The Merchants Trust PLC
|
|
- Joan Conley
- 5 years ago
- Views:
Transcription
1 The Merchants Trust PLC Home Advantage - Finding income and value in UK equities AJ Bell Retirement conference 11 December 2018 Simon Gergel Value. Shared.
2 The UK Stock Market is not the UK economy 2/3 of sales and profits come from overseas The UK s trading history means many companies are global businesses The Merchants Trust was founded partly to support US railroad investments. Around 2/3 of sales come from abroad or are based upon global commodity prices The direct effect of Brexit on these businesses is limited Any weakness in sterling gives UK investors a boost from international earnings and dividends Earnings exposure by sector UK Market <25% domestics FTSE All-Share (approx.) Source: Earnings exposure approximate FTSE All-share, Bloomberg, end-june
3 The UK is one of the cheapest major markets in the world Despite its international exposure Cyclically-adjusted P/E UK market attractively valued compared to peers Foreign investors have shunned the UK, due to Brexit fears UK companies are cheap compared to other markets and long term history Despite the large proportion of the market made up of global businesses This provides investors with a great opportunity *In exceptional cases we may buy a share with a yield below average if the share/sector represents both: a) a large part of the benchmark, and b) we believe the share/sector could perform well. Past performance is not a reliable indicator of future results. Source: Morgan Stanley as of 25 November 2018 (includes sources from MSCI, IBES). CAPE: AllianzGI, Datastream, *numbers for regional indices without inflation adjustment. Latest available data used (October 1st 2018) 3
4 UK market has low valuation and many cheap stocks UK Equities trading at 30% valuation discount to global peers, close to 30y low Over 30% of FTSE 350 companies currently offer a dividend yield of 5% or more UK shares have not been so cheap compared to global stocks for 30 years. Almost 1 in 3 large and medium sized companies in the UK has a 5% dividend yield It is a great time to look for investment opportunities in the UK *In exceptional cases we may buy a share with a yield below average if the share/sector represents both: a) a large part of the benchmark, and b) we believe the share/sector could perform well. Past performance is not a reliable indicator of future results. Source: Morgan Stanley as of 25 November 2018 (includes sources from MSCI, IBES) 4
5 The Merchants Trust PLC Leading standards of corporate governance and an established dividend tradition make the UK an attractive home for investors seeking higher yielding shares, with exposure to diverse domestic and global industries. Simon Gergel % Yield* - One of the highest of all UK equity income trusts. AIC Dividend Hero: 36 years of dividend growth, significant reserves. Strong performance track record: Active, high conviction and value driven portfolio. Low management fee, with experienced independent board. *Source: AllianzGI, as at 15 November
6 Investment philosophy and income investing Long term, value focus, driven by fundamental analysis A high yield strategy has delivered strong long-term performance Cumulative return from low and high yielders within the Top 100 UK stocks, Target stocks yielding at least in line with the market within 18 months* Yield alone is never a sufficient reason for buying a share Purchase/sale driven by total return considerations No automatic sale if yield drops below market level *In exceptional cases we may buy a share with a yield below average if the share/sector represents both: a) a large part of the benchmark, and b) we believe the share/sector could perform well. Past performance is not a reliable indicator of future results. Source: Elroy Dimson, Paul Marsh and Mike Staunton, Triumph of the Optimists, Princeton University Press, 2002, and updates by the authors. 6
7 Buy/sell discipline Blend of fundamentals, valuation and themes Fundamentals Themes Industry dynamics Competitive position Macroeconomic outlook Business cycle Sell Discipline Financials Environmental, Social & Governance factors Buy Discipline Industry/secular themes Achieves target price Change of investment case Better opportunities elsewhere Valuation Valuation Absolute Relative to history Relative to market Dividend yield 7
8 Stock example Imperial Brands Company & industry under a cloud High returns & growing income at a significant discount Fundamentals 4 th largest international tobacco company Tobacco is a resilient product with pricing power Very high barriers to entry - regulation and scale Well-positioned in new products. E.g. vaping Cash generative, with high returns Themes* + Recovery: portfolio restructuring starting to reap market share benefits + Health focus: Opportunity from vaping and new products + M&A: Strategic value in consolidating industry - Structural concerns: smoking prevalence declining, new disruptive products Valuation* Shares have de-rated significantly Growing dividend with yield of 7% P/e 10x 2018, Free cash flow yield of >10% 2019e *The valuation and themes reflect conditions at the time of the investment decision and should not be seen as an investment recommendation. Source: Bloomberg, as at 19 June
