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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 05-Dec-2013Ord
|Net Dividend Yield||4.13%|
* 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 a wide range of subjects including the Trust’s performance, dividend history and top twenty holdings, as well as an explanation of how to generate yield from high quality equities and an outlook for the Trust.
In October the FTSE All-Share Index posted healthy gains, rising 4.3% on a total return basis. Investors became increasingly optimistic about the prospects for global economic recovery. Large companies outperformed their smaller counterparts, while in terms of sectors telecoms and life insurance were strong whereas mining and electricity lagged.
The UK recovery appeared to gather momentum with the initial estimate of third quarter GDP growth at 0.8%, the fastest pace of expansion in three years, albeit manufacturing and construction sectors remain some way below pre-recession levels. CPI inflation was stable at 2.7% in September and consumer confidence remained at elevated levels aided by government support in the housing market. The eurozone also showed further signs of improvement particularly in the periphery, notably with Spain delivering its first quarterly growth since 2011 thereby emerging from recession. In the US, the temporary government shutdown contributed to market expectations of so-called tapering by the Fed being delayed. Although the shutdown has also distorted short term assessment of recovery, with the fiscal drag fading and consumption set to pick up next year most commentators believe the economy is set to continue its recent improvement. Meanwhile in emerging markets a rebound in China settled nerves somewhat in relation to slowing growth.
It was another quiet month for portfolio activity with only one trade conducted. We topped up the position in Unilever on weakness given its strong long term prospects particularly in emerging markets. 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 year-to-date. A large part of the developed world is struggling to grow amidst deep fiscal adjustments and emerging markets appear to have entered a period of less assured growth. Profit warnings have become more common of late as companies have struggled to cope with currency volatility and guidance in some cases has been harder to achieve. We take comfort that within the portfolio valuations do not look too demanding particularly on a relative basis, operational performance has been broadly robust against a tough backdrop, and balance sheets are generally in good shape. This leads us to believe that the outlook for the distribution of dividend payments from our investee companies looks reasonably sound.
Source: Monthly Factsheet Aberdeen Asset Managers Limited