Steady reduction in equity exposure
Over the past year, Seneca Global Income & Growth (SIGT) has delivered returns well in excess of its new benchmark (see page 2), further enhancing its strong track record. SIGT’s manager believes we may be due to enter a bear market in 2019, ahead of a slowing global economy in 2020. Given this, it has been steadily reducing SIGT’s exposure to equity markets, notably in the US where the fund is now zero weighted. The manager says that it will continue to sell equities over the rest of this year and the next, locking in profits. Having no exposure to the world’s largest equity market is a bold move for the fund and, arguably, reflects the manager’s high conviction approach.
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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