Brunner’s final results for the year ended 30 November were released late on Friday 21st. Over the year Brunner’s net asset value rose by 23.2%. 4.% of that return came from the effect of marking its debt to fair value (as the maturity date of its very expensive date draws nearer). The benchmark return was 17.9% so Brunner’s portfolio did outperform during the year.
Brunner’s dividend was increased by 9% and the dividend was fully covered by earnings so the Board was able to add to the revenue reserve. The Board has decided to switch to making quarterly payments and aim for increases in future at least in line with inflation.