Kepler Trust Intelligence: New research

RNS Number : 7894Q

Invesco Perpetual Select Trust Plc

08 June 2018

 

Invesco Perpetual Select Trust - UK Equity Share Portfolio: New research  

08/06/18

Highlights:

·     A UK equity trust with a long-term record of outperformance, which has been repositioned following a change in manager in late 2016

·     Currently positioned for a rebound in valuations in companies exposed to the unloved UK domestic economy

·     The focus on value means the trust now has a 3.5% dividend yield, comparable to a UK equity income trust, although it sits in the All Companies sector

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IP Select UK Equity shares have an actively-managed portfolio of UK equities selected for the long term, with the manager, James Goldstone, aiming to identify attractive businesses that he sees as being undervalued.

James has refashioned the portfolio since taking over in October 2016, and the focus is on companies exposed to the UK economy and consumer, which James thinks are currently undervalued. However, domestic risk on the portfolio is balanced out by holdings with international earnings and gold miners, although these positions are all held because of the manager's conviction in them as businesses, and the attractiveness of their valuations, rather than simply risk-management tools.

The company tends to trade quite closely to NAV, supported by a strong buyback policy, and in fact traded on a premium prior to the June 2016 EU referendum.

The dividend yield is 3.5%, paid quarterly, and the board's intention is to at least maintain the dividend in each year going forward. It has backed this up by using capital reserves to pay when necessary.

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