9 Active management: Major portfolio changes 1 st Feb to 31 st October 2018 Active management taking advantage of opportunities Sold out of companies on full valuations or where view changes Bought undervalued companies and recovery situations 9
10 Portfolio positioning - Key portfolio themes Investment Themes Large core holdings in well financed global, mega caps with strong franchises and good yields Recovery situations: Industries recovering, companies on modest valuations GlaxoSmithKline Shell BP HSBC Morgan Advanced Marks & Spencer Bovis Homes Exposure to emerging market consumer spending growth Financials: exposure to rising interest rates/volatility Prudential Ashmore Informa HSBC/Lloyds TP ICAP St. James s Place Inflation tail risk : Real assets, inflation-linked revenues attractive Digitalisation: Beneficiaries of new technology Landsec Greene King Pennon IG Group GVC WPP This is no recommendation or solicitation to buy or sell any particular security. A stock mentioned as example above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. 10
11 How are we different to other Investment Trusts? Sector Views Underweight The Merchants Trust Overweight Oil & Gas Producers Financial Services Beverages Construction & Materials Personal Goods Support Services Aerospace & Defence Life Insurance Strong valuation discipline Pharmaceuticals Electricity Favour recovery situations Specific stock selection opportunities in: Stock Views Underweight British American Tobacco The Merchants Trust Overweight GlaxoSmithKline - Financial services - Aerospace and defence - Life insurance AstraZeneca Standard Life Aberdeen Limited exposure to expensive defensives Diageo Legal and General Unilever BHP Billiton Rio Tinto Tate & Lyle % position relative to FTSE All-Share This is not a recommendation or solicitation to buy or sell any particular security. Source: AllianzGI, as at 31 October
12 Net Dividend per Share 36 years of dividend growth 5.3% dividend yield Directors stated intention to raise 2019 dividend by at least 4.4% Reserves built up in good years to offset pressures in difficult years Revenue reserves of 23.8p available = 96% of full year dividend Special Dividend 28p 26p 24p 22p 20p 18p 16p 14p 12p 10p 8p 6p 4p 2p 0p Reserve accumulation Reserve depletion Past performance is not a reliable indicator of future results. Source: AllianzGI, as at 12 September
13 Strong total return: Well above benchmark over last decade Merchants Trust NAV vs Benchmark: 10 years to 31 October /08 10/09 10/10 10/11 10/12 10/13 10/14 10/15 10/16 10/17 10/18 MERCHANTS TRUST - TOT RET NAVF NET FTSE ALL-SHARE TOTAL RETURN (was FTSE 100 up to ) (GBP) Past performance is not a reliable indicator of future results. Source: Thomson Reuters DataStream/AllianzGI as at 31 October
14 5. Conclusion: Why The Merchants Trust For further information: 5.3% Yield* - One of the highest of all UK equity income trusts. AIC Dividend Hero: 36 years of dividend growth, significant reserves. Strong performance track record: Active, high conviction and value driven portfolio. Visit our website Low management fee, with experienced independent board. *Source: AllianzGI, as at 15 November
15 Disclaimer This is no recommendation or solicitation to buy or sell any particular security. Any security mentioned above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer and/or its affiliated companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable, but it has not been independently verified; its accuracy or completeness is not guaranteed and no liability is assumed for any direct or consequential losses arising from its use, unless caused by gross negligence or wilful misconduct. The conditions of any underlying offer or contract that may have been, or will be, made or concluded, shall prevail. Investment trusts are quoted companies listed on the London Stock Exchange. Their share prices are determined by factors including the balance of supply and demand in the market, which means that the shares may trade below (at a discount to) or above (at a premium to) the underlying net asset value. A trust s Net Asset Value (NAV) is calculated as available shareholders funds divided by the number of shares in issue, with shareholders funds taken to be the net value of all the company s assets after deducting liabilities. In line with current industry best practice NAVs are now shown that take into