Perpetual-Income-and-Growth-Investment-Trust-plc

Perpetual Income and Growth Investment Trust plc

High conviction UK investing

The Board of Perpetual Income and Growth Investment Trust plc (PLI) served Invesco Fund Managers Limited with protective notice of termination in April this year and undertook a search for a new manager. 

The Board recently announced the conclusion of this search and proposes to combine PLI with Murray Income Trust plc (MUT).  MUT has a similar investment objective to PLI, is an AIC Dividend Hero and is managed by the UK Equities team at Aberdeen Standard Investments.  Further details on the proposed merger can be found in the Useful documents section below.

While shareholder and noteholder approval is sought, Martin Walker continues to manage PLI, having been appointed on Mark Barnett’s departure.

 
Please read the Investment Risks and Footnotes at the bottom of the page.

Useful documents

Why consider the Perpetual Income and Growth Investment Trust?

  1. Aims to provide a growing income that outstrips the cost of living
  2. This AIC ‘Dividend Hero’* invests in companies of all sizes across the UK equity market and beyond
  3. Harnessing the best ideas as we aim to deliver long-term income and growth

How we invest

Through a process of active, rigorous stock selection, the investment team focuses on identifying high-quality but undervalued businesses that can be bought and held for the long term.

The portfolio manager looks for companies that can pay out strong and growing dividends, as this is a primary indicator of long-term returns.

Historically, although this approach requires time to deliver, results have shown it’s worth the wait.

Insights

A new global economic order?

Martin Walker: “I’m delighted to be taking on the management of the Perpetual Income and Growth Investment Trust plc, albeit for only a short period of time.” In recognition of the importance of providing shareholders with insight into his thoughts and approach to investing for the trust, in this piece, Martin Walker considers how Covid-19 is affecting the global economic order and questions whether we are entering a new market epoch.

Read article
A new global economic order?

Digital disruption as a driver of sustainable income growth

Since the Global Financial Crisis equity markets have favoured stocks promising high growth through digital disruption over more traditional sources of dividend income. Mark Barnett discusses the implications and opportunities this presents equity income investors.

Read article
Mark Barnett

UK Equities (equity income) - 2020 outlook

The past few years have been dominated by domestic political uncertainty, which has proven especially difficult to navigate. Mark Barnett discusses why 2020 has all the promise of being a good year for UK equities.

Read article
Mark Barnett

Key facts

Launch date:   21 March 1996
Fund manager:   Martin Walker
ISIN:   GB0006798424
AIC sector:   UK Equity Income

Performance

Standardised rolling 12-month performance (% growth)

  30.06.15 
30.06.16
30.06.16 
30.06.17
30.06.17
30.06.18
30.06.18 
30.06.19
30.06.19 
30.06.20
Ordinary Share Price -8.9 13.5 -5.8 -10.5 -22.4
Net Asset Value 1.3 11.8 -0.7 -10.2 -22.5
FTSE All-Share Index 2.2 18.1 9.0 0.6 -13.0

Past performance is not a guide to future returns. Ordinary share price performance figures have been calculated using daily closing prices with dividends reinvested. NAV performance figures have been calculated using daily NAV with dividends reinvested. The NAV used includes current period revenue and values debt at fair. The FTSE All-Share Index performance shown is total return. All performance figures are in sterling as at 30 June 2020 unless otherwise stated. Standardised past performance figures are updated on a quarterly basis. Source: Morningstar.

Literature



Investment objective

The Company’s investment objective is to provide shareholders with capital growth and real growth in dividends over the medium to longer term from a portfolio of securities listed mainly in the UK equity market.

Further details of the Company’s Investment Policy and Risk and Investment Limits can be found in the Report of the Directors contained within the Company’s Annual Financial Report.

Company directors

  • Richard Laing (Chairman)
  • Alan Giles (Senior independent director)
  • Bob Yerbury
  • Victoria Cochrane
  • Michael Balfour
  • Georgina Field
  • Paul Griggs (Company secretarial contact)

Contact the Board of Directors

Should you wish to contact a member of the Board of Directors, please email the Company Secretary

When you interact with us, we may collect information about you which constitutes personal data under applicable laws and regulations. Our Trust privacy policy explains how we use and protect your personal data.

Footnotes

  • Total Assets: The value of all assets held, less current liabilities, including income for the current year.
  • Dividend Yield: The total declared and prospective dividends for the current financial year, expressed as a percentage of the trust’s value calculated at the last close price. The yield is indicative only and is not guaranteed.
  • Estimated NAV: The net asset value is the value of the company’s assets, less any liabilities.
  • Discount: The amount, expressed as a percentage by which the share price is less than the net asset value per share. Premium: The amount, expressed as a percentage, by which the share price is more than the net asset value per share.
  • Figures are subject to rounding.
  • * Awarded by the AIC to companies that have increased their dividends each year for 20 or more years.

Investment Risks

  • The value of investments and any income will fluctuate (this may partly be the result of exchange rate fluctuations) and investors may not get back the full amount invested.

    The product may use derivatives for efficient portfolio management which could result in increased volatility in the NAV.

    The use of borrowings may increase the volatility of the NAV and may reduce returns when asset values fall.

    The product invests in smaller companies which may result in a higher level of risk than a product that invests in larger companies. Securities of smaller companies may be subject to abrupt price movements and may be less liquid, which may mean they are not easy to buy or sell.

    As a result of COVID-19, markets have seen a noticeable increase in volatility as well as, in some cases, lower liquidity levels; this may continue and may increase these risks in the future. In addition, some companies are suspending, lowering or postponing their dividend payments, which may affect the income received by the product during this period and in the future.

Important information

  • Where individuals or the business have expressed opinions, they are based on current market conditions, they may differ from those of other investment professionals and are subject to change without notice. This marketing material is not intended as a recommendation to invest in any particular asset class, security or strategy. Regulatory requirements that require impartiality of investment/investment strategy recommendations are therefore not applicable nor are any prohibitions to trade before publication. The information provided is for illustrative purposes only, it should not be relied upon as recommendations to buy or sell securities.
  • For more information on our products, please refer to the relevant Key Information Document (KID), Alternative Investment Fund Managers Directive document (AIFMD), and the latest Annual or Half-Yearly Financial Reports. This information is available in the literature section.