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 - 9 November 2020

The FTSE All Share dropped quite sharply in October, reflecting continued concern over measures taken to combat a resurgence of Covid-19 cases and uncertainty in the run up to the US presidential election. In contrast to recent months banks and oil stocks were the outperformers, while more defensive assets such as consumer goods and pharmaceuticals underperformed in the face of global bond yields moving higher and continued dollar weakness.

 

At the company level Weir Group announced the sale of its oil & gas business which was well received by the market. This not only reinforces its balance sheet but also leaves a much more compelling business centred on its minerals division that has a solid aftermarket proposition, greater resilience and higher margins. Standard Chartered’s earnings suffered amidst current circumstances where lower rates and lower economic growth are unhelpful for revenue growth and will delay the improvement of its return profile. Emerging market asset manager Ashmore produced resilient results despite the ongoing macro uncertainty and remains well placed to benefit from flows into its area of focus.

 

We made a number of changes to the  portfolio over the month as we look to concentrate our holdings further and put more capital into our best ideas. As a result we exited positions in a number of smaller positions and used the funds raised to increase more favoured existing holdings.

 

Our outlook remains somewhat cautious given the recent resurgence in virus cases across much of Europe and the UK and the restrictive measures applied to contain its spread.  This comes at a time when the expectation of economic recovery has been reflected in equity markets to a reasonable degree and where risk assets have performed well following the US election. Meanwhile, we expect that a UK-EU trade deal remains likely, but believe that to be largely priced in to UK stocks. In the United States a likely balanced outcome to the predicted “blue wave”  election, with a Biden presidency but the Democrats lacking outright control over the Senate, has been broadly welcomed by markets though it will likely be several more months before we will learn the final composition of the upper chamber. As a result we remain watchful for opportunities though for the moment we are happy to retain a defensive tilt to our overall positioning.

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

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Risk warning
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