The Brunner Investment Trust PLC, known for its 52 years of dividend growth and high yields, released its April 2024 update. The UK stock market outperformed the US and European markets, driven by factors such as inflation and employment data, leading to a 2.5% total return for the FTSE All-Share index. The Trust's portfolio performance exceeded the benchmark index, with notable gains from companies like Tyman and Inchcape. The Trust's NAV total return for April was 5.2%, compared to the benchmark index's 2.8%.
The portfolio structure saw no major changes in April, with a focus on reducing positions in strong performers like Shell, Inchcape, and Barclays, and reinvesting in oversold companies offering compelling value, such as Pets At Home, WPP, and PZ Cussons. The Trust's managers noted an increasing number of takeover bids for UK-listed companies, attributing it to the cheaper valuations and improved financing conditions. They expressed confidence in the portfolio's value and prospects for future income and total returns.
The Trust's managers emphasized their focus on seeking attractive investment opportunities and regularly reviewing existing portfolio companies. They highlighted the excellent value in the portfolio and the ongoing search for new ideas. The update also directed investors to the Trust's website for the latest portfolio breakdown, performance, and dividend information.
The update concluded with regulatory and contact information, along with the disclaimer that past performance does not predict future returns. The communication was issued by Allianz Global Investors UK Limited, the investment manager for the Brunner Investment Trust PLC.