Invesco Income Growth has published its results covering the year that ended on 31 March 2014. Over the period the fund generated a total return of 14.2% on net assets – ahead of the 8.8% return generated by the FTSE All-Share Index. The discount narrowed and so the return to shareholders was 16.7%. The dividend for the year rose by 3.1% to 9.85p.
Ciaran Mallon’s investment manager’s report draws attention to positive contributions to performance from BT Group, Next, N Brown, Whitbread and a cash bid for AZ Electronic Materials. Pharmaceutical stocks also did well (the Astra bid came after the year end). Tobacco holdings were less helpful as was exposure to G4S, Morrisons and Tesco.