Brunner Investment Trust PLC · LSE:BUT

Brunner Investment Trust — The Brunner Investment Trust — Shareholder Meeting (March 2013)

32 slides from Brunner Investment Trust's shareholder meeting presentation, March 2013

  1. Slide 1: The Brunner Investment Trust PLC Annual General Meeting March 2013

    The Brunner Investment Trust PLC Annual General Meeting March 2013 Understand. Act.

  2. Slide 2: 2012: NAV, Dividend, Dividend growth

    The Brunner Investment Trust PLC Annual General Meeting March 2013 2012: NAV Dividend Dividend growth +12.1% 13.3p +3.9% Benchmark +8.6% © Allianz Global Investors 2013 - March 2013 13-1340\P-IT-BIT\MG\180313 2

  3. Slide 3: 2012: Equity portfolio, UK, Overseas

    The Brunner Investment Trust PLC Annual General Meeting March 2013 2012: Equity portfolio UK Overseas +12.6% +10.4% +14.8% Index Index +8.1% +9.0% © Allianz Global Investors 2013 - March 2013 13-1340\P-IT-BIT\MG\180313 3

  4. Slide 4: 41 years' uninterrupted dividend growth

    The Brunner Investment Trust PLC Annual General Meeting March 2013 14 41 years’ uninterrupted 12 dividend growth 10 8  One of highest yielding trusts 6 in its sector  Strong revenue reserves = 4 1.74x total dividend for 2012 2 0 Source: Brunner Investment Trust Annual Report. © Allianz Global Inve

  5. Slide 5: 2012 attribution: UK

    The Brunner Investment Trust PLC Annual General Meeting March 2013 Top Contributors Active Contribution 2012 Keller Group 1.0% attribution: Mothercare 0.9% UK Diageo 0.7% Xchanging 0.6% Tyman 0.6% Bottom Contributors Active Contribution Tullet Prebon Group -0.7% Lloyds Banking Group -0.5% Tesco -0.4

  6. Slide 6: New holdings: UK

    The Brunner Investment Trust PLC Annual General Meeting March 2013 AMEC PLC New holdings: AZ Electronic Materials UK BHP Billiton Smith and Nephew Spectris UBM Xstrata 2012 Financial Year. Source: AllianzGI, as at 30th November 2012 © Allianz Global Investors 2013 - March 2013 13-1340\P-IT-BIT\MG\18

  7. Slide 7: 2012 attribution: Overseas

    The Brunner Investment Trust PLC Annual General Meeting March 2013 Top Contributors Active Contribution 2012 Crown Castle International 0.8% attribution: Visa Inc 0.6% Overseas Henkel AG 0.6% Apple Inc 0.6% Priceline.com Inc 0.5% Bottom Contributors Active Contribution Canon Inc -0.5% Baidu Inc -0.5

  8. Slide 8: New holdings: Overseas

    The Brunner Investment Trust PLC Annual General Meeting March 2013 New holdings: Overseas Microsoft Corp Walgreen Co Ameriprise Financial Inc UCB SA Pfizer Union Pacific Corp Anadarko Petroleum Corp 2012 Financial Year. Source: AllianzGI, as at 30th November 2012 © Allianz Global Investors 2013 - Ma

  9. Slide 9: Our global view

    The Brunner Investment Trust PLC Annual General Meeting March 2013 High debt = low growth Our global Muddle through scenario view US sequestration Europe political risk China rebounding “Abenomics in Japan?” Bonds generally look expensive: equities preferred Quality, growth and dividends matter EQUI

  10. Slide 10: Gearing reduced into market strength

    The Brunner Investment Trust PLC Annual General Meeting March 2013 14% 420 Gearing 12% reduced 400 into market 10% strength 380 8% 360 6% 340 4% 320 2% 0% 300 Capital Gearing FTSE World Source: Allianz Global Investors/DataStream as at 28th February 2013 © Allianz Global Investors 2013 - March 2013

  11. Slide 11: Henkel: adhesives, detergents and cosmetics

    The Brunner Investment Trust PLC Annual General Meeting March 2013 140 135 130 125 120 115 110 105 100  Adhesives (global #1), detergents and cosmetics  High quality earnings  Strong cash flows Source: Allianz Global Investors/DataStream as at 6 March 2013. © Allianz Global Investors 2013 - March

  12. Slide 12: Processor of global travel industry transactions

    The Brunner Investment Trust PLC Annual General Meeting March 2013 145 140 135 130 125 120 115 110 105 100 95  Processes transactions for global travel industry  Oligopoly; high entry barriers  Good earnings visibility  Highly cash generative Source: Allianz Global Investors/DataStream as at 6 M

  13. Slide 13: Wireless communications towers

    The Brunner Investment Trust PLC Annual General Meeting March 2013 145 140 135 130 125 120 115 110 105 100 95  Wireless communications towers  Oligopoly = high entry barriers  Network upgrades  Long-term contracts = good earnings visibility Source: Allianz Global Investors/DataStream as at 6 Mar

