Brunner Investment Trust PLC · LSE:BUT
Brunner Investment Trust — The Brunner Investment Trust — Shareholder Meeting (March 2018)
24 slides from Brunner Investment Trust's shareholder meeting presentation, Mar 22, 2018
Slide 1: The Brunner Investment Trust PLC Annual General Meeting
The Brunner Investment Trust PLC Annual General Meeting 22 March 2018 www.brunner.co.uk Lucy Macdonald, Portfolio Manager
Slide 2: Performance relative to benchmark as of February 28, 2018
Performance relative to benchmark as of February 28, 2018 240 220 As of 28/02/2018 NAV debt at fair value Benchmark 200 180 1 Year 12.8 7.0 160 140 3 Years 42.7 33.8 120 100 5 Years 76.3 65.8 80 Dec11 Dec13 Dec12 Dec14 Dec15 Dec16 Dec17 Jun12 Jun13 Jun14 Jun15 Jun16 Jun17 Brunner Inv Trust (Total Re
Slide 3: Attribution Summary
Attribution Summary Performance attribution: 1 year to February 28, 2018 Active Country Active Sector Attribution 5.84% Attribution 5.84% ACTIVE ACTIVE PORT WEIGHT TOTAL RETURN CONTRIB PORT WEIGHT TOTAL RETURN CONTRIB Cash 0.0% 0.00% 0.00% Cash 0.0% 0.00% 0.00% Equity 100.0% 12.93% 5.84% Equity 100.
Slide 4: Attribution Summary
Attribution Summary Performance attribution: 1 year to February 28, 2018 BEST Average Weight Performance WORST Average Weight Performance Active Contributors (% of Equity) Total Active Active Contributors (% of Equity) Total Active Name Port Bmk Diff Return Contribution Name Port Bmk Diff Return Con
Slide 5: Consistently growing dividend
Consistently growing dividend 5000 18 46 years of 4500 16 uninterrupted 4000 14 dividend growth 3500 12 Dividend Per Share Percentage change 3000 10 2500 Pays out quarterly 8 dividends 2000 One of highest yielding 6 1500 trusts in its sector = 2.2% 4 Strong revenue 1000 reserves = 25.4p per 50
Slide 6: Going global for dividends
Going global for dividends Total UK Overseas Portfolio Current DY 4.2% 2.1% 2.7% 1Y Forecast 4.1% 2.4% 2.8% UK 3.9% France USA 2.9% Japan Spain 2.8% 1.4% 2.6% Hong Kong 4.1% China 3.3% Brazil 5.0% Australia 4.3% Source: AllianzGI as at February 28, 2018. 6
Slide 7: Our thoughts on secular growth
Our thoughts on secular growth 1 This year looks set to mark peak liquidity, peak growth and potentially, peak valuation 2 Rising interest rates and digitalisation are likely to increase the gap between winners and losers 3 A return to normal levels of volatility will deliver opportunities for activ
Slide 8: Agilent Technologies
Agilent Technologies Global leader in life sciences, diagnostics and applied chemical markets Description: Agilent provides core bio-analytical and electronic measurement solutions to the communications, electronics, life sciences, and chemical analysis industries. Growth drivers: Expected to grow a
Slide 9: Equiniti
Equiniti A well-managed, digitally-enabled provider of business processes Description: A provider of payment, share registration and associated investor services, typically delivered using in-house software. Growth: Equiniti has a strong history of M&A to bolster its capabilities. Its recent acquisi
Slide 10: Amadeus
Amadeus The travel industry’s leading transaction processor Description: Amadeus connects a variety of travel and tourism providers with booking packages for consumer and corporate clients. Company revenues are split c.70/30 between its Distribution interface and proprietary IT Solutions unit. Growt
Slide 11: Biographies
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 the world, including the Global
Slide 12: Disclaimer
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 quoted companies listed on the Lo
Slide 13: The Brunner Investment Trust PLC
The Brunner Investment Trust PLC Annual General Meeting 22 March 2018 www.brunner.co.uk Lucy Macdonald, Portfolio Manager
Slide 14: Resolution 1: To receive and adopt the annual financial report
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 1: To receive and adopt the annual financial report For Discretion Against Withheld 16,513,462 7,231 0 8,809 14
Slide 15: Resolution 2: To declare a final dividend
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 2: To declare a final dividend For Discretion Against Withheld 16,513,462 7,231 0 8,809 15
Slide 16: Resolution 3: To re-elect Vivian Bazalgette as a Director
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 3: To re-elect Vivian Bazalgette as a Director For Discretion Against Withheld 8,311,646 7,231 15,550 8,194,895 16
Slide 17: Resolution 4: To re-elect Carolan Dobson as a Director
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 4: To re-elect Carolan Dobson as a Director For Discretion Against Withheld 16,299,171 7,231 55,182 167,918 17
Slide 18: Resolution 5: To approve the Directors' Remuneration Implementation Report
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 5: To approve the Directors’ Remuneration Implementation Report For Discretion Against Withheld 16,093,031 7,231 217,245 211,995 18
Slide 19: Resolution 6: To re-appoint Deloitte LLP as Auditor
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 6: To re-appoint Deloitte LLP as Auditor For Discretion Against Withheld 16,380,369 8,906 75,784 64,443 19
Slide 20: Resolution 7: To authorise directors to determine Auditor remuneration
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 7: To authorise the directors to determine the remuneration of the Auditor For Discretion Against Withheld 16,493,068 7,231 19,586 9,617 20
Slide 21: Resolution 8: To renew directors' authority to allot ordinary shares
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 8: To renew the directors’ authority to allot ordinary shares For Discretion Against Withheld 16,411,445 9,606 52,022 56,429 21
Slide 22: Resolution 9: To disapply pre-emption rights
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 9: To disapply pre-emption rights For Discretion Against Withheld 15,929,254 9,606 375,189 215,453 22
Slide 23: Resolution 10: To authorise market purchases of ordinary shares
The Brunner Investment Trust PLC Annual General Meeting, 22 March 2018 Resolution 10: To authorise the company to make market purchases of ordinary shares For Discretion Against Withheld 16,220,028 7,931 250,794 50,749 23
Slide 24: The Brunner Investment Trust PLC
The Brunner Investment Trust PLC Annual General Meeting 22 March 2018 www.brunner.co.uk Lucy Macdonald, Portfolio Manager
The Brunner Investment Trust — Shareholder Meeting (March 2018) on 6ix