Brunner (BUT) has released its annual results for its financial year ending 30 November 2022.
- BUT reported a NAV total return of 3.0% over the 12 month period, outperforming its composite benchmark index (70% FTSE World Ex-UK and 30% FTSE All Share Index) which rose by 1.4%.
- BUT’s board has proposed a final dividend of 6.05p, meaning its total dividend for 2022 will be 21.5p per share, a 6.7% increase on the prior financial year’s.
- Arguably the most important development for BUT has been the loss of its previous investment manager, Matthew Tillett, who has also left AllianzGI, BUT’s investment manager. Matthew has been replaced by Christian Schneider, who previously worked alongside Matthew on BUT.
BUT’s Chair, Carolan Dobson, commented:
“2023 continues with some of the most troubling factors currently affecting the world: the ongoing war in Ukraine which confounds both logic and decency; and the inflation-fuelled cost of living crisis being felt tangibly by so many closer to home.
“However, there are indications of inflation moderating. That may mean interest rate rises may be nearing their high but there is definitely central bank rhetoric in conflicting directions on the subject. The more soothing comments from China, as it reopens the economy, is a welcome development.
“We continue to believe that the best approach for Brunner is to chart a steady path and continue to be an ‘all-weather’ global equity portfolio for investors, eschewing the biggest bets in the interest of long-term stability of capital return and provision of a steadily rising dividend to our shareholders.”