account the fair value of debt. This means NAVs are calculated after allowing for the valuation of debt at fair value or current market price, rather than at final repayment value. NAVs with debt at market value provide a more realistic impact of the cost of debt, and thus a more realistic discount. It is the capital NAV that is shown, which excludes any income. Past performance is not a reliable indicator of future returns. You should not make any assumptions on the future on the basis of performance information. The value of an investment and the income from it can fall as well as rise as a result of market fluctuations and you may not get back the amount originally invested. This investment trust charges 65% of its annual management fee to the capital account and 35% to revenue. This could lead to a higher level of income but capital growth will be constrained as a result. Merchants seeks to enhance returns for its shareholders through gearing in the form of long-term debentures. Gearing can boost the Trust s returns when investments perform well, though losses can be magnified when investments lose value. You should be aware that this Trust may be subject to sudden and large falls in value and you could suffer substantial capital loss. Derivatives are used to manage the trust efficiently. Covered call options are written to supplement the income generation of the portfolio. This may lead to an opportunity cost if options are exercised. All data source Allianz Global Investors as at 31 January 2018 unless otherwise stated. This is a marketing communication issued by Allianz Global Investors GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, D Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht ( This communication has not been prepared in accordance with legal requirements designed to ensure the impartiality of investment (strategy) recommendations and is not subject to any prohibition on dealing before publication of such recommendations. Allianz Global Investors GmbH has established a branch in the United Kingdom, Allianz Global Investors GmbH, UK branch, 199 Bishopsgate, London EC2M 3TY, which is subject to limited regulation by the Financial Conduct Authority ( The Merchants Trust PLC is incorporated in England and Wales. (Company registration no ). Web site: 15
16 Active is: Allianz Global Investors
Investing in the UK for Income
Investing in the UK for Income The Merchants Trust PLC The Retirement Money Conference 12 December 2017 www.merchantstrust.co.uk Simon Gergel, CIO UK Equities, Allianz Global Investors Disclaimer This
More informationAllianz RiskMaster. Helping you tame risk Distribution Technology Roadshow. For professional investors only
Allianz RiskMaster Helping you tame risk Distribution Technology Roadshow For professional investors only 1 2 1 Source: Dynamic Planner Targeted, as at February 2016. 2 Source: Rayner Spencer Mills, as
More informationJPMorgan Income & Growth Investment Trust plc Annual General Meeting. 14 June 2016
JPMorgan Income & Growth Investment Trust plc Annual General Meeting 14 June 2016 Agenda JPMIGIT Performance Trust Overview UK Equity Portfolio Outlook 1 Investment objectives The Company s investment
More informationChina Capital Markets: Moving Towards a Distinct Asset Class
China Capital Markets: Moving Towards a Distinct Asset Class Allianz Global Investors Asia Conference Berlin, May 2017 Christina Chung, Senior Portfolio Manager Dianna Enlund, Senior Product Specialist
More informationThe Mercantile Investment Trust plc Investment Trust Adviser Seminar
The Mercantile Investment Trust plc Investment Trust Adviser Seminar October 2015 FOR PROFESSIONAL CLIENTS ONLY NOT FOR RETAIL USE OR DISTRIBUTION Agenda Overview of fund strategy Benefits of investment
More informationJPMorgan Income & Capital Trust plc Annual General Meeting. 13 July 2017
JPMorgan Income & Capital Trust plc Annual General Meeting 13 July 2017 Agenda Performance Portfolio positioning Outlook 1 Performance Financial year ending 28 February 2017 Total return on shareholders
More informationTHE CITY OF LONDON INVESTMENT TRUST PLC. Update for the half year ended 31 December 2014
THE CITY OF LONDON INVESTMENT TRUST PLC Update for the half year ended 31 December 2014 The City of London Investment Trust plc Investment objective The Company s investment objective is to provide long-term
More informationJPMorgan Claverhouse Investment Trust plc
JPMorgan Claverhouse Investment Trust plc Annual General Meeting 18 April 2018 William Meadon, Portfolio Manager Callum Abbot, Portfolio Manager FOR AGM USE ONLY NOT FOR FURTHER PUBLIC DISTRIBUTION Co-fund
More informationJPMorgan Claverhouse Investment Trust. Annual General Meeting 20 April 2016
JPMorgan Claverhouse Investment Trust Annual General Meeting 20 April 2016 Co-fund managers Co-manager of Claverhouse Appointed 1 st March 2012 33 years industry experience 20 years at J.P. Morgan Asset
