INVESCO Income Growth Trust PLC Results analysis from Kepler Trust Intelligence
July 03 2020 - 2:14AM
RNS Non-Regulatory
TIDMIVI
INVESCO Income Growth Trust PLC
03 July 2020
Invesco Income Growth Trust plc (IVI)
Results for financial year ended 31 March 2020
Results analysis from Kepler Trust Intelligence
Invesco Income Growth Trust (IVI) released its final results for
the year ended 31 March 2020 this morning, reporting a fall in its
NAV over the period of 17.3%. In share price terms the trust was
down 13.6% over the period, insulating investors from some of the
downside suffered by the NAV and the FTSE All-Share, which lost
18.5%, against a backdrop of very difficult markets for equity
investors.
Shareholders in the trust were protected from the impact of
cancelled dividends among many of the trusts' holdings in the final
stages of Q1 2020, as the board moved to use the trust's extensive
revenue reserve to support its dividend. Declaring a fourth interim
dividend of [4.2p] which takes the total dividend up to 11.75p,
ahead of its annualised inflation target, this marks the 23rd
consecutive year of dividend increases, and maintains its status as
an AIC 'dividend hero'.
Kepler View
Shareholders in IVI have benefited from the narrowing discount
even as the trust's underlying NAV has fallen, and the board's
decision to use revenue reserves to support the trust's dividend is
of obvious merit to those who rely on this trust for a yield.
IVI is seen by its manager as a core UK equity income product,
and fits this profile well. A track record of 22 years of dividend
increases is a notable achievement, and the decision to continue to
build revenue reserves in recent years is now bearing clear fruit
for shareholders.
Whilte the manager's preference for running a 'safety first'
equity portfolio will likely, at times, see IVI lag in particular
circumstances...
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July 03, 2020 02:14 ET (06:14 GMT)
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