Dunedin Income Growth Investment Trust PLC

Selecting a diverse portfolio of high-quality UK and overseas companies to deliver a resilient quarterly income and long-term capital growth potential

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Latest news

An update from our investment managers, Ben Ritchie and Georgina Cooper - 26 January 2021

December saw the FTSE All-Share enjoy another strong month following on from the vaccine and US election inspired surge in November, aided in part by expectations of Brexit agreement being reached between the UK and EU. More cyclical stocks were generally in favour and we saw notably strong performance from mining stocks, industrials and equity market sensitive financials. On the other hand stronger sterling and greater risk appetite from investors saw more defensive segments such as consumer goods, regulated utilities and pharmaceuticals lag the market.

Trading in the portfolio was again fairly limited over the month. Following strong relative performance we switched some capital from primary healthcare facilities owner Assura into Sirius Real Estate, a higher yielding and faster growing German industrial real estate landlord. We also added to our existing position in Euromoney, the financial data, media and events business, given an attractive valuation for what we consider to be a very well run and attractively growing business. In contrast the holding in life sciences company Abcam was trimmed given a full valuation and low level of yield. We continued to write a number of options to generate additional income at a time of relatively elevated volatility and attractive pricing opportunities.

As we wrote last month, the development of vaccines for Covid-19 with high levels of potential efficacy represents a significant change to the prospects for both economies and equity markets. They allow investors to look through the current highly negative near-term impact of infection trends and instead focus on the middle of 2021 where a significant and sustained  rebound in economic growth is now forecast alongside a substantial recovery in corporate earnings. To add to that, as we anticipated, we have a UK/EU trade deal and the Democrats also achieved control in the Senate - both of which positively impact market sentiment. However, the outlook for markets as we move into 2022 and beyond remains very uncertain and we are somewhat cautious on what may lie ahead, especially given the very strong rebound we have seen so far. As a result we are happy to retain a balance to our overall positioning giving ourselves the potential to perform in a range of market environments, looking to protect capital on the downside while participating in any upside that may develop.

Key people

Ben Ritchie

Ben Ritchie

Head of European Equities

Ben Ritchie is Deputy Head of European Equities at Aberdeen Standard Investments and originally joined Aberdeen Asset Management in 2002 as a graduate, having interned with Aberdeen in 2000 and 2001. Ben graduated with a BA (Hons) in Modern History and Politics from Pembroke College, University of Oxford and is a CFA Charterholder.

Georgina Cooper

Georgina Cooper

Investment Manager

Georgina Cooper is an Investment Manager in the UK Equities team for Aberdeen Standard Investments having originally joined Aberdeen Asset Management in 2014 on the graduate scheme. Georgina graduated with a BSc with Honours Mathematics from the University of Edinburgh and is also a certified CFA Charterholder.

  • Ben Ritchie

    Head of European Equities

    Ben Ritchie is Deputy Head of European Equities at Aberdeen Standard Investments and originally joined Aberdeen Asset Management in 2002 as a graduate, having interned with Aberdeen in 2000 and 2001. Ben graduated with a BA (Hons) in Modern History and Politics from Pembroke College, University of Oxford and is a CFA Charterholder.

  • Georgina Cooper

    Investment Manager

    Georgina Cooper is an Investment Manager in the UK Equities team for Aberdeen Standard Investments having originally joined Aberdeen Asset Management in 2014 on the graduate scheme. Georgina graduated with a BSc with Honours Mathematics from the University of Edinburgh and is also a certified CFA Charterholder.

David Barron

David Barron

Chairman

David Barron is a Chartered Accountant. He was, until November 2019, Chief Executive of Miton Group plc and is currently a non-executive director of Premier Miton Group PLC. He was, until 2013, Head of Investment Trusts of JP Morgan Asset Management and, until 2014, a director of The Association of Investment Companies.
Jasper Judd

Jasper Judd

Non-Executive Director

Jasper Judd is a Chartered Accountant. Until 2012, he worked for Brambles Limited, a listed Australian multinational, where he held a number of senior executive roles including Global Head of Strategy. He is also a non-executive director of JP Morgan Indian Investment Trust plc.
He is Chairman of the Audit Committee.