More informationTHE CITY OF LONDON INVESTMENT TRUST PLC. Update for the half year ended 31 December 2015
THE CITY OF LONDON INVESTMENT TRUST PLC Update for the half year ended 31 December 2015 The City of London Investment Trust plc Investment Objective The Company s investment objective is to provide long-term
More informationThe Mercantile Investment Trust plc Annual General Meeting
The Mercantile Investment Trust plc Annual General Meeting Discovering tomorrow s market leaders 24 th May 2017 Guy Anderson, Portfolio Manager, The Mercantile Investment Trust Agenda Overview of fund
More informationFIDELITY SPECIAL VALUES PLC 31 AUGUST 2018
Investment Objective To achieve longterm capital growth predominately through investments in UKlisted companies. Investment Trust Facts Launch date: Portfolio manager: Appointed to trust: Years at Fidelity:
More informationSchroder UK Alpha Plus Fund. Final Short Report 1 June 2015 to 31 May 2016
Schroder UK Alpha Plus Fund Final Short Report 1 June 2015 to 31 May 2016 Review of Investment Activities From 29 May 2015 to 31 May 2016, the price of A Accumulation units on selling price to selling
More informationFIDELITY SPECIAL VALUES PLC 30 NOVEMBER 2018
Investment Objective To achieve long term capital growth primarily through investment in equities (and their related securities) of UK companies which the Investment Manager believes to be undervalued
More informationFIDELITY SPECIAL VALUES PLC 30 JUNE 2018
Investment Objective To achieve longterm capital growth predominately through investments in UKlisted companies. Investment Trust Facts Launch date: Portfolio manager: Appointed to trust: Years at Fidelity:
More informationAllianz Global Investors. ESG Policy
Allianz Global Investors ESG Policy ESG Policy Allianz Global Investors is one of the world s leading active asset managers, providing a diverse range of active investment strategies and solutions for
More informationFIDELITY SPECIAL VALUES PLC 31 DECEMBER 2018
Investment Objective To achieve long term capital growth primarily through investment in equities (and their related securities) of UK companies which the Investment Manager believes to be undervalued
More informationFIDELITY SPECIAL VALUES PLC 31 JANUARY 2019
Investment Objective To achieve long term capital growth primarily through investment in equities (and their related securities) of UK companies which the Investment Manager believes to be undervalued
More informationJPMorgan Income & Capital Trust plc Annual General Meeting. 7 July 2016
JPMorgan Income & Capital Trust plc Annual General Meeting 7 July 2016 Agenda JPMICT Performance Portfolio positioning UK equity portfolio Outlook 1 UK equity performance Total return on net assets was
More informationAllianz Global Investors
Allianz Global Investors Klimatanpassning Sverige 2017 Stefan Hilton 7 september 2017 1 Allianz Global Investors - who we are! 2 Allianz Global Investors who we are and what we do! Source: Allianz Global
More informationMurray Income Trust PLC AGM Presentation
November 2018 Murray Income Trust PLC AGM Presentation Aberdeen Standard Investments is a brand of the investment businesses of Aberdeen Asset Management and Standard Life Investments 1 Aberdeen Standard
More informationDistribution Number 44
Distribution Number 44 Legal & General UK Select Equity Fund Annual Manager s Short Report for the year ended 30 September 2017 Investment Objective and Policy The Fund aims to provide long-term capital
More informationSchroder ISF European Opportunities
Schroder ISF European Opportunities September 2015 Steve Cordell Fund Manager September 2015 For professional investors and advisers only Schroder ISF European Opportunities Performance Periods to 31 August
More informationProduct List 12 January 2015
Product List 12 Counterparty Potential on investment Protection Start Date Autocall 1. FTSE / STOXX Kick Start February 2015 BNP Paribas 15% for the first year, plus 10% thereafter 02/02/2015 2. FTSE /
More informationSG HINDE UK DYNAMIC EQUITY ETN (50% HEDGE) - HALF
SOCIETE GENERALE MAY 2015 SG HINDE UK DYNAMIC EQUITY ETN (50% HEDGE) - HALF QUARTERLY PORTFOLIO REBALANCE The SG Hinde UK Dynamic Equity ETN (50% Hedge), HALF, closed at the end of April 2015 at 101.035,
More informationSG HINDE UK DYNAMIC EQUITY ETN (50% HEDGE) - HALF
SOCIETE GENERALE FEBRUARY 2015 SG HINDE UK DYNAMIC EQUITY ETN (50% HEDGE) - HALF QUARTERLY PORTFOLIO REBALANCE The SG Hinde UK Dynamic Equity ETN (50% Hedge), HALF, closed at the end of January 2015 at
More informationThe Brunner Investment Trust PLC
The Brunner Investment Trust PLC www.brunner.co.uk INVESTING INVOLVES RISK. THE VALUE OF AN INVESTMENT AND THE INCOME FROM IT MAY FALL AS WELL AS RISE AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED.