  14. Slide 14: Building materials producer

    The Brunner Investment Trust PLC Annual General Meeting March 2013 140 130 120 110 100 90  Building materials producer  Over 50% of sales to the US housing market  UK business transformed through sale of loss making division  Under-researched by sell side. Scope for margin Source: Allianz Global

  15. Slide 15: Global spirits producer

    The Brunner Investment Trust PLC Annual General Meeting March 2013 135 130 125 120 115 110 105 100 95  Global spirits producer (e.g., Johnny Walker, Smirnoff, Baileys)  Emerging Markets growth  Cashflow and dividend growth  Acquisition opportunities Source: Allianz Global Investors/DataStream as

  16. Slide 16: Why Brunner?

    The Brunner Investment Trust PLC Annual General Meeting March 2013 Equities Why Brunner? Focus on stock picking Over 40 years consecutive dividend growth One stop shop to gain broad global exposure Improved performance Low management fee Grassroots: well resourced research platform © Allianz Global

  17. Slide 17: Disclaimer

    Disclaimer The global firm and the “Global Investment Platform” is defined as RCM, a legacy global investment advisory organisation consisting of separate affiliated firms which operates globally under the brand name RCM. The affiliated firms that comprise the Firm are RCM Capital Management LLC (“R

  18. Slide 18: Glossary of terms

    Glossary of terms Risk-Adjusted Return: The return on an asset or a portfolio adjusted for volatility; Typically represented by the Sharpe Ratio. Risk-adjusted return is a very important performance measure because it tells us how much "bang for the buck" we are getting. Since we pay for returns by

  19. Slide 19: Presentation to the Annual General Meeting March 2013

    The Brunner Investment Trust PLC Presentation to the Annual General Meeting 19 March 2013 Understand. Act.

  20. Slide 20: Resolution 1: Receive and adopt the Annual Financial Report

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 1: To receive and adopt the Annual Financial Report For Discretion Against Withheld 20,685,123 7,503 0 8,834 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 20

  21. Slide 21: Resolution 2: Declare and approve a final dividend

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 2: To declare and approve a final dividend For Discretion Against Withheld 20,684,955 7,503 840 8,162 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 21

  22. Slide 22: Resolution 3: Re-elect Sir William Worsley as a Director

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 3: To re-elect Sir William Worsley as a Director For Discretion Against Withheld 19,608,711 8,878 957,946 125,925 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 22

  23. Slide 23: Resolution 4: Re-elect Mr K E Percy as a Director

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 4: To re-elect Mr K E Percy as a Director For Discretion Against Withheld 19,565,688 8,878 999,478 127,416 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 23

  24. Slide 24: Resolution 5: Re-elect Mr V P Bazalgette as a Director

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 5: To re-elect Mr V P Bazalgette as a Director For Discretion Against Withheld 19,586,010 8,878 984,007 122,565 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 24

  25. Slide 25: Resolution 7: Approve the Directors' Remuneration Report

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 7: To approve the Directors’ Remuneration Report For Discretion Against Withheld 19,433,563 6,751 172,398 1,088,748 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 25

  26. Slide 26: Resolution 8: Re-appoint Deloitte LLP as Auditor

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 8: To re-appoint Deloitte LLP as Auditor For Discretion Against Withheld 19,462,671 5,376 133,463 1,099,950 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 26

  27. Slide 27: Resolution 9: Auditor remuneration

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 9: To authorise the Directors to determine the remuneration of the Auditor For Discretion Against Withheld 19,675,899 5,376 42,859 977,326 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 27

  28. Slide 28: Resolution 10: Increase limit on Directors' fees

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 10: To increase the limit on the total maximum Directors’ fees For Discretion Against Withheld 19,120,176 6,751 1,458,397 116,136 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 28

  29. Slide 29: Resolution 11: Renew authority to allot Ordinary Shares

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 11: To renew the Directors’ authority to allot Ordinary Shares For Discretion Against Withheld 19,601,581 6,751 1,056,745 36,383 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 29

  30. Slide 30: Resolution 12: Disapply pre-emption rights

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 12: To disapply pre-emption rights For Discretion Against Withheld 19,533,583 7,046 1,086,802 74,029 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 30

  31. Slide 31: Resolution 13: Authorise market purchases of Ordinary Shares

    The Brunner Investment Trust PLC Annual General Meeting, 19th March 2013 Resolution 13: To authorise the Company to make market purchases of Ordinary Shares For Discretion Against Withheld 18,663,673 7,046 1,981,027 49,714 © Allianz Global Investors 2012 - March 2013 13-1339\P-IT-BIT-PV\SW\180313 31

  32. Slide 32: Thank you

    Thank you Understand. Act.

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