Brunner Investment Trust PLC · LSE:BUT
Brunner Investment Trust — The Brunner Investment Trust — Shareholder Meeting (March 2017)
28 slides from Brunner Investment Trust's shareholder meeting presentation, Mar 21, 2017
Slide 1: The Brunner Investment Trust PLC Annual General Meeting
The Brunner Investment Trust PLC Annual General Meeting 21 March 2017 Lucy Macdonald, Portfolio Manager
Slide 2: Performance relative to benchmark as at 30th November 2016
The Brunner Investment Trust PLC Performance relative to benchmark as at 30th November 2016 200 180 As at NAV debt 30/11/2016 @ fair value Benchmark 160 140 1 Year 20.2 18.0 120 3 Years 29.8 31.6 100 5 Years 89.4 79.3 80 Brunner Inv Trust (Total Return NAV Debt at Fair Value) Brunner BM Total Return
Slide 3: One year attribution
The Brunner Investment Trust PLC One year attribution Positive Contributors Active Contribution Covestro 1.0% Positive and UnitedHealth Group 1.0% Negative Adidas 0.9% Contributors Negative Contributors Active Contribution Mothercare -1.2% United Internet -0.5% Glencore Plc -0.5% 1 Year. Source: All
Slide 4: Consistently growing dividend
The Brunner Investment Trust PLC Consistently growing dividend 5000 18 44 years of 4500 16 uninterrupted 4000 14 dividend 3500 growth 12 Percentage change Dividend Per Share 3000 10 2500 8 Pays out quarterly dividends 2000 One of highest yielding trusts in 6 its sector = 2.4%¹ 1500 4 Strong re
Slide 5: Going global for dividends
The Brunner Investment Trust PLC Going global for dividends Total UK Overseas Portfolio Current DY 4.3% 2.4% 3.1% 2Y Growth Forecast 3-4% 5-6% 4-5% UK 4.1% Germany U.S. France 2.8% 2.1% 3.6% China 2.1% Hong Kong 3.6% Singapore 3.7% Brazil 2.8% Australia 4.2% Source: AllianzGI, Bloomberg as at 7 Dece
Slide 6: Our thoughts on secular growth
The Brunner Investment Trust PLC Our thoughts on secular growth 1 Economic growth still to be constrained by high levels of debt 2 With beta returns low, clients need alpha now more than ever 3 Volatility should deliver opportunities for active management 4 Dividends remain an important driver of eq
Slide 7: Wabtec
The Brunner Investment Trust PLC Wabtec Technology products and services provider for global rail industry Quality: 18% RoE, steady mid-teens operating margins, strong cash flow, strong balance sheet Growth : Transit infrastructure investment, increased railroad electronics and signaling spend, Faiv
Slide 8: Tencent
The Brunner Investment Trust PLC Tencent China’s leading internet services portal Growth: 30% revenue growth; consensus expects revenue to increase from CNY100B to 284B in 2020. Tencent operates the largest web portals, online gaming and instant messenger/mobile messaging platform (Weixin) in China.
Slide 9: Why Brunner?
The Brunner Investment Trust PLC Why Brunner? Provides investors long-term growth of capital and income Optimal balance of global diversification and high conviction stocks One of the highest yielding trusts in its sector with over 40 years consecutive dividend growth Experienced team with r
Slide 10: Biographies
The Brunner Investment Trust PLC Biographies Lucy Macdonald, ASIP (CFA UK) CIO, Global Equities Lucy is CIO Global Equities for AllianzGI. She joined in 2001 to head up the Global Equity Fund Management team, which manages over £3.8bn of assets in mandates for institutional and retail clients around
Slide 11: Disclaimer
The Brunner Investment Trust PLC Disclaimer This is no recommendation or solicitation to buy or sell any particular security. Any security mentioned above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. Investment trusts are
Slide 12: Allianz Global Investors
Allianz (i) Global Investors
Slide 13: The Brunner Investment Trust PLC Annual General Meeting March 2017
The Brunner Investment Trust PLC Annual General Meeting 21 March 2017
Slide 14: Resolution 1: To receive and adopt the annual financial report
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 1: To receive and adopt the annual financial report For Discretion Against Withheld 19,027,476 12,069 25,362 6,000 14
Slide 15: Resolution 2: To declare a final dividend
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 2: To declare a final dividend For Discretion Against Withheld 19,052,810 12,069 0 6,028 15
Slide 16: Resolution 3: To re-elect Vivian Bazalgette as a Director
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 3: To re-elect Vivian Bazalgette as a Director For Discretion Against Withheld 18,846,800 12,069 95,024 117,014 16
Slide 17: Resolution 4: To re-elect Ian Barlow as a Director
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 4: To re-elect Ian Barlow as a Director For Discretion Against Withheld 18,906,681 12,069 33,226 118,931 17
Slide 18: Resolution 5: To re-elect Peter Maynard as a Director
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 5: To re-elect Peter Maynard as a Director For Discretion Against Withheld 18,816,260 12,069 125,729 116,849 18
Slide 19: Resolution 6: To re-elect Jim Sharp as a Director
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 6: To re-elect Jim Sharp as a Director For Discretion Against Withheld 15,611,688 12,069 3,330,301 116,849 19
Slide 20: Resolution 7: To approve the Directors' Remuneration Policy
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 7: To approve the Directors’ Remuneration Policy For Discretion Against Withheld 18,745,246 12,069 133,873 179,719 20
Slide 21: Resolution 8: To approve the Directors' Remuneration Implementation Report
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 8: To approve the Directors’ Remuneration Implementation Report For Discretion Against Withheld 18,749,286 37,899 127,057 156,665 21
Slide 22: Resolution 9: To re-appoint Deloitte LLP as Auditor
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 9: To re-appoint Deloitte LLP as Auditor For Discretion Against Withheld 18,973,485 12,069 75,766 9,587 22
Slide 23: Resolution 10: To authorise the directors to determine Auditor remuneration
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 10: To authorise the directors to determine the remuneration of the Auditor For Discretion Against Withheld 19,030,762 12,069 22,023 6,053 23
Slide 24: Resolution 11: To approve the new Investment Policy
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 11: To approve the new Investment Policy For Discretion Against Withheld 18,905,367 12,069 90,445 63,026 24
Slide 25: Resolution 12: To renew authority to allot ordinary shares
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 12: To renew the directors’ authority to allot ordinary shares For Discretion Against Withheld 18,945,144 9,733 62,542 53,488 25
Slide 26: Resolution 13: To disapply pre-emption rights
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 13: To disapply pre-emption rights For Discretion Against Withheld 18,585,395 11,563 398,587 75,362 26
Slide 27: Resolution 14: To authorise market purchases of ordinary shares
The Brunner Investment Trust PLC The Brunner Investment Trust PLC Annual General Meeting, 21 March 2017 Resolution 14: To authorise the company to make market purchases of ordinary shares For Discretion Against Withheld 18,753,442 9,733 288,142 19,590 27
Slide 28: The Brunner Investment Trust PLC Annual General Meeting
The Brunner Investment Trust PLC Annual General Meeting 21 March 2017 Lucy Macdonald, Portfolio Manager
The Brunner Investment Trust — Shareholder Meeting (March 2017) on 6ix