More informationJPMorgan Smaller Companies Investment Trust plc Annual General Meeting
JPMorgan Smaller Companies Investment Trust plc Annual General Meeting 28 November 2017 Georgina Brittain, Portfolio Manager Katen Patel, Portfolio Manager Agenda Introduction Performance Review Current
More informationBlackRock Commodities Income Investment Trust plc
DECEMBER 2017 BlackRock Commodities Income Investment Trust plc Key risk factors Capital at risk. All financial investments involve an element of risk. Therefore, the value of your investment and the income
More informationActive Gilt Management
Active Gilt Management For professional investors only Nine Compelling Reasons for Active Gilt Fund Management Executive Summary The gilt market has one of the highest prevalence of non-economic investors
More informationBlackRock World Mining Trust plc
DECEMBER 2017 Key risk factors Capital at risk. All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment
More informationGlobal Equities. Q&A roadshow #QAroadshow2016. Gavin Marriott Product Manager
Global Equities Q&A roadshow 216 #QAroadshow216 Gavin Marriott Product Manager June 216 For professional advisers only. This material is not suitable for retail clients Questions What will drive global
More informationGuinness Atkinson Dividend Builder Fund Managers Update July 2016
On the 23 rd June the UK voted to leave the European Union. The result was remarkable in terms of both its political significance and the apparent inability of anyone, not least the market, to predict
More informationWHY UNFASHIONABLE UK DEFENSIVE STOCKS LOOK GOOD VALUE
INFORMATION FOR INVESTMENT PROFESSIONALS WHY UNFASHIONABLE UK DEFENSIVE STOCKS LOOK GOOD VALUE UK EQUITIES JULY 2018 Chris Kinder Portfolio Manager, Threadneedle UK fund and UK Extended Alpha fund Expectations
More informationStandard Life Equity Income Trust
Trust Summary is a highly-active, benchmark-agnostic portfolio of UK equities with a clear bias towards companies that generate attractive dividend growth. The trust is run by Thomas Moore (pictured),
More informationFrom 11 April Application Forms for Stocks and Shares ISAs 2017/2018
From 11 April 2017 Application Forms for Stocks and Shares ISAs 2017/2018 Welcome Thank you for considering an investment with Allianz Global Investors. Depending on the nature of your investment you will
More informationEuropean Equities. Q&A roadshow #QAroadshow2016. James Sym Fund Manager
European Equities Q&A roadshow 2016 #QAroadshow2016 James Sym Fund Manager June 2016 For professional advisers only. This material is not suitable for retail clients Over the last 5 years is your main
More informationInvesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets
Invesco Global Equities Capital and Income Growth Opportunities in Global Equity Markets June 218 John Botham Product Director This presentation is for Professional Clients only and is not for consumer
More informationInvesco Perpetual Select Trust plc An investment trust for changing times
Invesco Perpetual Select Trust plc An investment trust for changing times Investment risks The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations)
More informationBlackRock Income & Growth Investment Trust plc
BlackRock Income & Growth Investment Trust plc MARK WHARRIER, ADAM AVIGDORI, DAVID GOLDMAN 24 February 2016 BlackRock Income & Growth Investment Trust plc New Team September 2013 Aim to deliver 110%+ of
More informationPOLAR CAPITAL. December 2009 Ben Rogoff & Craig Mercer. Polar Capital Technology Trust plc. This presentation is for non US investors only
Polar Capital Technology Trust plc December 2009 Ben Rogoff & Craig Mercer This presentation is for non US investors only Polar Capital Technology Trust Results for the half year ended October 2009 Net
More informationJPMorgan Elect plc Annual General Meeting. 22 November 2016
JPMorgan Elect plc Annual General Meeting 22 November 2016 Managed Growth 1 Features of Managed Growth Objective Long term capital growth from investing in a range of investment trusts and open-ended funds
More informationDorset County Pension Fund
Quarterly investment review Dorset County Pension Fund 2 nd Quarter 2016 Contents Section one Key points 4 Performance 5 Section two Market review 7 Portfolio review 8 Portfolio outlook 17 Market outlook
More informationRevisiting Core Principles
FTSE RAFI Developed ex US 1000 - QSR Index (USD) As of 12/31/2017 Revisiting Core Principles The FTSE RAFI QSR Index series utilizes fundamental measures of company size (sales, cash flow, dividends, and
More informationInvestec Value investing. Alastair Mundy Portfolio Manager January 2016
Investec Value investing Alastair Mundy Portfolio Manager January 2016 Target audience This document is being provided for informational purposes for discussion with institutional investors and financial
More informationGlobal House View: Market Outlook
HSBC GLOBAL ASSET MANAGEMENT September 29 Global House View: Market Outlook Contents 1688/HSB1395a Market performance Macro-economic Picture Market Views: high level asset allocation Market Views: Equity
More informationSustainable investing brochure
Sustainable investing brochure Invest with soul FOR FUND DISTRIBUTORS AND PROFESSIONAL INVESTORS ONLY A pioneer in sustainable investing 2000 2002 First Allianz Global SRI Equity strategy launched United
More informationAdvanced Vision Techn Buy
16/9/13 16/11/13 16/1/14 16/3/14 16/5/14 16/7/14 16/9/14 16/11/14 16/1/15 16/3/15 16/5/15 16/7/15 MATELAN Research Update Note Closing price as of 13/8/15: 9.16 14 August 215 Company / Sector Fair Value
More information3Q 30 SEPTEMBER 2018 MFS U.K. EQUITY (USD)
3Q 30 SEPTEMBER MFS U.K. EQUITY (USD) INVESTMENT OVERVIEW TEAM Name (Years of industry experience) Title Christopher Jennings, CFA (20 yrs.) Portfolio Manager David Shindler (17 yrs.) Portfolio Manager
More informationUK Dividend Monitor. Issue 32 Q4 2017
UK Dividend Monitor Issue 32 Q4 2017 Introduction Executive Summary The latest Dividend Monitor is the first edition produced by Link Asset Services, following the acquisition of Capita Asset Services
More informationMonitoring and assessment of bond market depth and liquidity
Bond Market Contact Group Monitoring and assessment of bond market depth and liquidity BMCG, 12 October 2016 Ingo R. Mainert (Allianz Global Investors, efama) Market liquidity is challenged Liquidity is
More informationHSBC Global Investment Funds - European Equity
HSBC Global Investment Funds - European Equity S Share Class 30 Sep 2018 30/09/2018 Fund Objective and Strategy Investment Objective The Fund seeks long-term total return (meaning capital growth and income)
More informationThreadneedle Navigator UK Index Tracker Trust
Annual Short Report 1 June 2017 Fund Manager s Report Alex Lyle Performance Over the twelve months to 1 June 2017, the UK equity market, as measured by the FTSE All-Share Index rose by +24.52% on a total
More informationF O C U S. Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy
F O C U S Colin Morton, manager of the Franklin UK Equity Income Fund, presents the benefits of a large-cap-focused income strategy 1 Important Information For professional investor use only. Not for distribution
More informationLEGAL & GENERAL LIFE JUPITER MERLIN INCOME PORTFOLIO FUND.