Christine Montgomery

Christine Montgomery

Non-Executive Director

Christine Montgomery has over 30 years of investment management experience, most recently as Head of Global Equities at AustralianSuper in Melbourne from 2016 to 2019. She previously held roles as a global equities portfolio manager at Fidelity Worldwide Investments, Martin Currie and Edinburgh Partners.

Elisabeth Scott

Elisabeth Scott

Non-Executive Director

Elisabeth Scott worked for Schroders in Hong Kong from 1992 until 2008, most recently as Country Head. Previously she was responsible for Schroders’ institutional client business in Hong Kong and managed multi-asset portfolios. She chaired the Hong Kong Investment Funds Association between 2005 and 2007. She is also director of India Capital Growth Fund Limited, Fidelity China Special Situations Investment Trust PLC, Allianz Technology Trust PLC and the Association of Investment Companies.

Howard Williams

Howard Williams

Non-Executive Director

Howard Williams has over 35 years’ of fund management experience and was, until October 2017, Chief Investment Officer and Head of the Global Equity Team at JPMorgan Asset Management. Prior to joining JPMorgan Asset Management in 1994, he held a number of senior positions at Shell Pensions and Kleinwort Benson Asset Management. He started his career at James Capel & Co. He is also a non-executive director of Schroders Unit Trust Limited. He is the Senior Independent Director.

  • David Barron

    Chairman

    David Barron is a Chartered Accountant. He was, until November 2019, Chief Executive of Miton Group plc and is currently a non-executive director of Premier Miton Group PLC. He was, until 2013, Head of Investment Trusts of JP Morgan Asset Management and, until 2014, a director of The Association of Investment Companies.
  • Jasper Judd

    Non-Executive Director

    Jasper Judd is a Chartered Accountant. Until 2012, he worked for Brambles Limited, a listed Australian multinational, where he held a number of senior executive roles including Global Head of Strategy. He is also a non-executive director of JP Morgan Indian Investment Trust plc.
    He is Chairman of the Audit Committee.

  • Christine Montgomery

    Non-Executive Director

    Christine Montgomery has over 30 years of investment management experience, most recently as Head of Global Equities at AustralianSuper in Melbourne from 2016 to 2019. She previously held roles as a global equities portfolio manager at Fidelity Worldwide Investments, Martin Currie and Edinburgh Partners.

  • Elisabeth Scott

    Non-Executive Director

    Elisabeth Scott worked for Schroders in Hong Kong from 1992 until 2008, most recently as Country Head. Previously she was responsible for Schroders’ institutional client business in Hong Kong and managed multi-asset portfolios. She chaired the Hong Kong Investment Funds Association between 2005 and 2007. She is also director of India Capital Growth Fund Limited, Fidelity China Special Situations Investment Trust PLC, Allianz Technology Trust PLC and the Association of Investment Companies.

  • Howard Williams

    Non-Executive Director

    Howard Williams has over 35 years’ of fund management experience and was, until October 2017, Chief Investment Officer and Head of the Global Equity Team at JPMorgan Asset Management. Prior to joining JPMorgan Asset Management in 1994, he held a number of senior positions at Shell Pensions and Kleinwort Benson Asset Management. He started his career at James Capel & Co. He is also a non-executive director of Schroders Unit Trust Limited. He is the Senior Independent Director.

 

Financial calendar

Year End 31 January
Accounts Published March
Annual General Meeting May
Dividend Paid August, November, February, May

Trust details

Dunedin Income Growth Investment Trust PLC

Registered Office:
1 George Street,
Edinburgh
EH2 2LL

Registered in Scotland as an Investment Company Number SC881

Launch Date: February 1873

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.