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Seneca Global Income & Growth Trust

Higher, more realistic benchmark introduced

Review | Investment Companies | 25 Oct 2017

Seneca Global Income & Growth Trust (SIGT) has changed its benchmark to a more relevant CPI +6% rather than Libor +3%, aiming to achieve an average annual return of 6% above the rate of UK inflation over the course of a typical investment cycle. There has been no change to the investment process; SIGT seeks to generate long-term growth in capital and income, with low volatility of returns, from a portfolio of multiple asset classes. Anticipating a global economic downturn in 2020, SIGT is gradually reducing its equity exposure. At end-September 2017, its tactical asset allocation (TAA) was 59% to equities and 41% to other asset classes, including more than 25% to specialist assets, which generally yield 5-8%. SIGT aims to grow annual dividends at least in line with UK inflation (as achieved in each of the last four financial years). The trust has outperformed its blended benchmark and the FTSE All-Share index over one, three and five years and since its change of mandate in 2012.

Seneca Global Income & Growth Trust

More relevant benchmark proposed

Review | Investment Companies | 27 Jun 2017

Seneca Global Income & Growth Trust (SIGT) has proposed changing its benchmark to a more relevant CPI +6% versus the current Libor +3%; it aims to generate income and long-term capital growth across multiple asset classes with low volatility. SIGT also aims to grow annual dividends at least in line with UK inflation. It currently has a long-term strategic allocation to equities (60%, split 35% and 25% between UK and overseas), fixed income (15%) and specialist assets (25%, generally yielding 5-8%). SIGT has outperformed its current benchmark and the FTSE All-Share index over three and five years and since its change of mandate in 2012, with lower volatility than the UK equity market. Annual dividends have increased above the level of UK inflation for the last four years and SIGT has regularly added to reserves. The board has been actively utilising the discount control mechanism that was initiated in 2016, with the aim that SIGT's shares trade close to its NAV.

Seneca Global Income & Growth Trust

Executive interview - Seneca Global Income & Growth Trust

Edison TV: | Investment Companies | 27 Jun 2017

Seneca Global Income & Growth Trust (LSE:SIGT) was launched in 2005 and adopts a ‘Multi-Asset Value Investing’ approach, aiming to generate income and capital growth with low volatility by investing in a multi-asset portfolio of equities, fixed income and specialist assets. Since January 2012, SIGT’s performance has been benchmarked against three-month Libor +3%. Annual dividends have increased each year since 2013. On 1 August 2016, SIGT adopted a discount control mechanism aiming to ensure that its share price trades very close to NAV.

Seneca Global Income & Growth Trust

More than five years since mandate change

Review | Investment Companies | 23 Mar 2017

Seneca Global Income & Growth Trust (SIGT) aims to generate income and long-term capital growth across multiple asset classes with low volatility. The trust adopts a long-term strategic asset allocation to equities (60%, split 35% to UK and 25% to overseas o with modest US exposure), fixed income (15%) and specialist assets (25%, generally yielding 5-8%). Shorter-term tactical asset allocations are made with a view to enhancing portfolio returns. For UK equity exposure, SIGT focuses on mid-cap companies, which over time tend to outperform the broader market. SIGT retains zero exposure to developed market government bonds, which the manager considers expensive. Following the change in mandate in 2012, SIGT's NAV total return has outperformed the FTSE All-Share index, with significantly lower volatility; while dividends and reserves have grown every year.

Seneca Global Income & Growth Trust

Executive Interview - Seneca Global Income & Growth Trust

Edison TV: | Investment Companies | 01 Dec 2016

Seneca Global Income & Growth Trust (LSE:SIGT) was launched in 2005 and adopts a ‘Multi-Asset Value Investing’ approach, aiming to generate income and capital growth with low volatility by investing in a multi-asset portfolio of equities, fixed income and specialist assets. Since January 2012, SIGT’s performance has been benchmarked against three-month Libor +3%. Annual dividends have increased each year since 2013. On 1 August 2016, SIGT adopted a discount control mechanism aiming to ensure that its share price trades very close to NAV.

