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In advance of the AGM, the Board held an interactive online presentation on Monday 16th May 2022 at 10am. Attendees received updates from the Chairman and managers Ben Ritchie and Samantha Brownlee, followed by a question and answer session. A recording of the presentation will shortly be available to watch on demand below.
The annual report for the year ended 31 January 2022 is now available to download in the 'key literature' section below.
An update from our investment manager, Ben Ritchie - 29 April 2022
We retain the cautious outlook that we have had for some time. Inflation is elevated and prices are now likely to increase further and remain higher for longer as a result of commodity supply risks related to Ukraine. Rates of economic growth are slowing globally, and are likely to slip further as confidence is impacted, particularly in Europe. At the same time, central banks are increasingly focussed on restraining inflation and expectations remain for tightening ahead, while government balance sheets remain fairly stretched. Corporate profits are being challenged even further by supply chain disruptions and higher costs and now increasingly having to cope with both slowing demand and a more challenging environment to pass on prices. This makes for a complex environment to navigate. Overall we remain happy to keep a balance to our positioning giving ourselves the potential to perform in a range of market environments. If anything though our attention is now more firmly fixed on seeking to protect capital on the downside, while we continue to look to participate in any upside that may develop and at the same time focus on the companies that meet our sustainable and responsible investing criteria.
An enhanced ESG approach
The Board believes that companies that best manage Environmental Social and Governance (ESG) risks and opportunities will provide investors with superior risk adjusted returns.
Accordingly, with the support of shareholders, the Company has adopted an enhanced ESG approach consistent with the existing strategic objectives of the Company.
Why Dunedin Income Growth Investment Trust?
Uniquely positioned in the UK Equity Income sector with a differentiated, selective strategy looking to deliver growth in capital and income by investing in the best companies in the UK and Europe, whilst also meeting our sustainable and responsible investing criteria.
A high conviction portfolio of around 40 stocks with an emphasis on balancing dividend yield with growth and sustainability.
Managed by one of the best resourced UK Equity teams, alongside a proven income track record having grown or maintained the dividend for 39 years.
Ben Ritchie is Head of European Equities at abrdn and originally joined the company in 2002 as a graduate. Ben graduated with a BA (Hons) in Modern History and Politics from Pembroke College, University of Oxford and is a CFA Charterholder and an alumnus of Harvard Business School.
Samantha Brownlee is an Investment Director on the UK Equity team at abrdn. In this role, Samantha analyses current and prospective investments and assists with the management of client portfolios. Samantha joined abrdn in 2008 as a Graduate Business Analyst and worked with the Pan European Equity team until her transfer to the North American Equity desk in April 2014. In December 2020 she transferred to the UK Equity desk. Samantha received a Bachelor of Laws and an MA in Archaeology from The University of Edinburgh. She is a CFA charterholder.
Rebecca Maclean is an Investment Director in the UK Equities team at abrdn. Rebecca has worked in the responsible investment industry since 2010, joined abrdn in 2013 as a Responsible Investment Analyst and moved to the UK Equities team in 2016. Rebecca graduated with a BA in Experimental Psychology from University of Oxford, holds a MA in International Relations from King's College London, and is a CFA Charterholder.
Head of European Equities
Ben Ritchie is Head of European Equities at abrdn and originally joined the company in 2002 as a graduate. Ben graduated with a BA (Hons) in Modern History and Politics from Pembroke College, University of Oxford and is a CFA Charterholder and an alumnus of Harvard Business School.
Investment Director
Samantha Brownlee is an Investment Director on the UK Equity team at abrdn. In this role, Samantha analyses current and prospective investments and assists with the management of client portfolios. Samantha joined abrdn in 2008 as a Graduate Business Analyst and worked with the Pan European Equity team until her transfer to the North American Equity desk in April 2014. In December 2020 she transferred to the UK Equity desk. Samantha received a Bachelor of Laws and an MA in Archaeology from The University of Edinburgh. She is a CFA charterholder.
Investment Director
Rebecca Maclean is an Investment Director in the UK Equities team at abrdn. Rebecca has worked in the responsible investment industry since 2010, joined abrdn in 2013 as a Responsible Investment Analyst and moved to the UK Equities team in 2016. Rebecca graduated with a BA in Experimental Psychology from University of Oxford, holds a MA in International Relations from King's College London, and is a CFA Charterholder.
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 at JP Morgan Asset Management and, until 2014, a director of The Association of Investment Companies. He is also a non-executive director of BlackRock Sustainable American Income Trust plc and Fidelity Japan Trust PLC.
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 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. She is also a non-executive director of The Scottish American Investment Company PLC and True Potential Administration LLP.
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 and Lifesight Limited. He is the Senior Independent Director.
Gay Collins has over 35 years of experience in the financial services sector and has founded and grown three PR companies, Montfort Communications, Penrose Financial (which became MHP) and Ludgate Communications, and has an executive role at Montfort where she advises financial services companies on communications. She is also a director of the Association of Investment Companies and JPMorgan Global Growth & Income plc.
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 at JP Morgan Asset Management and, until 2014, a director of The Association of Investment Companies. He is also a non-executive director of BlackRock Sustainable American Income Trust plc and Fidelity Japan Trust PLC.
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.
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. She is also a non-executive director of The Scottish American Investment Company PLC and True Potential Administration LLP.
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 and Lifesight Limited. He is the Senior Independent Director.
Non-Executive Director
Gay Collins has over 35 years of experience in the financial services sector and has founded and grown three PR companies, Montfort Communications, Penrose Financial (which became MHP) and Ludgate Communications, and has an executive role at Montfort where she advises financial services companies on communications. She is also a director of the Association of Investment Companies and JPMorgan Global Growth & Income plc.
| Year End | 31 January |
| Accounts Published | March |
| Annual General Meeting | May |
| Dividend Paid | August, November, February, May |
Hear fund manager Louise Kernohan presenting Dunedin Income Growth's interim results
Listen to the presentation from our recent AGM
