Seneca Global Income & Growth PLC Edison reviews Seneca Global Income & Growth Trust
March 01 2018 - 9:24AM
RNS Non-Regulatory
TIDMSIGT
Seneca Global Income & Growth PLC
01 March 2018
London, UK, 1 March 2018
Edison issues review on Seneca Global Income & Growth Trust
(SIGT)
Seneca Global Income & Growth Trust (SIGT) has a
value-based, multi-asset investment policy, aiming to achieve an
average annual return of at least CPI +6% over the course of a
normal business cycle, and to grow the annual dividend at least in
line with UK inflation. SIGT's manager believes that active asset
allocation can add value and can mitigate the effects of a stock
market downturn. In anticipation of an expected global economic
downturn in 2020, it has been reducing risk by gradually lowering
equity exposure, while adding to specialist assets. The manager
expects to continue to reduce the trust's equity position as the
end of the bull market approaches. The shorter-term tactical asset
allocation (TAA) to equities of 56% compares to the longer-term
strategic asset allocation (SAA) of 60%. The trust has a positive
investment track record; it has outperformed its blended benchmark
over one, three and five years and since the change of investment
mandate in January 2012.
SIGT adopted a discount control mechanism (DCM) in August 2016,
since when its shares have traded close to NAV. The current 1.4%
premium to cum-income NAV compares to the range of discounts over
the last three, five and 10 years of 0.6% to 6.1%. The trust aims
to increase annual dividends at least in line with the rate of UK
inflation; SIGT's prospective yield is 3.6%.
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