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The Company's AGM is scheduled to be held on 16 July 2020. In the light of developing Government guidance and measures relating to COVID 19, including restrictions on public gatherings and maintaining social distancing, and the likelihood that these measures will remain in place until at least the end of June, the Board has determined that this year's AGM will follow the minimum legal requirements. This means that physical attendance at the meeting may not be possible and the Chairman may, in his or her sole discretion, limit the number of individuals able to attend the meeting. Arrangements will be made by the Company to ensure that the minimum number of shareholders required to form a quorum will attend the meeting in order that the meeting may proceed and the business concluded. A presentation from the Investment Manager, along with the AGM results, will be made available to shareholders on the Company's website shortly after the AGM.
Shareholders are strongly advised not attend the AGM in person and instead exercise their votes in respect of the meeting in advance. The Company's 2020 Annual Report and AGM details can be found below.
An update from our investment managers, Ben Ritchie and Louise Kernohan - 18 June 2020
The FTSE All Share continued to recover during May, building on the rebound seen since the last week of March. This was driven by continued reductions in infection rates of the COVID 19 virus across much of Europe, gradual easing of the various lockdowns and signs of a recovery in economic activity. Markets also continued to take comfort from the support of both central banks and governments to keep interest rates low and to deploy significant fiscal stimulus. Companies that performed best once again included some of those segments that had been hit the hardest such as airlines, while companies with predominantly online business models also continued to prosper. In contrast, bank stocks further underperformed, while Imperial Brands fell heavily after cutting their dividend.
Overall economic and market conditions remain uncertain, though across the global economy there are continued signs of positive progress as the virus growth rate slows and economies begin to re-open. This has been reflected in markets to a degree with a strong rebound from the lows of March. However, there remain significant challenges ahead and we are still focussed on closely monitoring the financial strength of our holdings and remain wary of chasing yield at the expense of total return. As we commented last month, we are watchful for opportunities and have taken advantage of a few interesting investments but for the moment are quite happy to retain a relatively defensive tilt to our overall positioning.
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.
Louise Kernohan is an Investment Director in the UK Equities team at Aberdeen Standard Investments, having joined Aberdeen Asset Management via the acquisition of Deutsche Asset Management businesses in 2005. Louise graduated with a BSc (Hons) in Mathematics, Physics and Philosophy and an MA in Management from the University of Durham and is a CFA Charterholder.
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.
Investment Director
Louise Kernohan is an Investment Director in the UK Equities team at Aberdeen Standard Investments, having joined Aberdeen Asset Management via the acquisition of Deutsche Asset Management businesses in 2005. Louise graduated with a BSc (Hons) in Mathematics, Physics and Philosophy and an MA in Management from the University of Durham and is a CFA Charterholder.
Catherine Claydon worked for Goldman Sachs International from 1992 until 2007, most recently as a Managing Director in its Pension & Insurance Strategies Group. Previously, she was Global Head of Goldman Sachs Commodity Index marketing. Catherine was an MD at Lehman Brothers in its Pension Advisory Group from 2007 until 2008. She is also a director of the Barclays UK Retirement Fund, chairman of the BBC Pension Trust and a trustee of the British Steel Pension Scheme. She is the Senior Independent 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 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 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 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.
Chairman
Non-Executive Director
Catherine Claydon worked for Goldman Sachs International from 1992 until 2007, most recently as a Managing Director in its Pension & Insurance Strategies Group. Previously, she was Global Head of Goldman Sachs Commodity Index marketing. Catherine was an MD at Lehman Brothers in its Pension Advisory Group from 2007 until 2008. She is also a director of the Barclays UK Retirement Fund, chairman of the BBC Pension Trust and a trustee of the British Steel Pension Scheme. She is the Senior Independent Director.
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.
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.
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.
| 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
Hear fund manager Ben Ritchie discuss key themes for European equities'