London, UK, 3 April 2017

Edison issues review on The Brunner Investment Trust (BUT)

The Brunner Investment Trust (BUT) is a well-established fund investing in a relatively concentrated portfolio of c 70 global equities, aiming to generate long-term growth in capital and income. Over time, the number of holdings has been reduced and the proportion invested in overseas equities has increased. Lucy Macdonald has been sole manager since June 2016, and now uses her bottom-up stock selection process to invest in both UK and overseas companies. BUT's style balance between growth and value stocks meant that relative performance was maintained during a significant market style shift from growth to value stocks in Q416. BUT has increased its annual dividend in each of the last 45 consecutive years; its current yield of 2.3% compares favourably with its peer group.

BUT's 12.6% share price discount to cum-income NAV, with debt at fair value, is narrower than the 16.3% average of the last 12 months, but broadly in line with the averages of the last three, five and 10 years (range of 13.0% to 13.8%). There is scope for the discount to narrow given BUT's first tranche of high-cost debt is due to mature in January 2018. BUT has a progressive dividend policy; dividends have increased for the last 45 consecutive years and its current yield is 2.3%.

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