18th Feb 2015 11:51
LONDON (Alliance News) - Brunner Investment Trust PLC underperformed its benchmark in its recently ended financial year, although it upped its total dividend by 3.4%.
In the year to end-November 2014, the trust posted a total return on net asset value per share of 6.0%, compared to its benchmark's total return of 9.6%. Brunner said this was "disappointing after the good out-performance achieved in the two previous years."
It proposed a final dividend of 5.7 pence, taking its total to 15.0 pence, compared to 14.5 pence in the previous year.
Although the trust bought back no shares during the year, it said it is seeking shareholder approval to renew its share buy-back facility in the coming year.
"While relatively benign, the outlook is not without risks. Geopolitical tensions will be fanned by competitive currency devaluation and the impact of lower oil receipts in some economies," the trust said in a statement.
"In absolute terms, the valuation of equity markets are above long-run averages, which in itself is a good reason for some caution. However, against this environment, we have confidence that our investment managers will continue to find well run companies they believe will bring beneficial returns over the longer term," Brunner said.
Shares in Brunner are trading up 0.7% at 551.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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