Annual report summaries

Winning streak continues for long-term performer

Jupiter US Smaller Companies (JUS) aims for long-term capital growth from a diversified portfolio of US smaller- and medium-sized companies. As at 30 June 2019, it had assets of £161.5 million.

The trust has been managed since 2001 by Robert Siddles, who favours a risk-averse approach, focusing on capital preservation. To this end he invests in good-quality companies with strong franchises, free cash flow and insider ownership by management, whose shares are out of favour.

New home, same manager for Jupiter European Opps

Jupiter European Opportunities Trust (JEO) invests in European equities for long-term capital growth. Although its benchmark is the FTSE World Europe ex UK Total Return index, it generally has a significant UK exposure. Its report for the year to 31 May 2019 shows assets of £927 million.

10% dividend rise welcomed by income-seekers

The Brunner Investment Trust (BUT) is managed by Allianz Global Investors. It offers a ‘one-stop shop’ for investors looking for a global portfolio of equities and a quarterly dividend, and has assets of £360 million to 30 November 2018.

Lucy Macdonald has managed Brunner’s overseas portfolio since 2005, and has been its sole manager since June 2016, when its UK and overseas holdings were merged into a single portfolio. She is Allianz Global Investors’ chief investment officer for global equities.

High-yield approach continues to pay dividends

The Merchants Trust (MRCH) is managed by Allianz Global Investors. It invests mainly in large UK-quoted companies for an above-average level of income and income growth together with long term growth of capital. Its annual report for the year to 31 January 2019 shows assets of £533 million.

Tech titan triumphs over index again

Allianz Technology Trust (ATT) targets long-term capital growth through investments in quoted technology companies on a worldwide basis. Its report for the 13 months to 31 December 2018 show assets up from £313 million to £430 million.

Miner raises payout in tough year

BlackRock World Mining Trust (BRWM) aims to maximise total returns from investing in a globally diversified portfolio of mining and metal assets. Its report for the year to 31 December 2018 shows shareholders’ assets of £685 million.

Throgmorton trims losses via shorts

BlackRock Throgmorton Trust (THRG) invests in UK mid- and small-cap companies for long-term growth and attractive total returns. Its annual report for the year to 30 November 2018 shows shareholders’ assets of £380 million.

Income payouts raise Latin America profile

BlackRock Latin American Trust (BRLA) targets long-term growth and total returns primarily through investing in quoted securities in Latin America. Its report for the year to 31 December 2018 shows shareholders’ funds of $255 million (£204 milllion).

Will Landers, who had managed BRLA since March 2006, left BlackRock in December 2018. Sam Vecht and Ed Kuczma succeeded him as co-managers.

The Scottish method yields outstanding dividends

The Scottish Investment Trust (SCIN) invests in international equities for above-average long-term returns and dividend growth ahead of UK inflation. SCIN’s report and accounts for the year to 31 October 2018 shows shareholders’ assets of £715 million, after deducting long-term borrowings of £83.8 million.

Alasdair McKinnon has been the trust’s lead manager since July 2014 and has introduced a high-conviction, global contrarian approach. The portfolio has been concentrated down to 50 holdings, focused on unfashionable and unpopular companies ripe for improvement.