Brunner Investment Trust PLC · LSE:BUT
Brunner Investment Trust — The Brunner Investment Trust — Investor Presentation (July 2026)
25 slides from Brunner Investment Trust's investor presentation, July 2026
Slide 1: The Brunner Investment Trust PLC
The Brunner Investment Trust PLC This is a marketing communication. Please refer to the Key Information Document (KID) before making any final investment decisions Julian Bishop James Ashworth Christian Schneider Simon Gergel July 2026
Slide 2: Brunner in Brief
Brunner in Brief Long-term growth in capital value and dividends by investing in a portfolio of global and UK equities. 1927 £734Mn 54 Brunner Trust formed AUM Years of dividend increase The Trust was founded after the sale of Sir In a core ‘All Weather’ global equity AIC ‘Dividend Hero’. Extensive
Slide 3: Foundational Principle 1: Equity value from risk adjusted cash flows
Foundational Principle 1: Equity value is ultimately derived from risk adjusted cash flows Equity Value ≈ Expected Future Cash Flows / Risk In the short run, the market is a voting machine, but in the long run it is a weighing machine Source: Allianz Global Investors, May 2026 3
Slide 4: Large Cap Stocks 1952 to April 2026: Free Cash Flow Yield Quintiles
Large Cap Stocks 1952 to April 2026: Performance of Highest and Lowest Quintiles of Free Cash Flow Yield Performance of Highest & Lowest Quintiles of FCF Yield (1952- April 2026) Free Cash Flow Per Share Free Cash Flow Yield = Share Price Free Cash Flow = actual operating cash after capital expendit
Slide 5: Foundational Principle 2: Diversification is the cornerstone of sensible investment
Foundational Principle 2: Diversification is the cornerstone of sensible investment MSCI US and Europe share of MSCI World 12m Forward P/E across key geographies Current 20Y Median Current vs Median EM 12.0 11.7 2% China 11.4 11.2 2% UK 12.6 12.1 4% Italy 12.1 11.1 8% France 14.4 13.2 10% Spain 12.6
Slide 6: Market concentration & momentum
Market concentration & momentum Market cap of 10 largest S&P 500 weights*, % of index total GS Non-Profitable Tech Price (USD) 260 240 220 200 180 160 140 120 100 Nov 2024 Feb 2025 May 2025 Aug 2025 GS Non Profitable Tech Price ($USD) Source: Allianz Global Investors, Datastream as of 1st October 20
Slide 7: Market momentum
Market momentum JP Morgan Pure Momentum Long Short Index – last 5 years Momentum rally has led to record low FCF yields Source: Bloomberg as of April 2026. Empirical Research Partners Analysis as of April 2026 Past performance does not predict future returns. 7
Slide 8: A Clear Investment Philosophy
A Clear Investment Philosophy Aim = Maximised Risk- Adjusted Free Cash Quality: Stable above average returns Flows over the Long Quality Run • Value creators with sustainable competitive advantages. • Emphasis on free cash flow generation backed by strong balance sheets and prudent capital allocatio
Slide 9: Consistent Dividend Growth: 54 Years of Rising Dividends
Consistent Dividend Growth: 54 Years of Rising Dividends • One of the sector’s highest yielding trusts at 1.8%1. • Quarterly dividend payments. • Prudent capital allocation to ensure consistent dividend growth. • Strong revenue reserves of 35.6p per share. • Dividend growth ahead of inflation over t
Slide 10: A track record of outperformance across a variety of market conditions
A track record of outperformance across a variety of market conditions 10-Year Cumulative As of 400 Returns* June 30, 2026 NAV at Fair Value 214.5% 350 Share Price 253.9% 300 Benchmark 225.2% 250 200 150 100 50 0 Brunner Inv Trust (Total Return NAV Debt at Fair Value) Brunner Inv Trust (Share Price
Slide 11: Quality and income factors have underperformed in 2025
Quality and income factors have underperfomed in 2025 Quality relative to MSCI World High Quality Stock Performance Income relative to MSCI World 3200 120 115 3100 110 3000 105 100 2900 95 2800 90 85 2700 80 2600 Nov 2024 Feb 2025 May 2025 Aug 2025 MSCI World High Dividend Yield Net Total Return Pri
Slide 12: Brunner portfolio investments in the industry lifecycle
