Last checked at 1 Dec 2022 07:19
London, UK, 1 December 2022
Edison issues update on The Brunner Investment Trust (BUT)
The Brunner Investment Trust (BUT) has welcomed another experienced manager into its team. Julian Bishop joined Allianz Global Investors (AllianzGI) on 1 November 2022, following the departure of Matthew Tillett. He is working alongside BUT's lead portfolio manager, Christian Schneider, and deputy portfolio managers Marcus Morris-Eyton and Simon Gergel. Schneider says that the trust has a key focus on quality, with the team aiming to outperform BUT's global/UK composite benchmark in all market environments. The trust is on track for its 51st consecutive year of higher annual dividends and currently offers a 2.1% yield.
BUT's 11.7% share price discount to cum-income NAV is not dissimilar to the 10.5% to 12.0% range of average discounts over the last one, three, five and 10 years. However, the trust has some appealing attributes which offer scope for a higher valuation. In a volatile market environment, BUT's focus on high-quality businesses and its measured approach to generating both long-term capital and income growth could find favour with investors. The trust's NAV total return currently ranks first out of 15 funds in the AIC Global sector over the last 12 months, while it is comfortably above average over the last three and five years. BUT's NAV has also outperformed its benchmark over the last three, five and 10 years.
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