Merchants Trust PLC Edison issues review on The Merchants Trust
21 Diciembre 2022 - 1:00AM
RNS Non-Regulatory
TIDMMRCH
Merchants Trust PLC
21 December 2022
London, UK, 21 December 2022
Edison issues review on The Merchants Trust (MRCH)
The Merchants Trust (MRCH) is managed by Simon Gergel, chief
investment officer of UK equities at Allianz Global Investors
(AllianzGI). He highlights that the remaining GBP16m of the trust's
GBP42m credit facility has recently been drawn down, taking gearing
from c 13% to c 15%. This indicates that the manager, and MRCH's
board, see good value in the UK market, particularly in the type of
stocks that fit Gergel's disciplined investment criteria. The
manager continues to seek undervalued companies with solid
fundamentals, aiming to generate a high and growing level of income
and long-term capital growth. MRCH has a commendable performance
track record, outperforming the broad UK market over the short,
medium and longer term. It also ranks highly versus its peers in
the 22-strong AIC UK Equity Income sector. The trust's annual
dividend has grown for the last 40 consecutive years.
There continues to be high demand for MRCH's shares, which is
illustrated by an acceleration in its share issuance and, unlike
most of its peers, the trust regularly trades at a premium. In
FY22, MRCH's share count increased by 5.6%, and so far in FY23 a
further 9.2% has been issued. The trust is trading at a 1.8%
premium to cum-income NAV, which compares with a range of an
average 0.8% premium to a 1.8% discount over the last one, three,
five and 10 years.
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December 21, 2022 02:00 ET (07:00 GMT)
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