Edison issues review on The Merchants Trust (MRCH)
London, UK, 8 August 2022
Edison issues review on The Merchants Trust (MRCH)
The Merchants Trust (MRCH) is actively managed by Allianz Global Investors' highly experienced chief investment officer of UK equities/UK income, Simon Gergel. He highlights that the portfolio is very different to what it was a couple of years ago, but the manager continues to adhere to his disciplined investment process, seeking undervalued companies with solid fundamentals, aiming to generate a high and growing level of income and long-term capital growth. MRCH's portfolio is differentiated from its benchmark and has an impressive long-term record of outperformance versus the broad UK market. Its NAV total return is ranked first among the 22 funds in the AIC UK Equity Income sector over the last one, three and five years. MRCH's dividend has grown for the last 40 consecutive years.
Reflecting strong demand for MRCH's shares, the pace of allotments has accelerated; so far in FY23, more shares have been issued than in the whole of FY22. The trust is trading at a 1.6% premium to cum-income NAV, which compares with a range of an average 0.4% premium to a 2.0% discount over the last one, three, five and 10 years.
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