On track for zero discount policy
”‹Seneca Global Income & Growth Trust (SIGT) is once again trading close to net asset value. This arguably positions it well, if its board adopts a zero discount policy following this July’s AGM (as currently indicated). The Trust’s small premium may reflect the attraction of its multi-asset approach (especially in current volatile markets), its performance record, yield and the prospect of increased comfort for investors if the zero discount policy is implemented.
The UK equity portfolio has been a strong contributor to performance during the last year, but the managers still see good value and have recently been increasing exposure. This is in contrast to fixed income where they see negative interest rates creating the prospect of real capital loss. SIGT derives a good part of its income from mid-cap stocks. The managers think, currently, this may be more secure than dividends from the FTSE 100.
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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