The Brunner Investment Trust


£367.6m market cap

861p last close

The Brunner Investment Trust aims to provide growth in capital value and dividends over the long term through investing in a portfolio of UK and international securities. Since 25 March 2008, the benchmark has been a composite of 50% FTSE All-Share and 50% FTSE World Index (ex UK £).

Investment summary

The Brunner Investment Trust (BUT) has been sole-managed by Lucy Macdonald at Allianz Global Investors (AllianzGI) since June 2016. She says that following the trust’s refinancing of its high-cost debt in 2018, there is increased flexibility to focus on higher-conviction, more interesting quality growth names, without needing to invest in higher-yielding companies in order to cover BUT’s dividend. The manager notes that despite this shift in focus, the fund’s portfolio yield remains in line with that of the benchmark and the trust has a high level of revenue reserves, equivalent to c 1.5x the last annual dividend payment.

Share price graph
Price performance
Actual 3.6 8.6 9.7
Relative* 2.4 8.0 12.7
52-week high/low 870.0p/681.0p
*% relative to local index
Key management
Carolan Dobson Non- Executive Director
Lucy Macdonald Fund manager

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