Brunner Investment Trust PLC Edison reviews The Brunner Investment Trust (BUT)
12 Noviembre 2019 - 10:28AM
RNS Non-Regulatory
TIDMBUT
Brunner Investment Trust PLC
12 November 2019
London, UK, 12 November 2019
Edison issues review on The Brunner Investment Trust (BUT)
The Brunner Investment Trust (BUT) is managed by Lucy Macdonald
at Allianz Global investors (AllianzGI). Important developments for
the trust in recent years include a move to a single global rather
than discrete UK and overseas portfolios; a more global benchmark;
better investment performance; an improved capital structure; and a
more diversified share register. The manager believes that versus
its peers, BUT's relative headwinds (due to having less exposure to
the most highly valued tech stocks and more to the UK) are
dissipating. She says that having both an income and capital growth
objective in a more volatile, lower-return environment 'is probably
not a bad thing'. Macdonald argues that BUT offers a more balanced
style at a time when growth looks very expensive versus value; she
describes the trust as a portfolio 'for all seasons'.
Over the last three years, BUT's discount has narrowed
meaningfully. Its 9.2% share price discount to cum-income NAV is
narrower than the 9.7%, 11.1%, 12.2% and 12.4% average discounts
over the last one, three, five and 10 years respectively. The
trust's dividend has grown for the last 47 years at a rate higher
than the level of UK inflation; BUT currently offers a 2.3%
yield.
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