Initiation: Multi-cap portfolio building a strong record
Standard Life Equity Income Trust (SLET) follows an unconstrained approach to seeking above-average income with real capital and income growth potential. Manager Thomas Moore selects a portfolio of 50-70 UK stocks where dividend growth is backed by earnings growth, strong balance sheets and sensible valuations. Since taking on the fund in late 2011, Moore has changed SLET’s focus from a predominantly large-cap fund to a portfolio tilted to mid-sized and smaller companies, with exposure to AIM stocks as a further differentiating factor from most UK equity income peers. The trust has maintained or grown its dividend every year since launch and ranks second of 21 funds for risk-adjusted NAV total return performance over one and three years. SLET may use gearing of up to 15% and is currently c 11% geared.Standard Life Equity Income Trust is an investment company and carries on business as an investment trust. Co. provides a managed portfolio of U.K. quoted companies. The management of Co.'s investments and the day to day operation of Co. is delegated to Standard Life Investments (Corporate Funds) Limited.
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