The Brunner Investment Trust PLC – access all areas
The Brunner Investment Trust PLC invests for growth, combining shares in some of the UK’s largest companies with the potential to invest across all stocks, over all sectors, in all the world’s markets to provide investors with a global equity portfolio.
Aim
The Trust’s objective is to increase its total return above the benchmark index of 50% FTSE All-Share and 50% FTSE All-World Index (ex UK sterling adjusted) over the long term, by investing in UK and international securities. The strategy of the Trust is designed to meet the requirements of those seeking a single investment in a diversified and professionally managed portfolio.
History
The Trust was formed from the Brunner family’s interest in the sale of Brunner, Mond & Co, the largest of the four companies which came to form ICI in 1926. The Trust has been managed by RCM (a subsidiary of Allianz Global Investors formerly Kleinwort Benson) since inception.
Risk & Features
Investment trusts are quoted companies listed on the London Stock Exchange. Their share prices are determined by factors including the balance of supply and demand in the market, which means that the shares may trade below (at a discount to) or above (at a premium to) the underlying net asset value.
The Trust seeks to enhance returns for its shareholders through gearing, in the form of long-term, fixed rate debentures. Gearing can boost the Trust’s returns when investments perform well, though losses can be magnified when investments lose value. You should be aware that this Trust may be subject to sudden and large falls in value and you could suffer substantial capital loss.
This investment trust charges 70% of its annual management fee to the capital account and 30% to revenue. This could lead to a higher level of income but capital growth will be constrained as a result. Your capital could also decrease if income paid out of capital exceeds the growth rate of the Trust.
(i) Share price source: Lipper, as at market close mid price.
(ii) A trust’s net asset value (NAV) is calculated as available shareholders’ funds divided by the number of shares in issue, with shareholders’ funds taken to be the net value of all the company’s assets after deducting liabilities.
The Brunner Investment Trust PLC is incorporated in England and Wales. (Company registration no. 226323). Registered Office: 155 Bishopsgate, London, EC2M 3AD. VAT registration no. 244 7355 54. The Company is a member of the Association of Investment Companies - Category: Global Growth.
Managers' Review as at 30.07.2010
The risk aversion seen in the financial markets in recent months reversed in July and investors' appetite for risk returned. Generally better-than-expected second quarter earnings, an upbeat-sounding IMF report and a relatively solid set of European data helped to improve investor sentiment and equities posted relatively strong gains. The main event over the month was the euro-area financial stress tests, which turned out not to be as bad as some investors had first feared. Only seven out of 91 banks failed the test, although the small number of failures did raise concerns about the creditability and rigorousness of the tests. They did however manage to give some much needed transparency to the European financial system. This reduced the immediate fears around financial contagion from Europe and as a result European credit markets softened.
In July the portfolio's NAV (+5.17%) outperformed its benchmark (+4.9%). Stock selection within the UK and Japan proved positive for the Trust along with strong stock selection in Financials. The Trust benefitted from a bid for Dana Petroleum, the oil exploration and development company as well as holding BNP Paribas, which benefitted from the renewed confidence in European financials. East Japan Railway was one of the largest detractors of the portfolio as strong currency moves in the Yen brought the Japanese market lower. Over the month we did not make any major changes to the portfolio and we remained focused on the stock specifics.
Trust Managers
Lucy MacDonald,
CIO, Global Equity
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Lucy is the Chief Investment Officer of Global Equities. The Global Equity team is responsible for international mandates from clients around the world. Lucy is a member of the European Management Committee. Lucy joined RCM in 2001 from Baring Asset Management, where she was a director and senior portfolio manager. Lucy graduated from Bristol University, and is an Associate of the Society of Investment Professionals (ASIP).
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Jeremy Thomas,
CIO, UK Equity
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Jeremy is CIO of UK Equities and joined RCM in September 2004 from ISIS Asset Management. Jeremy was formerly a Director in the UK Equity Portfolio Management Team at ISIS where he was responsible for stock selection and portfolio construction for UK pension funds. He also set sector strategy and had specific sector research responsibilities. Between 1996-2002 he was an Associate Director at Schroder Investment Management, where he managed the Schroder Portfolio Fund.
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The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation and anyone who acts on it, or changes their opinion thereon, does so entirely at their own risk. The opinions expressed are based on information which we believe to be accurate and reliable, however, these opinions may change without notice.
(i) Share price source: Lipper, as at market close mid price.
(ii) A trust’s net asset value (NAV) is calculated as available shareholders’ funds divided by the number of shares in issue, with shareholders’ funds taken to be the net value of all the company’s assets after deducting liabilities.
The Brunner Investment Trust PLC is incorporated in England and Wales. (Company registration no. 226323). Registered Office: 155 Bishopsgate, London, EC2M 3AD. VAT registration no. 244 7355 54. The Company is a member of the Association of Investment Companies - Category: Global Growth.
Changes in rates of exchange may cause the value of investments and the income from them to go down or up. Source: RCM (UK) Ltd, all data as at 30.07.2010
(i) Share price source: Lipper, as at market close mid price.
(ii) A trust’s net asset value (NAV) is calculated as available shareholders’ funds divided by the number of shares in issue, with shareholders’ funds taken to be the net value of all the company’s assets after deducting liabilities.
The Brunner Investment Trust PLC is incorporated in England and Wales. (Company registration no. 226323). Registered Office: 155 Bishopsgate, London, EC2M 3AD. VAT registration no. 244 7355 54. The Company is a member of the Association of Investment Companies - Category: Global Growth.
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(i) Share price source: Lipper, as at market close mid price.
(ii) A trust’s net asset value (NAV) is calculated as available shareholders’ funds divided by the number of shares in issue, with shareholders’ funds taken to be the net value of all the company’s assets after deducting liabilities.
The Brunner Investment Trust PLC is incorporated in England and Wales. (Company registration no. 226323). Registered Office: 155 Bishopsgate, London, EC2M 3AD. VAT registration no. 244 7355 54. The Company is a member of the Association of Investment Companies - Category: Global Growth.
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