Edison review on The Brunner Investment Trust

London, UK, 28 July 2020

Edison issues review on The Brunner Investment Trust (BUT)

The Brunner Investment Trust (BUT) is now managed by Matthew Tillett at Allianz Global Investors (AllianzGI), who worked closely with his predecessor Lucy Macdonald as co-manager on the fund for four years, with a particular focus on income generation. He is able to draw on the well-resourced investment team at AllianzGI, including BUT's new deputy managers Jeremy Kent and Marcus Morris-Eyton. Tillett says BUT offers a balance between growth and income, having provided investors with consistent capital appreciation over the long term, pays an attractive yield and has a distinguished record of 48 years of consecutive annual dividend increases. He believes we are in an exciting part of the cycle, where there are extremely interesting investment opportunities for those with a disciplined approach.

Market weakness earlier in 2020 due to the coronavirus outbreak led to significant volatility in BUT's valuation, which moved in a range of a 3.5% premium to a 17.2% discount. The trust's shares are currently trading at an 11.6% discount, which is more in line with the 8.0% to 12.0% range of average discounts over the last one, three, five and 10 years.  

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