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Brunner Investment Trust (The)

Improving performance under sole manager

Review | Investment Companies | 27 Sep 2017

The Brunner Investment Trust (BUT) aims to generate long-term growth in capital and income from a portfolio of high-quality global equities. Over time the exposure to overseas stocks has increased, providing a broader opportunity to generate income and capital growth, and the number of holdings has been reduced. Since June 2016, BUT has had a single manager, Lucy Macdonald, who has refined the UK stock selection process in line with that for overseas companies. Under her sole tenure, the trust has outperformed the composite benchmark by more than 4pp. BUT has a distinguished record of dividend growth; annual dividends have increased for the last 45 consecutive years and the current yield is 2.3%.

Brunner Investment Trust (The)

Dividend increased for 45 consecutive years

Review | Investment Companies | 03 Apr 2017

The Brunner Investment Trust (BUT) is a well-established fund investing in a relatively concentrated portfolio of c 70 global equities, aiming to generate long-term growth in capital and income. Over time, the number of holdings has been reduced and the proportion invested in overseas equities has increased. Lucy Macdonald has been sole manager since June 2016, and now uses her bottom-up stock selection process to invest in both UK and overseas companies. BUT's style balance between growth and value stocks meant that relative performance was maintained during a significant market style shift from growth to value stocks in Q416. BUT has increased its annual dividend in each of the last 45 consecutive years; its current yield of 2.3% compares favourably with its peer group.

Brunner Investment Trust (The)

More concentrated investment in global stocks

Review | Investment Companies | 29 Sep 2016

The Brunner Investment Trust (BUT) invests in a concentrated global equity portfolio aiming to generate long-term growth in capital and income. Over time the number of stocks has been reduced, resulting in 70 high-conviction holdings selected for their strong fundamentals and attractive valuations. Since June 2016, BUT has been solely managed by Lucy Macdonald. Dividends are paid quarterly; BUT has a progressive policy and annual dividends have increased for the last 44 consecutive years. The current dividend yield of 2.7% compares favourably with sector peers.

Brunner Investment Trust (The)

Executive Interview - The Brunner Investment trust

Edison TV: | Investment Companies | 26 Jul 2016

The Brunner Investment Trust (LSE: BUT) was created in 1927, initially to manage the wealth of the Brunner family, one of the founding families of industrial giant ICI. It invests in UK and overseas equities and is managed by Lucy Macdonald at Allianz Global Investors. Its aim is to achieve long-term growth in capital and income. Dividends are paid quarterly and have risen year-on-year for 43 years. Over recent years the portfolio has become more concentrated, with c 80-85 stocks rather than 100+, and the focus on the UK has been reduced, a move reflected in the change in benchmark in 2008 from 60% UK/40% World ex-UK to a 50/50 split. The UK weighting has continued to fall and the board is exploring whether a new benchmark split would be more appropriate.

Brunner Investment Trust (The)

Executive Interview - The Brunner Investment Trust

Edison TV: | Investment Companies | 11 Feb 2016

The Brunner Investment Trust (LSE.BUT) was created in 1927, initially to manage the wealth of the Brunner family, one of the founding families of industrial giant ICI. It invests in UK and overseas equities and is managed by Lucy Macdonald and Jeremy Thomas at Allianz Global Investors. Its aim is to achieve long-term growth in capital and income. Dividends are paid quarterly and have risen year-on-year for 43 years. Over recent years the portfolio has become more concentrated, with c 80-90 stocks rather than 100+ and the focus on the UK has been reduced, a move reflected in the change in benchmark in 2008 from 60% UK/40% world ex-UK to a 50/50 split. The UK weighting – currently just under 40% – could fall further over time as the managers seek to diversify.

