Mind the (inflation) gap!
Seneca Global Income & Growth Trust’s (SIGT’s) manager, is gradually reducing the trust’s equity weighting over the next couple of years, in advance of a global recession it expects in 2020. Consistent with its view, the recent trend in developed economies has been one of falling unemployment, labour markets tightening, wage rates edging up and emerging signs that consumer prices are also on the rise. SIGT’s manager expects inflation to continue to rise, triggering a response from central banks, including in some cases, interest rate rises and ultimately recession. SIGT has recently underperformed its benchmark and global equity markets (see page 10), but its manager expects its multi-asset strategy to strongly outperform these in the downturn. (No opinion)
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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