Edison review on The Brunner Investment Trust
London, UK, 7 March 2022
Edison issues review on The Brunner Investment Trust (BUT)
The Brunner Investment Trust's (BUT) lead manager is Allianz Global Investors' (AllianzGI) Matthew Tillett, who is supported by deputy managers Christian Schneider and Marcus Morris-Eyton. The trust has had three consecutive financial years of outperformance versus its benchmark, a time that has included significant market rallies and setbacks, along with periods of growth and value stock leadership. BUT's managers invest for the long term, focusing on high-quality, reasonably priced growth companies. Following a period of improved relative performance, the trust's NAV total return now ranks second out of 17 funds in the AIC Global sector over the last 12 months, is above average over the last three years and is broadly in line over five years.
While BUT's discount has narrowed over the last year, one may argue that based on the trust's improved recent relative performance, there may be further to go. BUT is currently trading at an 8.6% discount to cum-income NAV versus a 10.3% to 10.5% range of average discounts over the last one, three and five years.
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