Lowland Investment Company - Finding value in out-of-favour UK stocks
Lowland Investment Company (LWI) invests mainly in UK companies that the managers, James Henderson and Laura Foll at Janus Henderson Investors, believe are undervalued in relation to their long-term growth prospects. The recent stock market volatility has seen P/E valuations fall across the board, and the current portfolio forward P/E multiple of c 11.5x represents a c 6% discount to the benchmark FTSE All-Share index. While LWI remains biased to the smaller end of the market cap spectrum (c 60% of the portfolio is outside the FTSE 100 index), the managers have recently been finding opportunities in some out-of-favour larger companies with attractive yields. LWI has a total return focus, currently yields 4.0% and has grown its total annual dividend at a compound rate of c 10% over the past five years, well ahead of the rate of inflation.Lowland Investment Company is an investment trust company. Co. is engaged in investing in a combination of large, medium and smaller companies listed in the U.K. Co. invests in various sectors, which include oil and gas, basic materials, industrials, consumer goods, health care, consumer services, telecommunications, utilities, financials, and technology (such as Software and Computer Services). Co.'s portfolio is managed by Co.'s portfolio is managed by Henderson Investment Funds Limited. As of Sept 30 2017, Co.'s total investments portfolio was valued at £467,488,000.
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