The Invesco Perpetual Select Trust UK Equity portfolio generated a total return on net assets of 18.3% over the year that ended on 31 May 2014. Its discount widened however so that the return to shareholders was 9.2%. This was still better than the return on the FTSE All-Share Index (+8.9%).
The dividend for the period (excluding special dividends) rose to 4.82p from 4.65p (including special dividends the figure fell from 5.48p to 5.4p).
The manager’s statement says that the largest positive contribution to performance came from the fund’s holding in BT Group but Thomas Cook, Capita, Bunzl and holdings in pharmaceutical and tobacco stocks were beneficial as well. On the downside, Serco, Ladbrokes and holdings in the Electricity and Aerospace sectors disappointed.