Review: Diverse income from multi-asset investment
Seneca Global Income & Growth Trust (SIGT) is an actively managed, multi-asset global income fund. Investments are made in equities (strategic asset allocation of 60%), fixed income (15%) and specialist assets (25%) with the manager taking a long-term perspective. Since the investment mandate change in January 2012, SIGT’s NAV total return has significantly outperformed its benchmark three-month Libor +3% and its NAV has exhibited much lower volatility than the FTSE All-Share index. Dividends have increased each year since FY13; in the last two financial years the dividend was increased by 4.6% per year. SIGT’s prospective dividend yield is 4.2%. The board has announced its intention to introduce a discount control mechanism, which will commence on 1 August 2016.Seneca Global Income & Growth Trust is an investment trust company. Co. invests in a diversified portfolio principally comprising U.K. and overseas equities, fixed income, property and other specialist assets. Co.'s investment manager is Seneca Investment Managers Limited. The valuation of the investment portfolio as at Apr 30 2017 was £72.9 million consisting of listed and unquoted investments.
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