Seneca Global Income & Growth PLC Results analysis from Kepler Trust Intelligence
December 02 2020 - 5:31AM
RNS Non-Regulatory
TIDMSIGT
Seneca Global Income & Growth PLC
02 December 2020
Seneca Global Income & Growth Trust (SIGT)
02/12/2020
Results analysis from Kepler Trust Intelligence
Seneca Global Income & Growth Trust (SIGT) released its
interim results this morning, reporting an NAV total return of
10.5% for the six months to 31 October 2020. This was above the CPI
+6% annualised benchmark, which returned just 3.6% over the
period.
SIGT yielded 4.8% as of the end of the period, and has paid two
dividends in line with the previous year. It is anticipated that
these levels will be maintained for the full year, with revenue
generation being well diversified across asset classes.
Kepler View
The managers of SIGT employ a unique value-influenced
decision-making process, across a wide range of assets. Currently,
SIGT is comprised of UK and overseas equities, fixed interest,
specialists funds and property, with different management
approaches applied to each.
The performance of the trust over the six month period was
strong relative to the benchmark and we note that it was achieved
at a lower annualised volatility than the FTSE All-Share Index.
That said the benchmark was adopted in 2017 and the board believes
that it can be dangerous to look at short term comparisons, instead
favouring measurements over a 'typical investment cycle' which the
board believes is at least five years.
A key characteristic of the trust is the value-oriented
framework that they employ. The board and managers believe "an
inflection point for the growth vs value investment style factors
may well have taken place on 9 November with the news of the
Pfizer/BioNTech vaccine trial's success". This means looking
forward, in their view, it is "possible to imagine a timetable for
recovery even if it takes many months and is difficult, whereas
before 9 November this was not possible". SIGT has the potential to
take advantage of this and has a demonstratable track record of
success in doing so.
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