The February 2024 update from Brunner Investment Trust PLC highlights the trust's appeal as an investment, including its 51 years of dividend growth, high yields, and a global, actively managed equity portfolio. The monthly fact sheet provides insights into the stock market's performance, with the S&P 500 reaching all-time highs and notable strength in the information technology and industrial sectors. Brunner's Net Asset Value (NAV) total return slightly exceeded its benchmark, with strong performances from investments in companies like Schneider Electric, Taiwan Semiconductor, and ASML.
The portfolio managers also discussed the trust's detractors, including the impact of mega-market-capitalization technology stocks that were not part of their holdings and the challenges faced by a small UK lender, Close Brothers. Additionally, the update highlighted the addition of two new holdings to the portfolio: General Electric, focusing on its aerospace business, and Bank of Ireland, reflecting the trust's confidence in the Irish banking market's consolidation and improved capitalization.
The managers emphasized the potential of General Electric's aerospace business, which services a significant portion of the global aircraft fleet, and the attractive structure of the Irish banking market. The update also mentioned the funding of these new positions through the sale of Close Brothers, a small UK property stock, and reductions to several other holdings. For more detailed information on the portfolio breakdown, performance, and dividend details, investors were directed to the trust's website.
Overall, the update provided a comprehensive overview of Brunner Investment Trust PLC's portfolio performance, including notable investments, detractors, and the rationale behind the addition of new holdings.