A MIXED FUND 31 JULY 2017 01 LEGAL & GENERAL LIFE JUPITER MERLIN INCOME PORTFOLIO FUND. FUND FACTS Product(s) Portfolio Bond (IPS) Launch date 1 July 2005 Legal & General life fund size 112.3 million Overall
More informationPerpetual Income & Growth IT
1 Invesco Perpetual is a client of Kepler Trust Intelligence. Research produced by Kepler Trust Intelligence covering Invesco Perpetual should be considered a marketing communication, and is not independent
More informationAllianz Green Bond. Green bonds market: first French issue. Fixed Income. Credit. February Expanding green bond market
Fixed Income Allianz Green Bond Credit February 2017 Green bonds market: first French issue On Tuesday 24 January, Agence France Trésor (AFT) issued the first French sovereign green bond. The EUR 7 billion
More informationGlobal Investment Strategy
Global Investment Strategy SEPTEMBER 218 ANDREW JENNER HEAD OF INVESTMENT Mitsubishi UFJ Asset Management (UK) Ltd. (Registered in England No 1842259) A member of MUFG, a global financial group Investment
More informationSchroder Value Investing
Schroder Value Investing Why active matters Simon Adler, Fund Manager October 2018 Marketing material for professional investors only. Not for retail clients Schroder Value Investing Agenda 01 02 03 The
More informationBMO Capital and Income Investment Trust PLC
CM19195 UK BMO Capital and Income Investment Trust PLC For professional investors only Julian Cane Fund Manager February 2019 Investment risk The value of investments and income derived from them can go
More informationEQUITY RESEARCH. Reckitt Benckiser, French s Food business sold. Share Price: 7,936p Target Price: 8,000p* (+1%) 19 July 2017
Reckitt Benckiser, French s Food business sold Share Price: 7,936p Target Price: 8,000p* (+1%) Reckitt Benckiser (RB) has announced the sale of its French s Food business for US$ 4.2bn, which is ahead
More informationSUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q1 2017
SUCCESSION MANAGED PORTFOLIO SERVICE MARKET & REBALANCE COMMENTARY - Q1 2017 FOR PROFESSIONAL ADVISERS ONLY EXECUTIVE SUMMARY Equity markets performed strongly during the first quarter, as the modest acceleration
More informationActive is: Growing your retirement pot
Active is: Growing your pot LifeCycle Concept changes as your investment needs change throughout your life This brochure will help you determine whether the LifeCycle Concept of investing for suits you.
More informationBlackRock North American Income Trust
1 BlackRock North American Income Trust is a client of Kepler Trust Intelligence. Material produced by Kepler Trust Intelligence should be considered a marketing communication, and is not independent research.
