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Review: Actively seeking income and growth

The Brunner Investment Trust (BUT) began life as a vehicle for managing the wealth of one of the founding families of ICI, a role it continues to fulfil, as well as offering other investors access to its diversified portfolio of global equities. Managed by Allianz Global Investors (AllianzGI), it seeks to achieve long-term capital and income growth, and has grown its dividend (which has been paid quarterly since 2014) for 43 years in a row. The bottom-up investment process makes extensive use of AllianzGI’s global research resources, and the managers are increasingly focused on increasing the portion of the trust’s dividend yield (one of the highest in its sector) that comes from overseas. Expensive gearing has historically been a headwind, but this will begin to abate from January 2018.