Seneca Global Income & Growth Trust

Multi-asset investment with a value approach

Review | Investment Companies | 29 Nov 2016

Seneca Global Income & Growth Trust (SIGT) aims to generate income and long-term capital growth from a range of asset classes. Investments are made for the long term using a strategic asset allocation to equities (60%: 35% UK and 25% overseas, with modest US exposure), fixed income (15%) and specialist assets (25%, including property and infrastructure assets, where yields can be in the 5-8% range). Around one-third of the fund is invested in UK mid-caps, where over time returns tend to be higher than for large-caps, and where the market is generally less efficient, providing opportunities for stock picking. There is no exposure to safe-haven government bonds, which the managers consider unattractively valued, and SIGT has lower FX exposure than its peers. Following a change in investment mandate in 2012, SIGT's NAV total return has meaningfully outperformed the FTSE All-Share index, with significantly lower volatility.

Seneca Global Income & Growth Trust

Diverse income from multi-asset investment

Review | Investment Companies | 15 Jun 2016

Seneca Global Income & Growth Trust (SIGT) is an actively managed, multi-asset global income fund. Investments are made in equities (strategic asset allocation of 60%), fixed income (15%) and specialist assets (25%) with the manager taking a long-term perspective. Since the investment mandate change in January 2012, SIGT's NAV total return has significantly outperformed its benchmark three-month Libor +3% and its NAV has exhibited much lower volatility than the FTSE All-Share index. Dividends have increased each year since FY13; in the last two financial years the dividend was increased by 4.6% per year. SIGT's prospective dividend yield is 4.2%. The board has announced its intention to introduce a discount control mechanism, which will commence on 1 August 2016.

Seneca Global Income & Growth Trust

Executive Interview - Richard Ramsay, Chairman of Seneca Global Income and Growth Investment Trust

Edison TV: | Investment Companies | 15 Jun 2016

Seneca Global Income & Growth Trust (LSE: SIGT) was founded as the Taverners Trust and managed by Aberdeen Asset Management, and became the Midas Income & Growth Trust in August 2005. In March 2014, the trust’s investment manager was purchased by Seneca Asset Managers Limited with the fund management business being renamed Seneca Investment Managers Limited (SIML); the trust itself was renamed Seneca Global Income & Growth Trust, highlighting its global mandate. SIGT aims to generate income and capital growth with low volatility by investing in a multi-asset portfolio of equities, fixed income and specialist assets. In January 2012, the board made a number of changes with a view to improving the trust’s future total returns.

Seneca Global Income & Growth Trust

Global multi-asset portfolio for income and growth

Review | Investment Companies | 08 Mar 2016

Seneca Global Income & Growth Trust (SIGT) is an actively managed global income fund that follows a multi-asset value approach with a core allocation of 60% to equities, although this could range from 25-85% depending on market valuations. The trust's NAV total return has outperformed its benchmark of three-month Libor +3% and the FTSE All-Share index over the four years since its investment mandate changed in January 2012. Volatility has been consistently lower than the peer group average. The prospective yield on SIGT is just over 4%.

Seneca Global Income & Growth Trust

Multi-asset investment for income and growth

Update | Investment Companies | 01 Jul 2015

Seneca Global Income & Growth Trust (SIGT) is an actively managedclosed-ended global income fund differentiated from the majority of peersby its multi-asset approach. SIGT's NAV total return has outperformed itsabsolute benchmark as well as the FTSE All-Share index and the peergroup average over one and three years and since its investment mandatechange in January 2012, with significantly lower than average volatility.Paying quarterly, SIGT aims to pursue a progressive dividend policy andhas a prospective 4% yield.

Seneca Global Income & Growth Trust

Income, growth and low volatility

Review | Investment Companies | 04 Dec 2014

Seneca Global Income & Growth Trust (SIGT) is differentiated from its global equity income peers by its top-down multi-asset approach and absolute benchmark. The NAV return has been ahead of the benchmark since the mandate was changed in January 2012 and volatility has been significantly below the peer average over one and three years. The yield of over 4% is above the peer average.

Seneca Global Income & Growth Trust

Focusing on real assets and income growth

Review | Investment Companies | 05 Jun 2014

Midas Income and Growth Trust (MIGT) provides exposure to a globally diversified multi-asset portfolio with a track record of relatively low volatility. NAV total return performance has been ahead of the absolute return benchmark over one, three and five years, and since the investment mandate was changed in January 2012. MIGT's NAV volatility of 7.2% and 7.7% over one and three years is the lowest in the peer group by a considerable margin. An increase in the FY14 final dividend gives MIGT a yield of 4.0%, higher than the global equity income peer group average and derived from a wide range of assets.