Brunner Investment Trust Plc

Global Growth

This trust has been placed ‘under review’ (13 May 2020). For further details see here.

New for 2020. A solid option for global growth and income

Many investment trusts have interesting histories and Brunner – formed from the Brunner family’s interest in the sale of Brunner Mond & Co, the largest of four companies forming Imperial Chemical Industries in 1926 – is no exception. It joins our Rated Funds for 2020 on the basis of its recent record in outperforming its benchmark (albeit by a modest margin) and growing its income (for an impressive 47 years running). “We like Brunner as it offers something slightly different from many other global growth portfolios and places some emphasis on income,” says David Liddell of IpsoFacto Investor, an online investment advisory service.

Since Lucy Macdonald, chief investment officer of global equities at Allianz Global Investors, took the helm in 2005, Brunner has evolved from a UK-centric investment vehicle holding more than 200 stocks to a higher-conviction, largely international portfolio with around 65 positions. The benchmark has moved from 60% UK/40% overseas to the current 70%/30% split. “This is a trend we have observed in a number of a global investment trusts, reflecting the changing nature of the dividend-paying credentials of overseas markets and the range of investment opportunities available,” says Morningstar analyst David Holder, who is also a fan.

The trust has revenue reserves of a year and a half at its current dividend rate, giving Macdonald a cushion against tougher times for income stocks. The board has also restructured historically expensive debt, which has “boosted the income profile and is a significant fillip to future prospects,” according to Holder. It has also narrowed the discount to net asset value, which has ranged between -18% and -5% over the past three years. Shares in the trust yield 2.2% with income paid quarterly. 

Narrative and ratings content all as of January 2020.

See all Money Observer rated funds
Brunner Investment Trust Plc
Allianz Global Investors (UK) Ltd
Closed Ended Investment Company
0.67 %
Risk Rating
3 Year Sharpe
3 Year Alpha
2.2 %
Fund Size
£ 341.54 million
Discount Premium
The company aims to provide growth in capital value and dividends for investors over the long term through investing in a portfolio of global and UK equities. The company aims to achieve a return higher than that of our benchmark, after costs and to achieve steady dividend growth in real terms. The benchmark against which performance is measured is 70% FTSE World Ex UK Index and 30% FTSE All-Share Index.
Holding %
Microsoft Corp 5.01 %
UnitedHealth Group Inc 4.43 %
Roche Holding AG Dividend Right Cert. 4.01 %
Visa Inc Class A 3.28 %
The Cooper Companies Inc 3.24 %
Accenture PLC Class A 3.17 %
Munchener Ruckversicherungs-Gesellschaft AG 3.02 %
Ecolab Inc 2.99 %
Agilent Technologies Inc 2.93 %
AbbVie Inc 2.87 %
Region %
United States 44.20 %
United Kingdom 18.17 %
Eurozone 14.04 %
Europe - ex Euro 11.80 %
Sector %
Healthcare 22.44 %
Financial Services 15.82 %
Technology 15.27 %
Industrials 13.92 %
Consumer Cyclical 9.13 %
Consumer Defensive 6.55 %
Basic materials 6.02 %
Allianz Global Investors (UK) Ltd
EC2M 3TY, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Matthew Tillett
Joined 05/14/2020

Matthew Tillett is the lead portfolio manager on the UK Opportunities strategy and is deputy manager of the UK Equity Income fund. Matthew joined Allianz Global Investors in 2006 as part of the Global Graduate Program. In 2007 he joined the Research Department as a pan-European media analyst and in 2008 he moved to portfolio management as part of the UK Equity Team. Prior to joining AllianzGI, Matthew worked at Datamonitor and the Office for National Statistics. He graduated from Bristol University with a first class degree in Economics and Economic History. He also holds a Masters (with distinction) in International Political Economy from the London School of Economics. Matthew is a CFA charterholder.

Data provided by Morningstar.

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