The Brunner Investment Trust - Debt refinancing provides more flexibility
The Brunner Investment Trust (BUT) has been sole-managed by Lucy Macdonald at Allianz Global Investors (AllianzGI) since June 2016. She says that following the trust’s refinancing of its high-cost debt in 2018, there is increased flexibility to focus on higher-conviction, more interesting quality growth names, without needing to invest in higher-yielding companies in order to cover BUT’s dividend. The manager notes that despite this shift in focus, the fund’s portfolio yield remains in line with that of the benchmark and the trust has a high level of revenue reserves, equivalent to c 1.5x the last annual dividend payment.Brunner Investment Trust is an investment trust company. Co. provides shareholders with growth in capital value and dividends over the long term through investing in a portfolio of global and U.K. equities. Co. provides a one stop shop for investors looking for a global portfolio of equities. The manager or alternative investment fund manager, Allianz Global Investors GmbH, is an asset manager with in-house research teams around the globe, managing assets for individuals, families and institutions worldwide.
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