More informationSchroderIncomeGrowthFundplc Half Year Report and Accounts for the six months ended 28 February 2017
SchroderIncomeGrowthFundplc Half Year Report and Accounts for the six months ended 28 February 2017 Contents,InvestmentObjectivesandInvestmentPolicy Contents Financial Highlights 1 Interim Management Report
More informationElectric & General Investment Fund Annual Report Authorised Corporate Director s Short Report for the year ended 30 June 2016
Electric & General Investment Fund Annual Report Authorised Corporate Director s Short Report for the year ended 30 June 2016 ELECTRIC & GENERAL INVESTMENT FUND AUTHORISED CORPORATE DIRECTOR S SHORT REPORT
More informationDiverse Income Trust Gervais Williams
Gervais Williams Investec Perspective Conference 12 March 2014 Introductions Gervais Williams Fund Manager Gervais Williams currently manages the plc and The Investment Company plc, alongside the CF Miton
More informationPremier Energy & Water Trust
Update Investment Companies 24 February 2015 Value in emerging markets As evidenced by its recent final results, Premier Energy and Water (PEW) has seen the NAV of its ordinary share, supported by gearing
More informationCIS Sustainable Diversified Trust
CIS Sustainable Diversified Trust To provide capital growth from a diverse range of asset classes including equities, fixed income, property-related investments and cash, mainly in the UK. Product profile
More informationSchroder Income. Quarterly Fund Update. Summary. First Quarter Cumulative returns to 31 March 2018 (%) Portfolio characteristics
Marketing material for professional investors and advisers only Schroder Income Fund Quarterly Fund Update First Quarter 2018 Cumulative returns to 31 March 2018 (%) Z accumulation shares 80 60 40 20 0-20
More informationLEGAL & GENERAL PENSION JUPITER MERLIN INCOME PORTFOLIO FUND.
A MIXED FUND 30 JUNE 2017 01 LEGAL & GENERAL PENSION JUPITER MERLIN INCOME PORTFOLIO FUND. FUND FACTS Product(s) Portfolio Plus SIPP (ESF/BPWM) Launch date 10 April 2006 Legal & General pension fund size
More informationFossil fuels: Divestment or dialogue? Belinda Gan Sustainable Investment team
Fossil fuels: Divestment or dialogue? Belinda Gan Sustainable Investment team Agenda Fossil fuels: Divestment or dialogue? 1 Divestment: what are the catalysts, challenges and considerations? 2 3 Dialogue:
More informationElectric & General Investment Fund Annual Report Authorised Corporate Director s Short Report for the year ended 30 June 2017
Electric & General Investment Fund Annual Report Authorised Corporate Director s Short Report for the year ended 30 June 2017 ELECTRIC & GENERAL INVESTMENT FUND AUTHORISED CORPORATE DIRECTOR S SHORT REPORT
More informationA N A L L I A N C E O F B E S T I D E A S
A N A L L I A N C E O F B E S T I D E A S Results for the six months to 30 June 2018 For Professional Investors only 2018 ALLIANCE TRUST. ALL RIGHTS RESERVED S U M M A R Y: S T E A D Y P R O G R E S S
More informationBlackRock World Mining Trust
1 BlackRock World Mining is a client of Kepler Trust Intelligence. Research produced by Kepler Trust Intelligence covering BlackRock World Mining should be considered a marketing communication, and is
More informationMATELAN Research. InVision 49.0 Buy. Excellent margin trend in Prelims. Update Note. 24 February Company / Sector Fair Value Recommendation
Update Note Price as of 21/02/13: 4 24 February 2014 Company / Sector Fair Value Recommendation InVision 49.0 Buy Technology: Cloud Computing ( 34) (Buy) Excellent margin trend in Prelims Share price performance
More informationLEGAL & GENERAL PENSION DISTRIBUTION FUND.
A MIXED FUND 30 JUNE 2017 01 LEGAL & GENERAL PENSION DISTRIBUTION FUND. FUND FACTS Product(s) Portfolio Plus SIPP (ESF/BPWM) Launch date 29 September 1995 Fund size 1,201.3 million Number of holdings 3,472
More informationBlackRock Commodities Income
Material produced by Kepler Trust Intelligence is a marketing communication, and is not independent research. BlackRock Commodities Income Update 15 August 218 Summary (BRCI) has a conviction-led approach
More informationGuinness Atkinson Dividend Builder Fund Managers Update October 2016
Quarter in review Despite world equity markets finishing almost flat over the period we witnessed significant volatility in share prices over the third quarter of 2016. In July the market had to digest
More informationPension Fund November 2018
Pension Fund November 2018 Aviva Pension BlackRock UK Equity Index Tracker FP This factsheet provides factual information only. The information shown should not be used in isolation for making buying and
More informationLEGAL & GENERAL LIFE DISTRIBUTION (GROWTH) FUND.
