Edison issues review on The Brunner Investment

London, UK, 1 February 2021

Edison issues review on The Brunner Investment Trust (BUT)

The Brunner Investment Trust (BUT) is managed by Matthew Tillett at Allianz Global Investors (AllianzGI), working alongside deputy managers Jeremy Kent and Marcus Morris-Eyton. All three have positive track records in other funds that they manage, and bring complementary skillsets to the table. Tillett highlights the trust's quality bias and diverse income stream, which is less dependent on the UK than it used to be. This has been beneficial in 2020 as domestic dividend cuts have exceeded those in other markets, and has helped BUT extend its long-term record of outperformance, particularly versus the broad UK market.

BUT is currently trading at a 14.0% discount to cum-income NAV, which is wider than the 10.2% to 12.1% range of averages over the past one, three, five and 10 years. Given the trust's long-term record of outperformance and the very smooth manager transition, arguably a narrower discount is warranted. BUT has increased its dividend for the past 48 consecutive years and currently offers a 2.3% yield.  
 

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