Seneca Global Income & Growth PLC Edison reviews Seneca Global Income & Growth Trust
May 22 2019 - 11:13AM
RNS Non-Regulatory
TIDMSIGT
Seneca Global Income & Growth PLC
22 May 2019
London, UK, 22 May 2019
Edison issues review on Seneca Global Income & Growth Trust
(SIGT)
Seneca Global Income & Growth Trust (SIGT) has a
value-biased, multi-asset investment strategy. It aims to generate
average total returns of at least CPI +6% pa over the course of a
typical investment cycle. Recent performance has been significantly
enhanced by the holding in financial platform AJ Bell, whose shares
have nearly trebled since listing in December 2018. This has more
than offset the negative effects from SIGT's lack of exposure to US
equities and safe-haven government bonds, which have performed
relatively well. SIGT has a positive medium- and long-term track
record versus its benchmark, despite growth rather than value
stocks leading the markets in recent years. Performance has been
helped by its c 30% exposure to specialist assets, which offer the
potential for enhanced total returns, including high yields,
supported by stable, inflation-linked income streams, along with
lower volatility.
SIGT has employed a discount control mechanism since August
2016, aiming to ensure that its share price regularly trades close
to NAV. Its current 1.8% share price premium to cum-income NAV
compares with the range of a 2.4% premium to a 2.8% discount over
the last 12 months, and average premiums of 0.5% and 0.6% over the
past one and three years, respectively. The board aims to grow
SIGT's annual dividend above the rate of UK inflation, and has
increased its distribution for the last six consecutive financial
years. Gearing of up to 25% of NAV is permitted; net gearing was
3.0% at end-April 2019.
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