BMO Capital and Income Investment Trust has announced results for the year ended 30 September 2020. It underperformed its benchmark by 4.4% (NAV return of -21.0% versus -16.6% for the All-Share Index). The return to shareholders was -20.3%. The dividend has been increased by 0.9% to 11.5p, extending an broken chain of annual dividend increases to 27 years. Since 30 September, the trust has more than made up its underperformance – returning 16.4% against 9.6% for the index.
The company’s revenue for the year was 8.34p, down from 13.12p for the equivalent period a year earlier. 3.16p of the dividend was covered by revenue reserves, therefore. At the end of the period, these reserves stood at £11.8m, down from £15.1m.
There was no manager’s statement in the results announcement – something that we find very odd. So, at this point, we cannot tell you what went right and what went wrong for the trust. You’ll have to wait for them to publish the annual report.
BMO Capital and Income recovers from poor year