Fund Profile

Edinburgh Investment Trust 24 June 2024


This is a non-independent marketing communication commissioned by Liontrust. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

EDIN’s new manager is off to a strong start…

In October 2023, James de Uphaugh and Chris Field announced their retirement, and Imran Sattar, an experienced manager at Liontrust whom they have worked closely with over the years, assumed the role of lead portfolio manager on 06/02/2024.

Moving forward, the message is one of continuity. Imran, much like his predecessors, determined early on in his career that a flexible investment style is crucial to perform in varying market environments, and this is something he has consistently applied to portfolios he has managed in the past. As such, the plan is to continue managing Edinburgh Investment Trust (EDIN) with the same approach, balancing quality stocks that he deems best placed to deliver strong total returns to shareholders over time. Despite his brief tenure, Imran has already made his mark on the Portfolio, by making several changes, including initiating a new position in a US-listed firm, Verisk Analytics. He believes Verisk offers good long-term growth prospects, filling a gap not met by UK companies in the data space.

However, Imran’s current optimism about his home market means that the portfolio’s exposure to overseas businesses, c.6%, is one of the lowest allocations in his career. He argues that specific UK headwinds are gradually abating, and UK equity valuations are at historically low levels. This has presented numerous opportunities on home soil and prompted him to add several new names to the portfolio, such as Autotrader and Rotork, and bolster some existing positions in the portfolio on weakness, including Dunelm.

Currently, EDIN trades at a 10.3% Discount, slightly above its five-year average and also wider than the AIC sector’s average of 5.9%.

Kepler View

Imran Sattar, who was appointed manager officially in February of this year, worked closely alongside his predecessors for several years and has managed portfolios with the same focus over most of his career. As such, we would expect him to take a very similar approach with EDIN as the previous managers took. Having looked over Imran’s track record, it’s clear to us that this way of investing is his bread and butter, with the changes he’s made to EDIN’s portfolio so far falling into alignment with his total return ethos, i.e. identifying quality companies and blending those offering both capital and dividend growth together.

A six-month stewardship isn’t long, so we think it’s reasonable to expect some investors will need more time to gain confidence in the new manager’s ability. That said, we think Imran has made a strong start. The Portfolio changes he’s implemented continue to make EDIN a compelling proposition for investors seeking exposure to quality UK companies across diverse sectors and his focus on investing in companies with strong earnings growth potential should continue feeding into rising dividends over time.

Overall, we think EDIN is well-positioned to be a core holding for investors and note that the board has made good efforts to reduce the management fee, making EDIN more competitively priced within the UK equity income space (see Charges). Moving forward, we also see the potential for the discount to narrow further, particularly if Imran continues to outperform the index and deliver growing Dividends year-on-year, which would also provide an additional boost to shareholder returns.


  • Managers apply a total return ethos, balancing income and capital growth
  • Low OCF offers investors low-cost access to UK equities
  • No dogmatic style bias could mean the trust won’t be as impacted in periods of sharp style rotations


  • Structural gearing can magnify losses in a falling market, as well as gains in rising ones
  • EDIN’s dividend is lower than the sector average
  • The UK market offers little exposure to certain high-growth sectors, like technology
Continue to Portfolio

