns about the
continued weak results. The Board engages regularly with
Mark Barnett, who continues to apply
his consistent valuation-based investment approach and who
continues to believe that the Company’s exposure to UK domestic
stocks will benefit from clarity regarding the Brexit negotiations.
This may be easier to assess following the outcome of the UK
General Election.
While the Company’s long-term performance remains poor,
performance, both in absolute and relative terms, has improved over
the last three months. In light of this, and with the General
Election taking place this week, the Board does not consider it
appropriate to undertake a review of its investment management
arrangements at the current time. However, the Board has had a
number of discussions with the management at Invesco about the
continuing poor performance and about processes around individual
portfolio managers and will be closely monitoring the situation,
particularly with regards to the outcome of the upcoming General
Election and the impact of this on the Company’s portfolio and
performance.
Contact Details
Richard Laing, Chair: telephone
c/- 02037531517
Winterflood Investment Trusts (Corporate Broker) Joe Winkley / Neil
Morgan: telephone 020 3100 0000