Dunedin Income Growth Investment Trust PLC
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Investor Warning

Please be aware of scams that can affect investors.

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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 18-Dec-2014

Ord
Price257.50p
NAV*257.16p
NAV**261.32p
Prem/-Disc*0.13%
Prem/-Disc**-1.46%
Net Dividend Yield4.31%


* 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

November 2014

The FTSE All-Share Index rose during November ending the month 2.9% higher on a total return basis. The decline in the oil price continued during the month and the decision by OPEC to maintain production, despite oversupply in the market, added further impetus to the fall. This resulted in the poor performance of those companies exposed to the sector, either through exploration and production or related services. Elsewhere the market performed well helped in part by the prospective benefits of lower oil prices. From a size perspective, the FTSE 100 Index outperformed both the FTSE 250 and SmallCap Indices over the month.

UK macroeconomic data during November painted a robust picture. The UK Services PMI rose ahead of expectations, although Manufacturing was in line and the Construction PMI was a little weaker than expected. These readings suggest growth of around 0.6% in the fourth quarter which would equate to GDP growth of 2.9% on annualised basis in 2014. Data released in the month showed wages in the UK grew ahead of inflation for the first time since 2009, a further positive for the UK economy. CPI inflation rose from 1.2% in September to 1.3% in October as transport costs reduced at a slower rate and computer games prices increased. Internationally, the story remains similar with generally uneven growth characterised by strength in the United States offset by weakness in the eurozone together with a gentle slowdown in emerging markets.

During the month we sold our holding in Shell’s A shares and bought back the B shares in order to eliminate the withholding tax on the dividend. We also reduced the holding in ENI given concerns about the impact the fall in the oil price would have on the company’s earnings and its ability to continue to service its dividend. We also trimmed the positions in the likes of Linde and Associated British Foods following strong recent share price moves. We continued to write options, including puts in Wood, Weir and Rolls-Royce, following share price weakness, and calls in Nestlé to increase the income available to the Company. 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.


Source: Monthly Factsheet Aberdeen Asset Managers Limited