Edison reviews Seneca Global Income & Growth Trust

London, UK, 19 March 2020

Edison issues review on Seneca Global Income & Growth Trust (SIGT)

Seneca Global Income & Growth Trust (SIGT) has an overriding focus on value, which the team at Seneca Investment Managers believes offers compelling long-term investment opportunities. They employ a multi-asset approach in order to diversify the trust's risk and its return drivers. While stock market volatility has spiked due to the coronavirus outbreak, SIGT's managers are remaining calm. They are continuing to collect income and are topping up the trust's positions that they consider are oversold. SIGT's performance has lagged its inflation-based (CPI +6% pa) benchmark recently, but the managers are confident of outperformance over the course of the investment cycle. The trust's structural bias to the UK and sterling should serve it well once there is increased clarity about the UK's future relationship with the European Union.

SIGT has employed a discount control mechanism (DCM) since August 2016, aiming to ensure that its shares trade close to NAV. The current 2.3% premium to cum-income NAV compares with average premiums of 0.8%, 0.9% and 0.0% over the last one, three and five years respectively. SIGT has a progressive dividend policy and has grown its annual dividend at a rate above the level of UK CPI inflation for the last six consecutive financial years.

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