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Annual Results

Brunner NAV total return up

18 February 2016 14:20

Brunner Investment Trust's net asset vale per ordinary share rose by 1.7% in the year to the end of November on a total return basis, slightly under-performing the benchmark which returned 1.8%.

The NAV fell by 0.7% on a capital basis closing at 610.3p on 30 November 2015, outperforming the benchmark which decreased by 1.1% over the period.

The company's earnings per share fell by 4.1% this year, from 14.7p to 14.1p, largely reflecting the fall in income due to the decrease in gilt interest following a strategic decision by the board to sell the gilts in May 2015 and hold the proceeds in cash to mitigate the impact of the debentures on the investment managers' desired gearing level.

Chairman Keith Percy said: "Brunner's investment philosophy, which is predicated on seeking attractively valued, potentially high return businesses with secular growth opportunities largely independent of the macroeconomic environment, has the potential to continue to deliver above average results during a time of anticipated higher market volatility and low equity returns.

"These companies tend to have decent growth visibility, high returns on investment and strong cash flow generation, which allow them not only to reinvest in their businesses but also, in many cases, return excess cash to shareholders through dividend growth. The recent increase in market volatility should provide opportunities to buy shares in some of these companies at more favourable prices."

At 2:20pm: (LON:BUT) Brunner Investment Trust Plc the share price was +8.5p at 493.5p

Story provided by StockMarketWire.com

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