This is a non-independent marketing communication commissioned by Troy Asset Management. 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.
Results for the year ending 30 September 2020 showed that TIGT generated NAV total returns of -9.1% and a share price total return of -11.6%. This disparity saw the trust move from a premium to NAV of +1.1% to a -0.8% discount over this 12-month period. In comparison, the benchmark FTSE All-Share Index had a total return of -16.6%, “reflecting the very difficult environment for UK equities, which have suffered from both protracted uncertainty surrounding the Brexit negotiations and the impact of the COVID-19 crisis since February of this year”, according to the chairman of TIGT.
However, against this backdrop the team at Troy continue to be positive about the outlook. The chairman comments that the managers “continue to ensure that the portfolio is geographically diversified by virtue of the underlying investments' countries of operation and can withstand macroeconomic turbulence”, meaning that the trust should hopefully be in good stead for any further uncertainty in 2021. Furthermore, the board anticipates that the “investment process and strategy being pursued by the managers should deliver consistent and competitive returns in the future”.
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