13th Feb 2025 11:11
(Alliance News) - Brunner Investment Trust PLC on Thursday said it saw a decline in its return on net asset value during its most recent financial year, against global market volatility.
Brunner invests in equities globally, aiming for long-term capital growth and rising income.
Shares in the FTSE 250 listing were up 0.7% at 1,420.00 pence each in London on Thursday morning, and are up 17% over the last twelve months.
Brunner's net asset value per share at November 30 was 1,438.8 pence, up 2.2% from 1,407.50p on May 31.
The firm's NAV per share total return was 17.9%, compared to 23.6% for the FTSE World Ex UK and FTSE All-Share composite benchmark. The share price return for the year was 39.9%.
"Although the NAV return generated by the portfolio was behind the benchmark, this should be viewed in the context of continued narrow dominance in terms of companies and sectors driving overall market performance," said Brunner.
Brunner proposed a final dividend of 6.05p, bringing the final dividend to 23.75p. This is up 4.5% on-year from 22.7p.
Earnings per share rose to 27.4p from 26.4p last year, putting Brunner in a "strong position once again to be able to cover our increased dividend payment to shareholders and still put a sizeable amount into revenue reserves to help with any future dividend drought, such as that witnessed during the pandemic".
Looking ahead, Brunner said: "Ultimately, our 'All-Weather' approach does not mean chasing some kind of absolute return or constant outperformance of the benchmark - rather it means the pursuit of consistent performance, delivered with a strong focus on risk management, finding companies with dominant market positions that the portfolio managers believe should provide steady long-term returns for shareholders.
"We believe that, over time, we continue to demonstrate the substance of our 'all weather global equity portfolio claim, providing solid returns through a variety of market and macroeconomic conditions."
By Emily Parsons, Alliance News reporter
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