TO: RNS
FROM: BMO Managed Portfolio Trust
DATE: 16 November 2018
SUBJECT: Edison review of BMO Managed Portfolio Trust plc
LEI: 213800ZA6TW45NM9YY31
Edison issues review on BMO Managed Portfolio Trust (BMPI)
BMO Managed Portfolio Trust (BMPT), which changed its name from F&C Managed Portfolio Trust on 9 November 2018, has a unique structure comprising two discrete portfolios investing in closed-end funds: BMPI, which aims to generate an attractive and growing level of income, with some capital growth, and BMPG, which aims to generate capital growth. Any income generated by BMPG is transferred to BMPI in exchange for an equivalent amount of capital. Manager Peter Hewitt notes that BMPI's Q1 19 dividend is 3.8% higher year on year, and as previously announced, barring unforeseen circumstances, the board expects the regular annual dividend to be at least 5.85p per share (5.70p in FY18). For BMPG, the manager says the portfolio offers exposure to well-managed funds, with strong performance records and secular long-term growth characteristics. Given the manager's near-term caution on equity markets, he has been increasing the more defensive exposures in both BMPI and BMPG.
BMPT's board aims to ensure both portfolios trade close to NAV. Renewed annually, there is authority to repurchase up to 14.99% of shares to manage a discount, and issue up to 10% of shares to manage a premium. BMPI and BMPG are currently both trading at modest premiums, which are broadly in line with their averages over the last one, three and five years. While BMPG does not pay a dividend, BMPI is offering an above-market dividend yield of 4.4%.
Click here to view the full BMPI report.
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