Seneca Global Income & Growth PLC Edison issues review on Seneca Global Income&Growt
04 July 2018 - 12:24AM
RNS Non-Regulatory
TIDMSIGT
Seneca Global Income & Growth PLC
03 July 2018
London, UK, 3 July 2018
Edison issues review on Seneca Global Income & Growth Trust
(SIGT)
Seneca Global Income & Growth Trust (SIGT) aims to generate
an average total return of at least CPI +6% pa, with low
volatility, over the course of a normal business cycle, while
growing annual dividends at least in line with UK inflation. It
employs a value-based, multi-asset approach, investing in UK and
overseas equities, fixed income and specialist assets. SIGT's
investment team employs a long-term strategic asset allocation
(SAA), using a shorter-term tactical asset allocation (TAA), to
take advantage of relative valuation differences between asset
classes. In anticipation of an expected global economic downturn in
2020, SIGT's managers are continuing to reduce risk by lowering
equity exposure broadly at a rate of 1pp every couple of months.
The TAA can vary markedly from the SAA when deemed appropriate,
illustrated by the current zero exposure to North American
equities.
Following the implementation of a discount control mechanism
(DCM) in August 2016, SIGT's shares have traded close to NAV. Its
current 1.1% premium to cum-income NAV compares to average premiums
over the last one and three years of 1.3% and 0.3% respectively.
The board aims to increase annual dividends at least in line with
the rate of UK inflation; SIGT's prospective yield is 3.8%.
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