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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 investment products 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.
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 is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 07-Mar-2014Ord
|Net Dividend Yield||3.99%|
* Debt at market value
** Debt at par
Source: Morningstar, NAV = Net Asset Value, excluding income.
40 Princes Street
Registered in Scotland as an Investment Company Number 881
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.
In this webcast Ben Ritchie gives an update on the half year to 31 July 2013. Ben covers a wide range of subjects including performance, a sector breakdown, the twenty largest investments and an outlook for the Trust.
The FTSE All-Share Index had a weak start to 2014 falling 3.1% on a total return basis. Investors were concerned about the potential impact on emerging markets of monetary tightening by the Federal Reserve alongside disappointing macroeconomic data in both the USA and China. Tobacco and beverages stocks underperformed while the general retail sector posted good returns.
The UK recovery appeared to be increasingly well entrenched. GDP growth in the fourth quarter of 2013 was 0.7% at the preliminary reading. Although slightly below the 0.8% expansion seen in the prior two quarters, encouragingly the breakdown of growth showed a relatively broad-based recovery with manufacturing output growing strongly in addition to a good showing from the dominant services sector. Meanwhile the IMF raised its 2014 growth forecast for the UK economy from 1.9% to 2.4%. Unemployment fell to 7.1%, only slightly above the 7% threshold set by the Monetary Policy Committee, prompting the MPC to distance itself from this guidance given further falls in inflation which dropped to 2% in December. Elsewhere, there were concerns around weaker than expected industrial activity indicators in China as well as disappointing employment and manufacturing data in the US. The Federal Reserve reduced the scale of its quantitative easing programme by another $10bn per month, causing currency volatility in emerging markets in addition to equity market weakness more generally. Eurozone inflation fell to 0.7% leading to worries about the potential for deflation to undermine the region’s fragile recovery.
In portfolio activity we added to Standard Chartered following assignment of a put option as the share price softened on emerging market concerns. No other trades were conducted during the month, although the option writing programme continued to generate supplemental income for the Trust.
We retain a cautious tone to our outlook despite strong equity market performance in recent times. Economies around the world are providing varied signals in terms of their outlook for growth and a number of salient structural issues remain unresolved. We take comfort that companies are, in general, in good shape and that valuations, although not cheap on an absolute basis, look attractive relative to other asset classes. The portfolio retains exposure to a mixture of robust businesses with strong competitive positions and healthy financial characteristics. We continue to believe that these attributes are the best way to ensure attractive earnings and dividend growth over the long term
Source: Monthly Factsheet Aberdeen Asset Managers Limited