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 27-Nov-2014

Ord
Price266.25p
NAV*266.84p
NAV**270.89p
Prem/-Disc*-0.22%
Prem/-Disc**-1.71%
Net Dividend Yield4.17%


* 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 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

October 2014

The FTSE All-Share Index dipped 0.7% on a total return basis in October, leaving the Index broadly flat year-to-date. Concerns stemming from the weakening environment in the eurozone and falling commodity prices more than offset the continuation of generally positive trends in the domestic economy. Mining and oil & gas sectors underperformed and the FTSE 100 Index lagged accordingly, whereas financials held up well.

In the UK, the preliminary estimate of third quarter Gross domestic product showed the economic recovery had largely sustained its momentum with a quarterly rise of 0.7% compared to 0.9% in the prior quarter. Industrial production and construction output picked up, offsetting slightly slower growth in the dominant services sector. Inflation eased further, with CPI falling from 1.5% in August to 1.2% in September due to lower energy and food prices. Once again, the Monetary Policy Committee left interest rates unchanged, with most members increasingly concerned about a prolonged period of below-target inflation. Elsewhere, growth estimates for the eurozone were cut as existing challenges were exacerbated by the Ukraine crisis, placing additional pressure on the ECB to act more meaningfully to avoid deflation. Meanwhile as the Federal Reserve’s asset purchase programme came to an end after five years of bond buying helped to deliver a substantial improvement in the labour market, in contrast, the Bank of Japan announced a fresh and unexpected bout of quantitative easing on the final day of the month.

The Trust introduced a new holding in Schroders during October. The asset manager has a strong brand, a robust balance sheet and good scope for growth particularly in the US allied to an attractive valuation and an appealing dividend yield. Meanwhile the option writing programme continued to generate supplemental income for the Trust.

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 a relatively benign domestic economic environment is 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. Global growth is set to remain uneven, as reflected in increasingly divergent monetary policy from the world’s leading central banks. We find comfort in balance sheets which are in good health and valuations, despite being stretched in some areas of the equity market, which remain attractive compared to other asset classes. We believe that our focus on good quality businesses with strong balance sheets, excellent management teams and the capacity to pay and grow dividends should continue to deliver good returns and real dividend growth to our investors over the long-term.


Source: Monthly Factsheet Aberdeen Asset Managers Limited