Edison issues update on The Brunner Investment

RNS Number : 8442O

Brunner Investment Trust PLC

15 June 2022

 

London, UK, 15 June 2022

Edison issues update on The Brunner Investment Trust (BUT)

The Brunner Investment Trust's (BUT's) lead manager is Matthew Tillett at Allianz Global Investors. He is 'delighted' by the fund's relative performance so far in 2022, given elevated levels of share price volatility, and points to the balanced investment approach whereby the portfolio is not overexposed to a single factor within the global stock market. He has taken advantage of this volatility to improve the growth profile of BUT's portfolio as he has been able to invest in some high-quality companies whose valuations would normally be considered prohibitive for the fund, including US software developer Adobe. BUT's board has just announced the FY22 first interim dividend, which is 9.6% higher year-on-year despite the challenging market backdrop, and it highlighted the trust's healthy revenue reserves and portfolio income that is comfortably above pre-pandemic levels.

BUT is currently trading at an 11.9% discount to cum income NAV, which is wider than the 10.0%, 10.4% and 10.4% average discounts over the last one, three and five years respectively. There is scope for a higher valuation given the trust's commendable relative performance; its NAV total returns rank second over one year and fourth over three years out of the 17 funds in the AIC Global sector.

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