Fund History

17 Jul 2024 Balancing act
We ask why trusts with a more flexible approach have outperformed…
24 Jun 2024 Fund Analysis
EDIN’s new manager is off to a strong start…
19 Jun 2024 None in, one out
We ask why companies are disappearing from public markets, and if it matters…
05 Jun 2024 Fast and FTSErious
With the FTSE 100 reaching record highs, is there still value on offer?
29 May 2024 Results analysis: Edinburgh Investment Trust
Stock selection has driven EDIN’s excess returns versus the FTSE All-Share…
22 Nov 2023 Results analysis: Edinburgh Investment Trust
EDIN continues to deliver impressive outperformance versus the FTSE All-Share…
25 Oct 2023 Fund Analysis
EDIN has delivered strong outperformance in its first three years under a new manager…
31 May 2023 Results analysis: Edinburgh Investment Trust
EDIN has delivered impressive outperformance since the new manager took over in March 2020…
24 May 2023 Five alternatives for income investors
Watch the presentations from our event focused on trusts delivering income via a diverse range of strategies…
16 May 2023 Edinburgh Investment Trust
James de Uphaugh
Rewatch this webinar from our online series in May 'Alternatives for income investors' hosted by the team at Kepler Trust Intelligence 15-19 May…
Watch Recording
30 Mar 2023 What I’m doing with my allowance this tax year
Two of our analysts debate whether to invest in punchier funds for the long term or take a more cautious view…
25 Nov 2022 Results analysis: Edinburgh Investment Trust
EDIN has outperformed over three years, doing particularly well under the new management team…
23 Nov 2022 Guns n’ roses
A sustainable future for the free world may depend on investments in weapons and oil as well as traditional ESG friendly assets…
16 Nov 2022 Bottom fishing
What can history tell investors about calling the bottom of a market?
01 Nov 2022 Fund Analysis
A new look, better-balanced EDIN portfolio has delivered strong performance…
31 May 2022 Five alternative trusts for income investors
Slides and audio from our event last week, featuring five trust managers discussing different strategies to deliver income for shareholders in challenging market conditions...
31 May 2022 Results analysis: Edinburgh Investment Trust
EDIN looks prepared to deliver during a tough economic period…
27 May 2022 Slides and Audio: Edinburgh Investment Trust
Download the presentation and listen to the audio from our 'Alternatives for income investors' virtual week from 26 May...
23 Feb 2022 Fund Analysis
EDIN looks leaner and meaner under its new manager and has outperformed since the takeover…
08 Jul 2021 London Calling
UK equities represent a ‘once in a generation’ opportunity according to the managers who joined us at our event last week…
07 Jul 2021 Slides and Audio: Edinburgh Investment Trust
Download the presentation and listen to the audio from our 'Cool Britannia' Summer conference on 01 July...
07 Jul 2021 Slides and Audio: Roundtable - The outlook for UK plc
Download the presentation and listen to the audio from our first roundtable discussion with James Henderson, James de Uphaugh and Rory Bateman...
23 Jun 2021 Time to back Britain?
After a challenging period for the United Kingdom, we wonder if it could be the most exciting market on a five-year view…
13 Apr 2021 Fund Analysis
EDIN’s new management team continue to identify individual stock opportunities in the UK..
10 Mar 2020 Kepler Spring Conference: presentations and audio
Audio and presentations from our spring conference at The May Fair Hotel last week…
08 Aug 2019 Mark Barnett: Q&A
Invesco's Head of UK Equities Mark Barnett talks through his outlook for the UK economy...
30 Jan 2019 The Income Portfolio
We reveal our investment trust picks for a mixture of income and capital growth...
16 Oct 2018 The Investment Trust Advantage
Our recent conference for discretionary fund managers saw some of the UK's leading fund managers discussing the outlook for the world's major regions and asset classes...
03 Oct 2018 We can be heroes
Our analysis has uncovered the trusts which have generated a solid income through thick and thin - without compromising other aspects of performance...
26 Jul 2018 Fund Analysis
A large UK focused investment trust with a strong long-term record trading on a deep discount thanks to an out-of-favour style...
26 Jul 2018 Mark Barnett: Finding opportunity in financials...
Mark Barnett highlights the UK’s alternative finance market, which has caused disruption to the traditional forms of credit since the Great Financial Crisis...
25 Jul 2018 The Bulletproof Income Portfolio
Our Bulletproof Income Portfolio was set up to illustrate the benefits of investment trusts in providing a stable income...
25 Jul 2018 The Endurance Growth Portfolio
The purpose of the Endurance Growth Portfolio is to generate long-term capital growth with a bias towards quality and defensive characteristics...
23 May 2018 Causing disruption: tobacco and the next generation
Mark Barnett explores the impact of next generation products on the tobacco industry...
11 Apr 2018 Mark Barnett: A stock-pickers approach to managing the macro
Invesco Perpetual's Head of UK Equities gives his upbeat view on Brexit, discusses the trajectory of interest rates, and outlines the investment ideas he sees in this environment...
22 Nov 2017 A stock picker’s approach to managing the macro
Mark Barnett, Head of UK Equities at Invesco Perpetual, discusses the risks and opportunities facing the UK Equity market
24 May 2017 Fund Analysis
22 Feb 2017 Fund Analysis
21 Feb 2017 Digging in
The Bulletproof Income Portfolio enters 2017 with increased dividend cover at a time when a defensive income seems more precious than ever...
20 Apr 2016 Mark Barnett: Two distinct routes to a sustainable income
Contrasting portfolio construction of The Edinburgh Investment Trust plc and Perpetual Income and Growth Investment Trust plc offers choice to income-seeking investors
26 Jan 2016 Top picks from four leading brokers for 2016
We examine the key recommendations for individual trusts from our panel of the City’s leading analysts.
26 Jan 2016 Dodging bullets
The Bulletproof Income Portfolio performed well in a turbulent 2015, the perfect year to test its strengths...
01 Dec 2015 Model Portfolio update: Empiric, Edinburgh and RIT Cap...
The latest insight into developments across our three model portfolios...
05 Jun 2015 Fund Analysis
05 Jun 2015 The Bulletproof Income Portfolio
Six investment trusts with income credentials to die for.
View all

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