15th Feb 2019 12:05
LONDON (Alliance News) - Brunner Investment Trust PLC said Friday it lagged against its benchmark in its recently ended financial year, which was considered a volatile year for stock markets.
Brunner, which is managed by Allianz Global Investors, said net asset value per share rose by 2.7% on a net dividends reinvested basis with debt at fair value. This was behind Brunner's composite benchmark, which returned 4.1%.
Brunner's benchmark is composed of 70% of the FTSE World Excluding UK Index and 30% of the FTSE All-Share Index.
Net asset value per share as at November 30, was 843.9 pence, down from 862.0p on the same date the year before.
Brunner's earnings per share rose by 7.1% to 19.7 pence from 18.4p the prior year.
The trust declared a final dividend of 6.0p per share, bringing the total payout to 18.15p, up 10% from 16.5p the prior year.
"2018 was a year of heightened volatility across global markets, against a backdrop of ongoing trade tensions. Equity returns were weaker and our manager anticipates that these market conditions, as well as weak economic momentum and a more elevated level of market volatility, will continue to prevail. On a positive note, however, increased volatility and lower company valuations should offer more attractive buying opportunities than they did a year ago," said Chair Carolan Dobson.
Shares in Brunner Investment Trust were up 0.1% at 755.02 pence on Friday.
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