Performance Highlights
Net asset value total return{A} |
Share price total return{A} |
Benchmark total return |
Ongoing charges {A,B} |
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Six months ended 31 December 2020 |
+9.2% |
Six months ended 31 |
+11.6% |
Six months ended 31 December 2020 |
+9.3% |
Six months ended 31 December 2020 |
0.46% |
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Year ended 30 June 2020 |
-5.3% |
Year ended 30 June 2020 |
-5.8% |
Year ended 30 June 2020 |
-13.0% |
Year ended 30 June 2020 |
0.64% |
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Earnings per share |
Dividend per Ordinary share |
Dividend yield{A} |
Discount to net asset value{A} |
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Six months ended 31 December 2020 |
13.5p |
Year ended 30 June 2020 |
34.25p |
As at 31 December 2020 |
4.1% |
As at 31 December 2020 |
-3.0% |
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Six months ended 31 December 2019 |
15.4p |
Year ended 30 June 2019 |
34.00p |
As at 30 June 2020 |
4.5% |
As at 30 June 2020 |
-5.0% |
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31 December 2020 |
30 June 2020 |
Equity shareholders' funds (£'000) |
1,003,997 |
534,361 |
Net asset value per Ordinary share – debt at par |
857.8p |
808.3p |
Share price of Ordinary share (mid-market) |
832.0p |
768.0p |
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{A} Considered to be an Alternative Performance Measure. |
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{B} Lower than would normally be expected due to a management fee waiver in respect of net assets transferred from Perpetual Income and Growth Investment Trust plc in November 2020. |
Dividends
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Rate |
XD date |
Record date |
Payment date |
First interim |
12.55p |
29 Oct 2020 |
30 Oct 2020 |
17 Dec 2020 |
Second interim |
3.95p |
18 Feb 2021 |
19 Feb 2021 |
18 Mar 2021 |
Third interim |
8.25p |
20 May 2021 |
21 May 2021 |
17 Jun 2021 |
Financial Calendar
Payment dates of quarterly dividends |
December, March, June, September |
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Financial year end |
30 June |
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Expected announcement date of annual results |
September |
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Annual General Meeting (London) |
November |
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CHAIRMAN'S STATEMENT
First I would like to reiterate my warm welcome to all our new shareholders and to thank them and our existing shareholders for their strong support during the merger with Perpetual Income and Growth Investment Trust (“PLI”). The merger was completed successfully on 17 November 2020 with 80% of PLI and net assets of £427m joining us, representing 43.5% of the enlarged Company. Some of the results can be seen already. Net assets are now over £1bn, trading volumes are higher, and we have seen an approximate halving of the bid-offer spread when trading. Your Company has also been included in the FTSE 250 Index. Once the Manager's six-month management fee subsidy has expired, the Company's blended management fee rate will be 0.36% p.a. as compared to the pre-merger rate of 0.48% p.a.
Performance
After an exceptional run of outperformance for nine quarters in a row, we ran into some performance headwinds in the final quarter of 2020 which our Manager Charles Luke explains in more detail in his report. Over the six months ended 31 December 2020, the Company's net asset value (“NAV”) per share rose 9.2% in total return terms, slightly behind the FTSE All-Share Index (the “Index”) return of 9.3%. The share price total return was 11.6% with the discount narrowing from 5.0% to 3.0%.
Looking over longer periods to 31 December 2020, as set out in the table below, performance is significantly ahead of the Index over one, three, five and ten years.
At the same time we continue to grow our dividend, with a dividend increase chalked up in every one of the past forty-seven years. This puts us into the top ten (as measured by the number of years of dividend growth) in the AIC's 'Dividend Heroes' list of investment trusts with 20 years or more of consecutive annual dividend growth.
Performance (total return) |
Year ended |
3 years ended |
5 years ended |
10 years ended |
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31 December 2020 |
31 December 2020 |
31 December 2020 |
31 December 2020 |
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Net Asset Value per Ordinary share (par){A} |
-5.1% |
11.5% |
44.7% |
103.1% |
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Share price per Ordinary share{A} |
-2.4% |
19.5% |
55.1% |
105.5% |
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FTSE All-Share Index |
-9.8% |
-2.7% |
28.5% |
71.9% |
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