A MIXED FUND 31 JULY 2017 01 LEGAL & GENERAL LIFE DISTRIBUTION (GROWTH) FUND. FUND FACTS Product(s) Portfolio Bond (IPS) Launch date 30 June 2003 Fund size 531.8 million Number of holdings 3,148 Annual
More informationSchroder. Income Maximiser. Final Report and Accounts August 2017
Schroder Income Maximiser Final Report and Accounts August 2017 Contents Schroder Income Maximiser Fund Information 1...............................................3 Investment objective and policy......................................3
More informationFidelity International Index Fund
QUARTERLY FUND REVIEW AS OF SEPTEMBER 30, 2017 Fidelity International Fund Investment Approach Fidelity International Fund is a diversified international equity strategy that seeks to closely track the
More informationPHOENIX UNIT TRUST MANAGERS MANAGER S INTERIM REPORT PUTM UK STOCK MARKET FUND. For the half year: 2 May 2017 to 1 November 2017
PHOENIX UNIT TRUST MANAGERS MANAGER S INTERIM REPORT For the half year: 2 May 2017 to 1 November 2017 PUTM UK STOCK MARKET FUND Contents Investment review 2-3 Portfolio of investments 4-7 Top ten purchases
More informationFunds Select. First Quarter 2015 Singapore. sc.com/sg
Funds Select First Quarter 2015 Singapore This document is intended for general circulation. It has not been prepared to be suitable for any particular person or class of persons and does not constitute
More informationInvestor s Guide Clerical Medical Pension Funds
Investor s Guide Clerical Medical Pension Funds Contents Introduction 1 Clerical Medical funds managed by Aberdeen Standard Investments 2 Clerical Medical funds managed by other fund managers 3 Pension
More informationLimited Edition. Equilibrium. Issue 4. Deposit options linked to UK & European business sectors. Helpful Banking
Equilibrium Issue 4 Deposit options linked to UK & European business sectors Limited Edition Helpful Banking Before everything, here is our promise to you... These are our Customer Promises. This is a
More informationPension Fund December 2018
Pension Fund December 2018 Aviva Pension BlackRock (50:50) Global Equity Index Tracker IE/XE This factsheet provides factual information only. The information shown should not be used in isolation for
More informationAberdeen Multi-Asset Growth 2 Portfolio
Aberdeen Multi-Asset Growth 2 Portfolio Annual short report for the year ended 31 October 2016 Investment objective and policy To achieve long term total return. The Portfolio aims to achieve long term
More informationHENDERSON CAUTIOUS MANAGED.
A MIXED FUND 28 FEBRUARY 2017 01 HENDERSON CAUTIOUS MANAGED. FUND FACTS Product(s) OEIC/NISA Launch date 3 February 2003 Class launch date 3 February 2003 Fund size 2,159.4 million Number of holdings 167
More informationPension Fund May 2018
Pension Fund May 2018 Aviva Pension BlackRock (60:40) Global Equity Index Tracker FP This factsheet provides factual information only. The information shown should not be used in isolation for making buying
More informationLegal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January Distribution Number 35
Legal & General Multi Manager Income Trust Annual Manager s Short Report for the year ended 15 January 2017 Distribution Number 35 Investment Objective and Policy The investment objective is to achieve
More informationARE YOU READY TO RUMBLE? CEO PAY FOR PERFORMANCE FTSE100 PROXY SEASON -
ARE YOU READY TO RUMBLE? CEO PAY FOR PERFORMANCE - 2017 FTSE100 PROXY SEASON - 11 May, 2017 OVERVIEW At the 2016 UK AGM season, investors set an unprecedented trend in corporate governance. FTSE 100 bosses
More informationAviva Pension UK Equity AP
Pension Fund February 2018 Aviva Pension UK Equity AP This factsheet provides factual information only. The information shown should not be used in isolation for making buying and selling decisions. Fund
More informationCITY OF LONDON INVESTMENT GROUP
9 October 2018 Financial Services Daily CLIG.L Line, CLIG.L, Trade Price(Last), 09/10/2018, 409.00, N/A, N/A Market data Source: Eikon Thomson Reuters EPIC/TKR CLIG Price (p) 400.0 12m High (p) 454.0 12m
More informationFP Verbatim Portfolio 5 Income Fund
FP Verbatim Portfolio 5 Income Fund Short Report for the year ended 31 December 2015 Investment Objective and Policy The Fund will use a broadly cautious balanced investment strategy with the aim of achieving
More informationDividend Investing Review Dividend Builder Fund Review of the 4th Quarter 2015
Dividend Investing Review Dividend Builder Fund Review of the 4th Quarter 2015 Investing in Human Progress Fund manager biographies 2 Matthew Page, CFA Portfolio manager of strategy since 2010 Joined Guinness
More informationCM For professional investors only. F&C Investment Trust
CM15949 For professional investors only F&C Investment Trust March 2018 Investment risks The value of your investment is dependent on the supply and demand for the shares of the Investment Trust rather
More informationEUROPE DIVIDEND STRATEGY SERIES:
EUROPE DIVIDEND STRATEGY SERIES: The Power of Dividend Investing Q1 2019 60 State Street Boston, MA 02109 info@oshares.com // THE POWER OF DIVIDEND INVESTING 03 04 05 06 07 08 The Most Powerful Force in
More informationFirst Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged) Interim June 30, 2015 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2015 First Trust AlphaDEX TM European Dividend Index ETF (CAD-Hedged)
More information