Edinburgh Investment Trust PLC Portfolio manager succession (4287O)
03 Octubre 2023 - 1:00AM
UK Regulatory
TIDMEDIN
RNS Number : 4287O
Edinburgh Investment Trust PLC
03 October 2023
THE EDINBURGH INVESTMENT TRUST PLC
LEI: 549300HV0VXCRONER808 Date: 3 OCTOBER 2023
Portfolio manager succession
The Directors of the Edinburgh Investment Trust plc ( the
"Company") have been informed by Liontrust Fund Partners LLP
("Liontrust") that James de Uphaugh, the Company's portfolio
manager, will retire in February 2024 after 36 years in the
industry. James will continue to manage the Company's portfolio
until February and will then be replaced as portfolio manager by
his colleague Imran Sattar. As part of the succession, Imran has
been appointed the Company's deputy portfolio manager, replacing
Chris Field who is due to retire from Liontrust in November. The
Directors thank James and Chris for their careful stewardship of
the Company's portfolio and strong investment results since the
appointment of the investment management team in March 2020.
Imran has been a member of the Liontrust Global Fundamental Team
("GFT") since 2018, managing UK equity client portfolios jointly
alongside James and Chris. Imran is also lead manager for another
UK equity strategy in his own right. Before joining the GFT, he was
a Managing Director and Fund Manager at Blackrock, where he managed
UK equity funds with combined assets of over GBP2 billion. Imran
joined Mercury Asset Management (now Blackrock) in 1997. He will
become head of the GFT in February 2024.
Once in place as the Company's portfolio manager, Imran will
continue to apply the same flexible investment process that has
been the hallmark of the portfolio since March 2020. Other than the
change of portfolio manager, there will be no change to the
Company's two investment objectives, strategy or the portfolio's
key features - namely a high conviction portfolio of 40 to 50
differentiated holdings, primarily invested in UK equities,
underpinned by fundamental company research. Imran, like James,
will also be supported by a collegiate team of nine fund managers
and analysts: the depth of experience across the GFT will be an
important factor to ensure the repeatability of attractive
long-term returns in the years ahead.
The Company's Chair, Elisabeth Stheeman, said:
"James oversaw the successful transition of the Company's
management to the Global Fundamental Team and has delivered
impressive investment performance in volatile market conditions.
Over this period, from 31 March 2020 to 28 September 2023, the Net
Asset Value per share (cum income, debt at fair value) has risen by
73.2% and the share price total return has risen by 80.2%, against
49.2% for the comparator index (the FTSE All Share)[1].
"Imran has a strong investment pedigree, deep knowledge of the
UK equity market, has long experience of managing large investment
portfolios, and has worked alongside James and Chris for many
years. He and his colleagues are well placed to build on the strong
foundations put in place since 2020 and we look forward to working
with him."
Enquiries
Edinburgh Investment Trust plc
Elisabeth Stheeman (Chair) via Montfort below
Liontrust Fund Partners LLP
James Mowat +44 20 3908 8822
Investec Bank plc
Tom Skinner +44 20 7597 4196
Montfort Communications
Gay Collins +44 7798 626282
Shireen Farhana +44 7757 299250
Ella Henderson +44 7762 245122
eit@montfort.london
Notes
The Company's twin objectives are (1) an increase of the Net
Asset Value per share in excess of the growth of the FTSE All-Share
index and (2) growth in dividends per share in excess of the rate
of inflation. To achieve this, the portfolio manager constructs a
high-conviction, differentiated and diversified portfolio of listed
equities. The investment approach is flexible and 'total return',
i.e. shareholder returns should come through a combination of
income and capital growth over the long term. Stocks that might be
labelled 'growth', 'value' and 'recovery' may all be held. At least
80% of assets are invested in UK-listed shares.
[1] Source: Liontrust Fund Partners LLP
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