26 Nov 2019 11:22
London, UK, 26 November 2019
Edison issues review on Seneca Global Income & Growth Trust (SIGT)
Seneca Global Income & Growth Trust (SIGT) has a multi-asset investment strategy, with an overriding focus on value. The team at Seneca Investment Managers aims to generate average total returns of at least CPI +6% pa over the course of a typical investment cycle. It believes that there is significant latent value within SIGT's portfolio, and due to wide disparities in the market, there are opportunities to recycle capital. The managers are reducing exposure to positions that have done relatively well, while adding to long-term opportunities that are trading on very attractive valuations. The fund has a structural bias towards the UK and sterling, which should be beneficial for its performance if there is increased clarity surrounding the UK's departure from the European Union.
SIGT's board introduced a DCM in August 2016; since then, the trust's shares have regularly traded close to NAV. The current 0.7% premium to cum-income NAV compares with the range of a 3.6% premium to a 2.8% discount over the last 12 months. Over the last one, three and five years, SIGT has traded at an average 0.4% premium, 0.8% premium and 0.4% discount respectively.
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