Last checked at 2 May 2019 16:23
London, UK, 2 May 2019
Edison issues review on The Brunner Investment Trust (BUT)
The Brunner Investment Trust (BUT) has been sole-managed by Lucy Macdonald at Allianz Global Investors (AllianzGI) since June 2016. She says that following the trust's refinancing of its high-cost debt in 2018, there is increased flexibility to focus on higher-conviction, more interesting quality growth names, without needing to invest in higher-yielding companies in order to cover BUT's dividend. The manager notes that despite this shift in focus, the fund's portfolio yield remains in line with that of the benchmark and the trust has a high level of revenue reserves, equivalent to c 1.5x the last annual dividend payment.
BUT's discount has narrowed since late 2016, which is evidenced in the progression of its average discounts: 12.6%, 12.5%, 12.4% and 10.3% over 10, five, three and one year respectively. Its current 11.1% discount to cum-income NAV compares with the 6.1-13.0% range over the last 12 months.
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