Edison review on Seneca Global Income & Grwth Trst

London, UK, 15 June 2016

Edison issues research review on Seneca Global Income & Growth Trust

Seneca Global Income & Growth Trust (SIGT) is an actively managed, multi-asset global income fund. Investments are made in equities (strategic asset allocation of 60%), fixed income (15%) and specialist assets (25%) with the manager taking a long-term perspective. Since the investment mandate change in January 2012, SIGT's NAV total return has significantly outperformed its benchmark three-month Libor +3% and its NAV has exhibited much lower volatility than the FTSE All-Share index. Dividends have increased each year since FY13; in the last two financial years the dividend was increased by 4.6% per year. SIGT's prospective dividend yield is 4.2%. The board has announced its intention to introduce a discount control mechanism, which will commence on 1 August 2016.

SIGT's objective is to outperform three-month Libor plus 3.0% over the longer term, with low volatility and the prospect of income and capital growth, through investment in a multi-asset portfolio including UK and overseas equities, fixed-income securities, property and specialist assets. The trust changed its name from Midas Income & Growth in October 2014.

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