Dunedin Income Growth Investment Trust PLC
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Investor Warning

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NMPI Status

The Company currently conducts its affairs so that securities issued by Dunedin Income Growth Investment Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.

The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.

 

Pre-investment Disclosure Document (PIDD)

The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Dunedin Income Growth Investment Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.

The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.

Read the PIDD for Dunedin Income Growth Investment Trust

 
 

Morningstar Ratings

Analyst Rating

Morningstar bronze award

Fund Rating

 
 

Risk Warning

The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.

Read the detailed Risk Warning
 

Past Performance

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 26-Mar-2015

Ord
Price264.00p
NAV*277.13p
NAV**281.04p
Prem/-Disc*-4.74%
Prem/-Disc**-6.06%
Net Dividend Yield4.20%


* Debt at market value
** Debt at par
Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 
 
 

Portfolio Holdings Disclaimer

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.

 
 

Trust Details

Dunedin Income Growth Investment Trust PLC

Registered Office:
7th Floor
40 Princes Street
Edinburgh
EH2 2BY

Registered in Scotland as an Investment Company Number 881

 

Dunedin Income Growth Investment Trust PLC

Objective

The Company's investment objective is to achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom.

 
 

Dunedin Income Growth Investment Trust PLC Half Year Report for the six months ended 31 July 14
Ben Ritchie, Senior Investment Manager

In this webcast Ben Ritchie gives an update on a wide range of subjects including performance, a sector breakdown, the twenty largest investments and an outlook for the Trust.

Click here to listen to the presentation.

 

 

Manager's Monthly Report

February 2015

The FTSE All-Share Index rose 3.7% during February on a total return basis, the best month for a year. Having suffered a tough few months as a result of falling commodity prices, sentiment improved towards the Oil & Gas and Mining producers while Banks and Utilities performed poorly. From a size perspective, the FTSE 250 Index outperformed both the FTSE SmallCap and FTSE 100 Indices. The FTSE 100 Index reached an all-time high during the month.

The UK macroeconomic data was mixed with the Manufacturing PMI coming in ahead of expectations. However, after a better than expected December, retail sales contracted in January as did industrial production. Following an extended period of real wage contraction in the UK there are positive signs with wages growing 2.1% in Q4 2014 while inflation contracted to 0.3%. With low inflation likely to continue in the near term given lower commodity prices we are likely to see a sustained period of real wage growth, a positive for the UK economy. Outside of the UK the bailout negotiations for Greece dominated market sentiment for much of the month following the decision by the Greek electorate to vote in Syriza, the anti-austerity party, at the end of January. Despite initially bold pledges from leaders of Syriza regarding defaulting on the debt and reversing already implemented reforms, the eurozone finance ministers approved an extension to the bailout package after these pledges were watered down. Concerns over a potential ‘Grexit’ along with the ECB’s QE programme weighed heavily on the euro which weakened significantly against the US dollar and sterling. In theory this should be favourable to the eurozone economy as it makes exports more attractive.

During the month the holdings in Compass and Prudential were trimmed, recognising that following a strong run their valuations were looking stretched. We increased our holding in BHP Billiton as, despite near term pressures as a result of weaker commodity pricing, the company has some world class assets and the current management team are making good progress with cutting costs and improving their competitive positioning. We continued to write options increasing the income available to the Company, including puts in Rolls- Royce and BG as we look to raise the weights in these names which have been weak recently and so are trading at more attractive valuations. We also wrote calls in, amongst others, Unilever, Provident Financial and Prudential.

The UK equity market has rallied strongly over the past couple of years; however this has been driven not by an increase in earnings but by a rerating of earnings. Although a relatively benign domestic economic environment and subdued commodity prices are likely to be a helpful underlying dynamic, profit growth is likely to remain hard won given the prospect of rising interest rates and growing political uncertainty. While the short term outlook for equity returns may be more difficult, we remain sanguine about the medium to long term opportunities for the companies in the portfolio. We continue to believe that globally competitive businesses with strong balance sheets will prosper over the long term and ultimately offer the best earnings and dividend growth prospects for your fund.


Source: Monthly Factsheet Aberdeen Asset Managers Limited