TIDMEDIN
Edinburgh Investment Trust PLC
22 November 2023
Edinburgh Investment Trust (EDIN)
22/11/2023
Results analysis from Kepler Trust Intelligence
Edinburgh Investment Trust (EDIN) has published its half year
results covering six months to the end of September 2023. Over this
period, the trust saw NAV total returns of 4.5% and a share price
total return of 3.3%, which compares favourably to the FTSE
All-Share Index total return of 1.4%. Performance since James de
Uphaugh and Chris Field became managers in March 2020 has been
impressive, with NAV total returns increasing 73.3%, comfortably
ahead of the 49.5% total return from the FTSE All-Share.
Both James and Chris have announced their retirement from the
industry, though James will continue managing EDIN until February
2024. From then, Imran Sattar, another seasoned investor at
Liontrust, will become the lead manager of EDIN, with the message
moving forward being one of continuity.
Kepler View
These are good results for Edinburgh Investment Trust (EDIN),
with NAV total returns comfortably ahead of the index, contributing
to the strong track record since the change of management in March
2020.
Over his time as manager, James placed a particular emphasis on
total return, seeking out companies offering both a growing
dividend over time and some capital growth, preferring not to
prioritise one over the other or get stuck chasing a higher yield.
This is something Imran is set to continue with when he takes over.
James also didn't want to be wedded to one single investment style,
instead preferring a balance of stocks that offer above-average
earnings potential as well as some latent recovery, something that
underpins his total return approach. As the chair notes above, a
primary driver of the outperformance has come from the managers'
approach to stock selection and is evidenced by a number of
different stocks, with multiple drivers of returns, contributing to
returns, including Centrica and Marks & Spencer.
Overall, we think EDIN offers investors exposure to good quality
companies, across a diverse range of sectors with the potential for
earnings growth which should feed into rising dividends. In our
view it's well positioned to be a core holding for investors
seeking a balance between capital growth, current income and income
growth, and the managers' focus on identifying multiple drivers of
growth should help reduce the risk of the portfolio, which we think
is positive given the uncertain nature of the current economic
backdrop. If the strong run of performance continues and dividends
continue to grow year-on-year, then we also think there is clear
potential for the discount to narrow, which could also provide an
extra kicker to shareholder returns.
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November 22, 2023 12:10 ET (17:10 GMT)
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