Brunner portfolio investments in the industry lifecycle Emerging Growth Rapid Growth Stable Growth Maturity Decline (0%) (0-20%) (60-80%) (0-20%) (0%) SALES Established and profitable businesses with growth as the Investment primary driver of Strong, profitable returns opportunities businesses with
Slide 13: Examples of holdings in the current Brunner portfolio
Examples of holdings in the current Brunner portfolio Rapid Growth Stable Growth and Income Cash Cows ~20% ~60% ~20% Microsoft Booking Alphabet CBiz MonotaRO Federal Signal TotalEnergies TSMC Source: Allianz Global Investors, 2026. This is no recommendation or solicitation to buy or sell any particu
Slide 14: Tesco
Tesco Market leader in the UK grocery market UK Food Retail Market Share Evolution 2019-2024: ▪ 28% market share. Around half industry profit due to benefits of scale 5% Other 6% ▪ Balance sheet repaired 6% Co-Op 5% ▪ Trades at < half multiple of US peer 5% Waitrose 4% 12% Forward 12m P/E Multiple T
Slide 15: GE Aerospace
GE Aerospace Total Jet Fleet – Engine Market Share:* Global leader in highly consolidated jet engine business ▪ Three quarters of all commercial flights taking off globally have a GE engine ‘under wing’. ▪ Significance of safety, reliability, and fuel efficiency have created total barriers to entry;
Slide 16: KIA Motors
KIA Motors Leading Korean auto-maker with strong position in EVs and Hybrids ▪ Part of the Hyundai Motor Group which is no.3 in the world after Toyota and Volkswagen ▪ Strong position in Korean, US, European and Indian markets ▪ No legacy cost-base = amongst highest margins in the sector ▪ Huge net
Slide 17: Exceptional hype vs exceptional value: Tesla relative to Kia
Exceptional hype vs exceptional value Tesla Relative To Kia Total company price Total company profits Tesla Kia Motors $1,800 $6 $1,658 $5.21 $1,600 Tesla $5 $1,400 $1,200 $3.86 $4 86x $1,000 1.4x $3 $800 $600 $2 $400 Kia Motors $1 $200 $19.3 $0 $0 Enterprise Value ($bn) Net income ($bn) Source: Mar
Slide 18: Positioning: Brunner Investment Trust
Positioning: Brunner Investment Trust Regional Allocation (in %) Sector Allocation (in %) Industrials 26.2 North America 39.5 Technology 20.5 Financials 20.0 United Kingdom 27.7 Consumer Discretionary 11.4 Health Care 7.1 Europe ex UK 20.5 Energy 5.3 9.5 Portfolio (%) 4.6 Pacific ex Japan Consumer S
Slide 19: Acquisitions & Disposals: One Year to June 30, 2026
Acquisitions & Disposals: One Year to June 30, 2026 Buys Sales Equifax Partners Group Rio Tinto Roper Technologies Conocophillips Align Technology Monotaro Co Amphenol Corp BMW Accenture Progressive Corp Adobe Melrose Industries Sthree Wells Fargo Lloyds Banking Cbiz Federal Signal Booking Hldgs Sta
Slide 20: Positioning: reducing exposure to Technology relative to other global trusts
Positioning: reducing exposure to Technology relative to other global trusts Market and Brunner exposures 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% MSCI All Country Brunner Brunner portfolio World Index Benchmark Other sectors Non-US Technology + Information Services US Technology + Information Se
Slide 21: Forecast AI Datacenter Investment is Extraordinary
Forecast AI Datacenter Investment is Extraordinary … $6,000 $5,000 $4,891 Cumulative Cumulative Capital Expenditure ($bn) investment spend $3,873 to build Microsoft, $4,000 Alphabet (Google), Meta $2,896 (Facebook), $3,000 Amazon Web Services, and $2,001 Apple $2,000 $1,172 $971 $1,000 $545 $199 $-
Slide 22: ... and the revenues required to justify these are enormous
… and the revenues required to justify these are enormous $5,000 $4,528 $4,500 $4,000 $3,500 Revenues ($bn) $3,000 $2,500 $2,000 $1,500 $1,275 $1,000 $500 $280 $13 $0 AI Revenues Required by 2030E Combined Revenues of Microsoft, Open AI Target revenue 2030E OpenAI Revenue 2025 Meta, AWS, Alphabet, a
Slide 23: Exceptional hype vs exceptional value: FCF yield
Exceptional hype vs exceptional value FCF Yield of new positions …which is far cheaper than parts of the technology sector FCF Yield (%) - Bloomberg consensus FCF Yield (%) - Bloomberg consensus 18.0% 2.0% 16.4% 0.9% 16.0% 15.3% 1.0% 0.3% 0.1% 14.0% 0.0% 12.0% 11.2% -1.0% -0.3% -0.3% -0.7% 9.8% 10.0
Slide 24: 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 25: Allianz Global Investors
Allianz @ Global Investors
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