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Majedie Investments is a long-established and broadly diversified investment trust aiming to deliver long term total returns whilst increasing dividends at a rate greater than inflation. The self-managed trust – which has total assets of £199.2m (as at 30 September 2018) – is highly differentiated, investing in a number of highly rated funds, some of which have limited capacity, all managed by investment boutique Majedie Asset Management (MAM) in which the trust also owns a significant stake (17.1%). The remainder of the shares in MAM are owned by its employees.
The company recently released their final results, which showed NAV total returns (debt at fair value) of 2.7% over the year ended 30 September 2018. However, the redemption of the 2020 9.5% Debentures in December 2017 resulted in dilution of 0.6% to the NAV. Over the same period the FTSE All Share Index and MSCI World Index rose by 5.9% and 12.9% respectively.
Looking over a longer time frame, one can see that the performance is more in line with the MSCI World and the peer groups. Over the past five years, the trust has delivered NAV returns of 75.1%, only 2.6% behind the MSCI World, but has dramatically outperformed the open-ended peer group, delivering returns 13.1% greater.
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