11 Dec 2019 08:08
Perpetual Income & Growth Investment Trust Plc - Company UpdatePerpetual Income & Growth Investment Trust Plc - Company Update
PR Newswire
London, December 11
11 December 2019
Perpetual Income and Growth Investment Trust plc
Company Update
The Board of Perpetual Income and Growth Investment Trust plc (the “Company”) notes the announcement made today by The Edinburgh Investment Trust plc (“Edinburgh”) concerning a change of its investment manager. Edinburgh is currently managed by Invesco Fund Managers Limited (“Invesco”) with Mark Barnett as its portfolio manager, which is a similar management arrangement to that of the Company.
In the Company’s recent half-yearly financial report the Board made it clear that it was concerned about the Company’s run of poor performance and is very sensitive to shareholder concerns about the continued weak results. The Board engages regularly with Mark Barnett, who continues to apply his consistent valuation-based investment approach and who continues to believe that the Company’s exposure to UK domestic stocks will benefit from clarity regarding the Brexit negotiations. This may be easier to assess following the outcome of the UK General Election.
While the Company’s long-term performance remains poor, performance, both in absolute and relative terms, has improved over the last three months. In light of this, and with the General Election taking place this week, the Board does not consider it appropriate to undertake a review of its investment management arrangements at the current time. However, the Board has had a number of discussions with the management at Invesco about the continuing poor performance and about processes around individual portfolio managers and will be closely monitoring the situation, particularly with regards to the outcome of the upcoming General Election and the impact of this on the Company’s portfolio and performance.
Contact Details
Richard Laing, Chair: telephone c/- 02037531517
Winterflood Investment Trusts (Corporate Broker) Joe Winkley / Neil Morgan: telephone 020 3100 0000