Last checked at 
12 Apr 2021 07:00
London, UK, 12 April 2021
Edison issues review on Lowland Investment Company (LWI)
Lowland Investment Company (LWI) is riding high among its UK Equity Income peers over 12 months as a market rotation towards more cyclical and domestic UK names looks to vindicate its valuation-aware, multi-cap approach. With the Brexit withdrawal agreement now signed, managers James Henderson and Laura Foll say an increase in takeover activity shows private equity and trade buyers see the value in UK companies, and argue that international investors should also return to a market that has got used to being seen as 'unloved and underperforming'. After almost a decade of adding to its revenue reserve each year, LWI was able to draw on this to increase its FY20 dividend, with sufficient firepower to do so again in FY21 even if UK corporate dividends take longer than anticipated to recover.
Having increased its FY20 dividend by 0.5p to 60p (a current yield of 4.7%), LWI's 15.0p Q121 payout suggests continued modest dividend growth potential in FY21. Meanwhile, the current 5.6% discount to NAV still leaves scope for a re-rating.
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