Schroder Income Growth (SCF), the £228m UK equity income trust run by Schroder’s Sue Noffke, matched the FTSE All-Share’s 18.9% total return in the six months to 28 February as the shares narrowed their discount to asset value, although the portfolio’s underlying return of 17.4% lagged slightly on account of artificial intelligence fears weighing on some of its technology-related holdings. Top stock contributors were Rio Tinto, Glencore, SSE, Balfour Beatty and Standard Chartered. Top detractors included ICG, TP ICAP, Burberry and Whitbread. New positions included Glencore and Reckitt Benckiser whilst the fund exited positions in Pearson, 3i Group and Tesco. The fund achieved its 30th consecutive year of dividend increases lifting the interim pay-out to 6.5p per share from 6p a year ago. In December it passed a five-year continuation vote with 95.8% of votes in favour.
Diverse Income (DIVI) has held the first general meeting for its wind-up and option of a roll-over into Premier Miton fund managers Gervais Williams and Martin Turner’s open-ended fund. The rollover scheme was approved by 98% of votes with 54.2% of shareholders in the £279m UK equity income trust opting to roll over while 45.8% took cash. A second and final meeting will be held on 26 June.
Alliance Witan (ALW), the £4.8bn global multi-manager trust, has appointed former Royal London chief investment officer Robert Talbut as an independent non-executive director. Talbut, who also serves on the boards of Pacific Assets (PAC), JPMorgan American (JAM) and Baillie Gifford Japan (BGFD), will join on 1 June.
Stay a step ahead. Our daily newsletter brings you the latest on investment trusts and active ETFs. Subscribe here.
