Edison update on Lowland Investment Company (LWI)
London, UK, 22 June 2022
Edison issues update on Lowland Investment Company (LWI)
During the first half of the financial year to the end of March 2022, Lowland Investment Company (LWI) lagged a modestly rising market due to its high weighting in mid- and smaller-capitalised UK companies. These companies found themselves out of favour with investors in a risk-off environment, fuelled by the war in Ukraine, rampant inflation, rising interest rates and slowing economic growth. For all of this, earnings per share for the period was 1.72p, some 34% higher than in this period last year but still below the pre-COVID-19 pandemic level of 2.22p. After a very strong outperformance in 2021, subsequent returns might be expected to consolidate, but the managers feel the portfolio is well positioned to make further gains in income and capital over the coming years.
LWI provides investors with a multi-cap portfolio of predominantly UK dividend-paying companies. It is diversified by holdings but is not quasi passive, with substantial sector and stock positions taken resulting in high levels of tracking error and volatility. Balanced with other strategies, it could provide welcome diversification benefits to a portfolio. Fund managers Henderson and Foll are a well-established team applying a proven mildly contrarian investment process across the whole gamut of UK equities.
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