Trust Introduction

The Company is a UK Investment Trust with a fixed life that expires in May 2020. On 1 July 2013 153,000,000 Ordinary Shares and 30,600,000 Subscription Shares were admitted to listing on the London Stock Exchange. The Ordinary Shares were issued at 100p per share. The Subscription Shares were subject to a single exercise date being 31 July 2017. Following the conversion, the Ordinary share capital increased to 202,775,000 shares.

Investment Objective

The Company’s investment objective is to generate for investors a growing dividend income together with capital appreciation.

Dividends

The Company will aim to pay two interim dividends in respect of each full financial year. Initially, the rate for the first full financial year will be 3.1 pence per annum per Ordinary Share and the Company will aim to increase the dividend progressively thereafter. This is a target only and not a profit forecast and there can be no assurance that it will be met. These interim dividends will not necessarily be of equal amounts because the dividends from the Company’s underlying investments are expected to arrive irregularly throughout the financial year.

Investment Policy

The Company will seek to achieve its objective by investing primarily in a global portfolio consisting of listed or quoted securities issued by companies in the financials sector operating in the banking, insurance, property and other sub-sectors.

The portfolio is expected to be diversified by factors such as geography, industry sub-sector and stock market capitalisation. The Company may have a small exposure to unlisted and unquoted companies, but in aggregate this is not expected to exceed 10 per cent. of total assets at the time of investment.

The Company will not invest more than 10 per cent of total assets, at the time of investment, in other listed closed-ended investment companies and no single investment will normally account for more than 10 per cent of the portfolio at the time of investment.

The Company will employ cautious levels of borrowing from time to time with the aim of enhancing returns, subject to an overall maximum of 15 per cent. of net assets at the time the relevant borrowing is taken out. Actual levels of borrowing may change from time to time based on the Manager’s assessment of risk and reward.

The Company may invest through equities, index-linked, equity linked and other debt securities, cash deposits, money market instruments, foreign currency exchange transactions, forward transactions, index options and other interests including derivative instruments. Forward transactions, derivatives (including put and call options on individual positions or indices) and participation notes may be used to gain exposure to the securities of companies falling within the Company’s investment policy or to seek.

Total Net Assets

As at 28.09.2018

Launch Date July 2013

Trust Highlights

  • UK premium listed Investment Trust
  • A unique Investment Trust in its space
  • Offers investors potential for strong recovery / growth in dividend yield
  • A very large and broad sector with compelling investment opportunities globally
  • Simple structure with fixed life (May 2020) / competitive fees
  • Large dedicated investment team with over 100 years of experience in the sector