Brunner Investment Trust: Dividend Increased For 45 Consecutive Years
Edison | Apr 04, 2017 01:48AM ET
Brunner Investment Trust (LON:BUT) is a well-established fund investing in a relatively concentrated portfolio of c 70 global equities, aiming to generate long-term growth in capital and income. Over time, the number of holdings has been reduced and the proportion invested in overseas equities has increased. Lucy Macdonald has been sole manager since June 2016, and now uses her bottom-up stock selection process to invest in both UK and overseas companies. BUT’s style balance between growth and value stocks meant that relative performance was maintained during a significant market style shift from growth to value stocks in Q416. BUT has increased its annual dividend in each of the last 45 consecutive years; its current yield of 2.3% compares favourably with its peer group.
Investment strategy: Bottom-up stock selection
Reflecting a shift to a more global portfolio, BUT’s benchmark has recently changed to incorporate a higher weighting to overseas equities (see note to table above). Manager Lucy Macdonald uses a bottom-up stock selection process to construct a portfolio of high-quality global equities trading at reasonable valuations; she is able to draw on the wide research resources at Allianz (DE:ALVG) Global Investors (AllianzGI). Gearing of up to 20% of net assets is permitted; at end-February 2016, net gearing was 5.8%.
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The Brunner Investment Trust - Dividend Increased For 45 Consecutive
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