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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