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 20-Nov-2014

Ord
Price265.00p
NAV*265.45p
NAV**269.40p
Prem/-Disc*-0.17%
Prem/-Disc**-1.63%
Net Dividend Yield4.19%


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

 
 
 
 
 

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 Annual Report for the year ended 31 Jan 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

September 2014

The FTSE All-Share Index fell during September ending the month 2.8% lower on a total return basis. The possibility of a vote for independence in the Scottish referendum weighed on markets at the beginning of the month and, despite a No vote by the Scottish population, the market continued to trade down as concerns over the timing of interest rate increases in the US and continued weak economic data from Europe led investors to take profits. At the sector level, mining and food retail sectors underperformed while the beverages sector outperformed during the period; while from a size perspective, the FTSE 250 Index underperformed both the FTSE 100 and SmallCap Indices.

UK macroeconomic data suggested that although GDP growth remains robust, the picture had become a little more mixed: both the manufacturing and services PMIs were a little weaker than expected but industrial production data showed stronger than expected growth whilst the unemployment rate fell to 6.2%, the lowest rate since 2008. A change in methodology resulted in the Office for National Statistics declaring that the UK economy had exceeded its pre-economic downturn peak in the third quarter of 2013 rather than, as previously believed, the second quarter of this year. CPI inflation fell to 1.5% in August from 1.6% in July as the cost of petrol and food declined. The Monetary Policy Committee continued to leave interest rates unchanged although, two members voted in favour of a rate rise based on their belief that wages would soon pick up given a lagged impact.

September was a relatively quiet month in terms of trading. We continued to write options increasing the income available to the Company, including puts in BHP Billiton and Inchcape as we look to raise the weights in these names at attractive valuations. We also wrote calls in, amongst others, Close Brothers, BAT and Prudential.

The UK equity market has rallied strongly over the past couple of years driven not by an increase in earnings but a rerating of earnings. Although an improvement in economic growth is likely to be a helpful underlying dynamic, profit growth is likely to remain hard won given the prospect of rising domestic interest rates and a weak economic picture in Europe. Although the short term outlook for equity returns may be difficult, we remain sanguine about the medium to long term opportunities for the companies in the portfolio. We believe that businesses with strong balance sheets and enduring competitive advantages will prosper and continuing to invest in these companies will ultimately offer the best earnings and dividend growth prospects for the Company over the long term.


Source: Monthly Factsheet Aberdeen Asset Managers Limited