Last checked at 28 Oct 2021 08:00
London, UK, 28 October 2021
Edison issues update on The Brunner Investment Trust (BUT)
The Brunner Investment Trust (BUT) is managed using a team-based approach. Lead manager Matthew Tillett at Allianz Global Investors (AllianzGI) is supported by deputy managers Christian Schneider and Marcus Morris-Eyton. The trust has delivered encouraging outperformance following the Q120 COVID-19 induced sell-off, with the managers continuing to focus on high-quality, reasonably priced growth companies, and employing a long-term investment approach. As shown in the chart below, the trust has a long-term record of outperformance with NAV and share price total returns ahead of the benchmark over the last one, three, five and 10 years.
BUT's current 12.3% discount to cum-income NAV is towards the narrower end of the 7.3% to 19.3% range over the last 12 months and compares with the 10.6% to 12.5% range of average discounts over the last one, three, five and 10 years. Given the trust's long-term positive performance record and the complete exit of a long-term selling shareholder earlier this year, one could argue that BUT is a high-quality, focused fund that deserves to be afforded a higher valuation.
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