Seneca Global Income & Growth Trust

Mixed Asset 41-60% Equity

Rated Fund 2016-20. Adopts a value-based approach to deliver absolute returns    

Seneca Global Income & Growth was given an absolute return mandate in 2011. It is largely hitting its target of returning inflation plus 6%. Its managers take active allocation decisions within defined ranges, and describe their approach as multi-asset value investing. Investment decisions are based on quality and price.

It is among the most expensive of our selections, with ongoing charges of 1.38%. For that, investors get access to a team of specialists and a portfolio that combines direct investment with holdings in third-party funds, both open- and closed-ended. Its yield is 3.7%, paid quarterly. Mark Wright is responsible for UK equities and Richard Parfect for specialist assets. Tom Delic researches bonds and equities in emerging markets, while Gary Moglione does the same in overseas developed markets.

They are less bullish on equities than other managers and had 53% in shares at the end of 2019. Some 28% of the portfolio is in specialist assets, including infrastructure, aircraft leasing and music royalties.  The fund’s shares have risen by almost 6% over the past year. Net income increased to £22.6 million in the six months to 30 September 2019. Shares in the trust have traded on an average premium to net asset value of 0.7% over the past three years.

Narrative and ratings content all as of 01 January 2020.

See all Money Observer rated funds
Seneca Global Income & Growth Trust
Seneca Investment Managers Limited
Closed Ended Investment Company
Flexible Investment
1.47 %
Risk Rating
3 Year Sharpe
3 Year Alpha
4.9 %
CPI + 6.0%
Fund Size
£ 64.68 million
Discount Premium
To achieve a total return of at least CPI plus 6% p.a. after costs by investing in UK and overseas equities, fixed income securities and specialist assets.
Holding %
Cim Dividend Income Fund(A) 3.96 %
iShares FTSE 100 (DE) 2.95 %
International Public Partnerships Ord 2.37 %
Hipgnosis Songs Ord 2.35 %
Merian Chrysalis Investment Company Ord 2.17 %
Prusik Asian Equity Income A USD 2.09 %
Doric Nimrod Air Two Loans 1 2.05 %
Sequoia Economic Infra Income C 2.01 %
Invesco Physical Gold ETC 1.99 %
Fair Oaks Income C 1.97 %
Region %
United Kingdom 82.21 %
United States 5.74 %
Sector %
Financial Services 27.53 %
Industrials 25.37 %
Consumer Cyclical 11.75 %
Basic materials 9.06 %
Healthcare 8.46 %
Real Estate 7.55 %
Seneca Investment Managers Limited
L2 3YL, Liverpool, United Kingdom
Legal Structure
Closed Ended Investment Company


Mark Wright
Joined 12/31/2018

Mark is responsible for UK equity research across Seneca IM’s investment mandates. He is also the lead fund manager of the CF Seneca Diversified Growth Fund. Mark started his career at Seneca IM after graduating from University of York with a BSc degree in Economics. He is a CFA Charter holder and an accredited member of the CFA Institute. Mark has been the Co-Fund Manager on the CF Seneca Diversified Growth Fund since 12 July 2011, taking over as lead manager in February 2016.

Richard Parfect
Joined 12/31/2018

Richard commenced his investment career with Rathbone Neilson Cobbold in 1996 in the UK equity research department. On attaining his Securities Institute Diploma, he moved into institutional fund management with the Merseyside Pension Fund (MPF), focussing primarily on equities. In 2002 Richard was one of the founding members of Seneca Investment Managers Limited (originally Midas Capital Partners Limited). On 1 July 2010 he was appointed Co-Fund Manager of the CF Seneca Diversified Income Fund. Richard is a Fellow of the Chartered Institute for Securities & Investments.

Tom Delic
Joined 12/31/2018

Tom is responsible for overseas equity, sector and thematic research across the Seneca IM mandates. He has worked in the investment industry since 2009 after graduating from the University of Liverpool with a first class degree in Mathematics with Finance. After beginning his career as an investment analyst for Royal Liver Asset Managers, he later joined Seneca IM in October 2011. He has been the assistant fund manager on the CF Seneca Diversified Growth Fund since February 2016.

Gary Moglione
Joined 12/31/2018

Gary joined Seneca in April 2018 and is responsible for our third party fund selection alongside Tom Delic. He has worked in the investment industry since 1999 with a major portion of this specialising in fund selection both on a fund of funds and a multi-manager basis. He has previously worked as a fund manager for Royal Liver Asset Management where he managed two of their multi-manager funds (UK Equity and Global Equity). He then joined the multi-asset team at Pioneer Investment Management (later to be taken over by Amundi Asset Management) to manage equity assets in their funds of fund range.

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