Brunner Investment Trust (The)

Actively seeking income and growth

Review | Investment Companies | 18 Dec 2015

The Brunner Investment Trust (BUT) began life as a vehicle for managing the wealth of one of the founding families of ICI, a role it continues to fulfil, as well as offering other investors access to its diversified portfolio of global equities. Managed by Allianz Global Investors (AllianzGI), it seeks to achieve long-term capital and income growth, and has grown its dividend (which has been paid quarterly since 2014) for 43 years in a row. The bottom-up investment process makes extensive use of AllianzGI's global research resources, and the managers are increasingly focused on increasing the portion of the trust's dividend yield (one of the highest in its sector) that comes from overseas. Expensive gearing has historically been a headwind, but this will begin to abate from January 2018.

Brunner Investment Trust (The)

43 years of consecutive annual dividend growth

Review | Investment Companies | 27 Mar 2015

The Brunner Investment Trust (BUT) blends UK and international equities to provide what it describes as a ‘one stop' investment solution for those seeking growth and income from a portfolio of shares. The managers select stocks on a bottom-up basis, making use of fund group Allianz Global Investors' large analyst team, GrassrootsSM and focus on fundamental research. While the BUT portfolio contains many household names, it is actively managed and differs markedly from the benchmark at the country, sector and stock level. BUT has recently declared its 43rd annual dividend increase in a row and currently yields 2.8% with dividends paid quarterly, although its discount remains wider than peers at c 16%.

Brunner Investment Trust (The)

Pursuing the best growth opportunities globally

Update | Investment Companies | 04 Jun 2014

The Brunner Investment Trust (BUT) aims to provide a ‘one-stop' solution for investors seeking cost-effective global equity exposure. Run by Allianz Global Investors, it has half its portfolio in UK stocks and half overseas. As well as capital growth it seeks to provide above-inflation annual dividend growth, and has recently raised its dividend o which is now paid quarterly o for the 42nd successive year. The trust has reduced its UK weighting in recent years and is moving to a more active, concentrated portfolio.

Brunner Investment Trust (The)

Modestly geared global equity exposure

Review | Investment Companies | 18 Oct 2013

The Brunner Investment Trust (BUT) is a global growth investment trust, managed by Allianz Global Investors (AGI). It aims to provide a cost-effective one-stop shop for investors seeking diversified global equity exposure and a good yield. The trust has a substantial allocation to the UK, which supports a yield (2.9%) above its peer group average (2.0%). The recent interim results suggest that BUT is on track to provide 42 years of uninterrupted dividend growth. As at 31 March 2013, and after payment of the interim dividend, BUT retained about two years of revenue reserves.

Brunner Investment Trust (The)

41 years of dividend growth

Review | Investment Companies | 11 Mar 2013

The Brunner Investment Trust (BUT) is a global growth investment trust, managed by Allianz Global Investors (AGI), that aims to provide a cost-effective one stop shop for investors seeking global equity exposure. During the past year, BUT has returned 19.4% and 19.3% in terms of NAV and price total return respectively, outperforming its blended benchmark, which returned 18.4%. With its proposed final dividend of 8.3p, BUT has provided a 41-year record of uninterrupted dividend growth, year-on-year dividend growth of 3.9% (24.3% over five years) and a yield above its peer group average. After payment BUT retains 1.7x the 2012 dividend in revenue reserves.

Brunner Investment Trust (The)

Broad global equity exposure

Review | Investment Companies | 07 Aug 2012

The Brunner Investment Trust (BUT) is a global growth investment trust. It was established in 1927 to manage the financial interests of the Brunner family, part founders of ICI. It has been managed by RCM, a company of Allianz Global Investors, and its predecessors since launch. BUT is jointly managed by Lucy Macdonald, who has managed the overseas portfolio since June 2005, and Jeremy Thomas, who has managed the UK portfolio by since July 2010. These managers have been refocusing the portfolio on a smaller number of high-conviction holdings, supported by RCM's growing research platform. This process was completed in early 2011 and one-year NAV outperformance vs benchmark has also lifted the three-year performance. BUT has a 40-year record of uninterrupted dividend growth.