Lowland Investment Company Plc

UK Equity Income

Update: 16 October 2019: Lowland - remains on performance watch
Full details regarding why we have taken this decision can be found here.

Update: 6 August 2019: Lowland - on performance watch
Full details regarding why we have taken this decision can be found here.

Rated Fund 2013, 2016-19. Offers diversified exposure to UK companies

Lowland provides diversified exposure to UK companies of all sizes. The trust has had the experienced James Henderson at the helm since 1990, alongside Laura Foll since 2016.

There are 120 companies in the portfolio: an eclectic mix of early stage companies, recovery situations, strongly growing medium-sized names and large majors, making it “different from much of the pack”, according to David Liddell, a director at IpsoFacto Investor.

The trust yields 4.1%. Its dividends, paid quarterly, have more than doubled over the past decade and the trust has significant income reserves to maintain payouts in hard times.

Although its managers’ objective is to grow income, they are great believers in prioritising capital growth to drive up income.

This strategy has worked well over the long term. The trust has returned more than 300% over 10 years, double the return of the FTSE All-Share index. Over three and ­five years, it has underperformed the index.

It did particularly poorly during 2018 on account of its weighting to smaller companies, typically domestically focused and trading on discounts to the wider market not seen since the ­financial crisis.

However, Foll sees potential for UK equities – “under-owned and unloved” – going into 2019. She says: “With any type of resolution or progress [on Brexit], fund selectors could feel quite vulnerable. They might feel the need to start owning the UK again and that would be really positive for UK domestic equities.”

Shares in the trust traded at a mid-single digit discount to net asset value for most of 2018 and have traded in a range of -10% to a premium of 3.7% over the past three years.

Narrative and ratings content all as of 01 January 2019.

See all Money Observer rated funds
Lowland Investment Company Plc
Janus Henderson Investors Ltd
Closed Ended Investment Company
UK Equity Income
0.58 %
Risk Rating
3 Year Sharpe
3 Year Alpha
4.2 %
Fund Size
£ 352.59 million
Discount Premium
To achieve a higher than average income return with growth or both capital and income over the medium to long-term by investing in a broad spread of predominantly UK companies. The Company measures its performance against the FTSE All-share Index Total Return.
Holding %
Royal Dutch Shell PLC Class A 4.71 %
GlaxoSmithKline PLC 3.86 %
HSBC Holdings PLC 3.03 %
Phoenix Group Holdings PLC 3.02 %
Hiscox Ltd 3.00 %
Prudential PLC 2.86 %
Senior PLC 2.60 %
Standard Chartered PLC 2.33 %
Severn Trent PLC 2.22 %
Royal Dutch Shell PLC B 2.19 %
Region %
United Kingdom 91.43 %
Sector %
Financial Services 26.83 %
Industrials 23.84 %
Consumer Cyclical 11.55 %
Energy 9.47 %
Basic materials 6.75 %
Healthcare 5.84 %
Janus Henderson Investors Ltd
EC2M 3AE, London, United Kingdom
Legal Structure
Closed Ended Investment Company


Laura Foll
Joined 11/01/2016

Laura Foll is a Portfolio Manager on the Global Equity Income Team at Janus Henderson Investors, a position she has held since 2014. Laura joined Henderson in 2009 as part of the graduate scheme. She was subsequently named a global analyst and later an assistant fund manager for the Global Equity Income Team. Laura graduated with a BSc degree (Hons) in economics and economic history from the London School of Economics. She holds the Chartered Financial Analyst designation.

James Henderson
Joined 01/01/1990

James Henderson is Director of UK Investment Trusts and a Portfolio Manager at Janus Henderson Investors, a position he has held since 2003. He joined Henderson in 1983 as a trainee fund manager and has successfully managed a number of investment trusts since 1990. Prior to this, he was an accountant trainee at Binder Hamlyn. James graduated with an MA (Hons) in economics from Cambridge University.

Data provided by Morningstar.

The Content is only for your general information and use and is not intended to address your particular requirements. The Content does not constitute any form of advice, recommendation or arrangement by Money Observer and is not intended to be relied upon by you in making (or refraining from making) any specific investment or other decisions. Appropriate independent advice should be obtained before making any such decision.

This information is sourced from our partner Morningstar. We believe the data to be correct however you should take care in using any information.

You should be aware that prices may fall as well as rise and that the income derived can go down as well as up. When buying or selling any investment that fluctuates in price or value you may get back less than you invested. Past performance is not necessarily a guide to future performance.