Seneca Global Income & Growth PLC Edison review on Seneca Global Income & Growth
May 28 2020 - 4:32AM
RNS Non-Regulatory
TIDMSIGT
Seneca Global Income & Growth PLC
28 May 2020
London, UK, 28 May 2020
Edison issues review on Seneca Global Income & Growth Trust
(SIGT)
Seneca Global Income & Growth Trust (SIGT) is managed by a
four-strong team at Seneca Investment Managers, seeking undervalued
securities across multiple asset classes in order to diversify the
trust's risk and return drivers. Its UK equity portfolio was
particularly negatively affected by the coronavirus-led market
sell-off in March, given its focus on domestic, mid-cap value
stocks, which performed relatively poorly. However, these holdings
could stand SIGT in good stead during an economic recovery. The
trust's board has committed to continue paying quarterly dividends,
using reserves where necessary if income falls short, which seems
likely given the number of dividend cuts announced by corporates in
response to the global pandemic.
SIGT actively employs its discount control mechanism (DCM),
which was introduced in August 2016, aiming to ensure that its
shares trade close to NAV. The trust is currently trading at a 1.1%
discount to cum-income NAV, compared with average premiums of 0.4%,
0.7% and 0.2% over the last one, three and five years,
respectively. Historically, SIGT has had a progressive dividend
policy and currently offers a 5.0% yield. It has grown its annual
dividend at a rate higher than UK CPI inflation for the last seven
consecutive financial years.
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