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

Daily prices as of {{asOfDate}}

{{item.label}} {{item.value}} {{item.unit}}

Latest news

An update from our investment managers, Ben Ritchie and Louise Kernohan - 8 July 2020

The FTSE All Share rose again during June for the third straight month, building on the rebound seen since the last week of March.  This was driven by a continued recovery in global economic activity, despite the resurgence of Coronavirus cases in the United States. Markets also continued to take comfort from the support of both central bankers and governments to keep interest rates low and to deploy additional fiscal stimulus. In terms of sector and style leadership it was a mixed month but in general the more cyclical and value end of the market was in favour and we saw strong performance from financials and utilities which were particularly buoyed by the announcement of maintained dividends at a number of firms, while more defensive assets such as healthcare, pharmaceuticals and beverages lagged.

It was a relatively quiet month for portfolio activity. We added to an existing position in Euromoney which has seen its share price hit hard by the suspension to their events activities. The company has a strong digital platform, well respected management team and critically a very robust balance sheet which makes us believe that the current lowly valuation presents an opportunity for those prepared to be patient. We also increased holdings in Sirius Real Estate and National Grid following updates that reinforced our confidence in the dividend distribution prospects, while we also raised our stake in Hannover Re given an increasingly positive outlook for their end markets. We funded these by modestly reducing RELX which has been very solid through the crisis, and again reduced Unilever where the prospects still look relatively underwhelming at the current time. Once again elevated levels of volatility provided the chance to write a series of options at relatively high prices which generated some useful additional income for the portfolio.

The level to which the global economy recovers to and its ultimate growth trajectory remain uncertain. Across many markets there are signs of positive progress as the virus growth rate slows and economies re-open, while markets have so far looked through the worsening situation in the United States. This recovery has been reflected in markets to a reasonable 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 in past months we are watchful for opportunities and have taken advantage of a few interesting investments but for the moment we remain quite happy to retain a relatively defensive tilt to our overall positioning.

About us

Hear more about the Trust from our investment manager Louise Kernohan

 

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.

Louise Kernohan

Louise Kernohan

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.

  • 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.

  • Louise Kernohan

    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.

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.

  • 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.

 

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. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
Read the detailed risk warning 
Investor warning: Please be aware of scams that can affect investors. Read the full investor risk warning