Brunner Investment Trust PLC · LSE:BUT

Brunner Investment Trust — The Brunner Investment Trust — Shareholder Meeting (March 2009)

24 slides from Brunner Investment Trust's shareholder meeting presentation, Mar 19, 2009

  1. Slide 1: The Brunner Investment Trust PLC - Presentation to the Annual General Meeting

    The Brunner Investment Trust PLC Presentation to The Annual General Meeting 19th March 2009 Representing RCM: Mark Lovett: Fund Manager, UK Portfolio Lucy Macdonald: Fund Manager, Overseas Portfolio

  2. Slide 2: Agenda

    Investment update: p Agenda 1. Market Background 2. Recent Performance 3. Current Portfolio 4. Outlook J130386\Brunner Investment Trusts\RA\170309 2

  3. Slide 3: Market background

    Market background g 560 540 520 500 30 November 04 - 28 February 09 £ Local 480 FTSE World 1.9 -20.1 460 FTSE All Share -4.7 -4.7 440 FTSE World Europe Ex UK 6.2 -16.2 420 S 500 S&P -8.39 -31.7 400 Nikkei 225 -2.16 -30.6 380 MSCI Pacific Ex Japan 20.77 2.0 360 Msci Emerging g g Markets 44.9 23.4 340

  4. Slide 4: International bond and equity returns in local currency

    International bond and equity q y returns in local currencyy Real returns equities and bond in local currencies 1900-2008 8.0  Equity returns worldwide have been 5.8 5.8 considerably higher than bond returns 60 6.0 50 5.0 51 5.1 over the h llast century, andd have h provided id d 4.0 3.7 positive r

  5. Slide 5: Move to a more focused approach

    Move to a more focused approach pp November 2004 and August 2005 Previous Target Number of Holdings 140-170 85-120 Active Risk 2-3% 3-5% Objectives  Reduced number of holdings  Increased active risk  Increased target outperformance Source: RCM, as at 28 February 2009. J130386\Brunner Investment T

  6. Slide 6: Performance

    Performance Financial years ending 30 November 2005 – 2008 Cumulative 2005 2006 2007 2008 % Portfolio f li Return excluding l di cashh andd gilt il 22.1 10.5 15.0 -34.5 1.6 NAV (Report and Accounts) 22.5 9.7 15.6 -37.6 -3.1 Benchmark 19.2 9.8 6.3 -31.0 -4.0 * Capital Only. Source: Brunner Report and

  7. Slide 7: Balance sheet and portfolio yield

    Balance sheet and pportfolio yyield Balance Sheet and Portfolio Yield Potential Gearing 35.2% Actual Net Gearing* 14.3% Portfolio Yield 3.8% Benchmark Composite (from 20 March 2008)* 50% FTSE All Share 50% FTSE World Index (ex UK) *After netting off cash and fixed interest. Source: RCM, as at 14 Mar

  8. Slide 8: Current asset allocation

    Current asset allocation Asset allocation of invested portfolio versus composite benchmark Region Trust s Current Trust's Customised Benchmark Difference Weighting % Weighting % United Kingdom 47.1 49.9 -2.8 North America 27.5 27.1 0.4 Europe ex UK 11.0 10.7 0.4 Emerging Markets 6.1 4.2 2.0 Japan 5.

  9. Slide 9: Conviction holdings - active positions

    Conviction holdings g – active ppositions UK Portfolio Overseas Portfolio % % Cobham 4.0 Abbott Labs 2.4 Bae Systems 2.7 Reed Elsevier Nv 2.4 Reed Elsevier 2.4 Teva Pharmaceutical 2.4 B Gro Bg Groupp 23 2.3 East Japan Railway Rail a Co 23 2.3 Glaxosmithkline 2.2 Philip Morris Intl Inc 2.2 Unilever P

  10. Slide 10: Market outlook

    Market outlook  Earnings growth deteriorating as weaker demand affects top line growth  Volatility remains at elevated levels as growth slows, slows commodities gyrate and credit concerns remain high  Inflation easing globally allowing interest rate cuts. Impact of monetary stimulus a concern  C

  11. Slide 11: Disclaimer

    Disclaimer Please remember that past performance is not a guide to future performance. The value of an investment and the income from it can fall as well as rise as a result of market fluctuations and you may not get back the amount originally invested. You should not make any assumptions about the

  12. Slide 12: The Brunner Investment Trust PLC - Presentation to the Annual General Meeting

    The Brunner Investment Trust PLC Presentation to the Annual General Meeting, 19th March 2009

  13. Slide 13: Resolution - to receive and adopt the Annual Financial Report

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 1 - to receive and adopt the Annual Financial Report For Discretion Against Withheld 19,712,696 39,279 50,000 117,482 J130386\Brunner Investment Trusts\RA\170309 13

  14. Slide 14: Resolution - to declare and approve a final dividend

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 2 - to declare and approve a final dividend For Discretion Against Withheld 19,839,710 39,279 7,988 32,481 J130386\Brunner Investment Trusts\RA\170309 14

  15. Slide 15: Resolution - to re-elect Mr B C R Siddons as a Director

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 3 - to re-elect Mr B C R Siddons as a Director For Discretion Against Withheld 19,616,660 40,779 209,287 52,731 J130386\Brunner Investment Trusts\RA\170309 15

  16. Slide 16: Resolution - to re-elect Mr W R Worsley as a Director

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 4 - to re-elect Mr W R Worsley as a Director For Discretion Against Withheld 19,633,132 40,779 140,450 105,097 J130386\Brunner Investment Trusts\RA\170309 16

  17. Slide 17: Resolution - to re-elect Mr R K A Wakeling as a Director

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 5 - to re-elect Mr R K A Wakeling as a Director For Discretion Against Withheld 19,671,407 40,779 155,026 52,246 J130386\Brunner Investment Trusts\RA\170309 17

  18. Slide 18: Resolution - to approve the Directors' Remuneration Report

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 6 - to approve the Directors’ Remuneration Report For Discretion Against Withheld 19,523,179 37,966 290,678 67,635 J130386\Brunner Investment Trusts\RA\170309 18

  19. Slide 19: Resolution - to re-appoint Deloitte LLP as Auditors

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 7 - to re-appoint Deloitte LLP as Auditors For Discretion Against Withheld 19,540,627 39,279 50,104 289,448 J130386\Brunner Investment Trusts\RA\170309 19

  20. Slide 20: Resolution - to authorise the Directors to determine Auditors' remuneration

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 8 - to authorise the Directors to determine the remuneration of the Auditors For Discretion Against Withheld 19,825,259 39,279 44,181 10,739 J130386\Brunner Investment Trusts\RA\170309 20

  21. Slide 21: Resolution - to authorise the Directors to allot Shares

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 9 - to authorise the Directors to allot Shares For Discretion Against Withheld 19,535,319 30,824 277,167 76,148 J130386\Brunner Investment Trusts\RA\170309 21

  22. Slide 22: Resolution - to disapply pre-emption rights

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 10 - to disapply pre-emption rights For Discretion Against Withheld 19,553,944 30,824 248,618 86,072 J130386\Brunner Investment Trusts\RA\170309 22

  23. Slide 23: Resolution - to authorise market purchases of Ordinary Shares

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2009 Resolution 11 - to authorise the Company to make market purchases of Ordinary Shares For Discretion Against Withheld 19,670,027 30,824 143,521 75,086 J130386\Brunner Investment Trusts\RA\170309 23

  24. Slide 24: The Brunner Investment Trust PLC - Presentation to the Annual General Meeting

    The Brunner Investment Trust PLC Presentation to the Annual General Meeting, 19th March 2009

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