Annual report summaries

Performance beats benchmark and dividend rises

BlackRock Greater Europe Investment Trust (BRGE) aims for capital growth through a concentrated portfolio of European companies, the majority of which have market capitalisations of more than €5 billion (£3.8 billion). BRGE’s annual report for the year to 31 August 2019 shows assets of £338 million.

Stefan Gries is co-manager of the trust along with Sam Vecht. They favour good-quality firms with strong management and healthy cash flows. The positioning of the portfolio in lower-yielding growth stocks has produced competitive NAV total returns.

Cash flow-driven investment approach pays off

BlackRock Income and Growth Investment Trust (BRIG) aims for growth in capital and income over the longer term from UK equities. Its report for the year to 31 October 2019 shows assets of £46.2 million.

Adam Avigdori has managed the trust since April 2012. David Goldman is co-manager. They invest on a bottom-up basis in their best ideas, while giving regard to ESG factors.

About 70% of the portfolio is in firms that are expected to sustain a high free cash flow and pay a growing yield while delivering a double-digit total return.

Dividend delight for adventurous portfolio

BlackRock Frontiers Investment Trust (BRFI) targets long-term capital growth from firms listed or mostly active in countries that are neither part of the MSCI World index of developed markets nor one of the eight largest countries by market capitalisation in the MSCI Emerging Markets index. Its accounts for the year to 30 September 2019 show shareholder assets of $411million (£313 million).* Issued share capital was 20% higher over the year.

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.