The Company is a UK Investment Trust that was launched on 1 July 2013 when 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.
The Trust was initially launched with a fixed term life but in April 2020 moved to 5-yearly tender offers with no fixed end of life. The first of the regular tender offers will be on or before 30 June 2025.
The Company’s investment objective is to generate for investors a growing dividend income together with capital appreciation.
The Company aims to pay two interim dividends in respect of each full financial year. The Company will aim to increase the dividends progressively year on year. This is a target only and not a profit forecast and there can be no assurance that increases year on year or indeed dividends of any level will be paid. Any such 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.
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.
As at 28.08.2020
- UK premium listed Investment Trust
- The only UK-listed Investment Trust solely focused on financials
- Twin objectives of growing investors’ dividend income and capital
- A broad, global multi-cap remit
- Large dedicated investment team with over 100 years of experience in the sector