Pascal Dowling
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Updated 29 Apr 2022
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Disclaimer

Disclosure – Non-substantive Research

This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour. 

Use the form below to register to join the team at Kepler Trust Intelligence and fund managers running money across a range of different asset classes and strategies, all seeking a reliable income for investors against a backdrop of rising inflation and volatile equity markets.

About the speakers

M&G Credit Income (MGCI) offers investors an income linked to interest rates, aiming to generate a yield of at least 4% over the interbank rate. The trust, which currently yields 3.2%, invests across the fixed income universe, in private debt as well as public, offering exposure to sectors more commonly available to institutional investors. Much of the portfolio is floating rate, which means the income available to pay the dividend could potentially rise as central banks raise rates.

Invesco Bond Income Plus (BIPS) aims to generate a high level of income and capital growth via a portfolio of high yield bonds, diversified across numerous countries and industries. BIPS offers a dividend yield of 6.2%.

International Biotechnology (IBT) is primarily formed of listed equities in the biotech space, plus a small allocation toward unquoted companies, converts some of the capital growth it generates into income using a unique feature of the investment trust structure, offering a yield equivalent to 4% of NAV. The managers have increased gearing recently to take advantage of what they see as bombed out valuations in a market with great potential for a rebound.

Edinburgh Investment Trust (EDIN), one of the oldest and best-known UK equity income trusts in the business. We will find out what's in store as fund manager James de Uphaugh continues his stewardship of the trust as head of the Global Fundamental team at Liontrust Asset Management, which bought former manager, Majedie where he was CIO, earlier this year. EDIN yields 3.9% via a portfolio wholly focused on UK equities.

JPMorgan Global Core Real Assets (JARA) was launched in late 2019 – shortly before the global pandemic began to bite. Having survived this baptism of fire the trust, which invests in real assets across a broad mix including real estate, infrastructure and transport, has recorded strong returns over one year and has seen its discount narrow as a result. JARA’s shares yield 4.4%, with its portfolio now fully invested.

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