Overview
Perpetual Income & Growth’s investment objective is to provide shareholders with capital growth and real growth in dividends over the medium to longer term from a portfolio of securities listed mainly in the UK equity and fixed interest markets. The Manager manages a portfolio that reflects his convictions and best ideas and does not set out to manage the risk characteristics of the portfolio relative to the FTSE All-Share Index (Perpetual Income & Growth’s benchmark). The investment process may result in potentially very significant over or underweight positions in individual sectors versus the benchmark index. The size of weightings will reflect the Manager’s view of the attractiveness of a security and the degree of conviction. If a security is not considered to be a good investment, then the Company will not own it, irrespective of its weight in the benchmark index.
Research History
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24 Jan 2020 28 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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06 Dec 2019 7 min read
QuotedData’s economic roundup – December 2019
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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12 Nov 2019 7 min read
QuotedData’s investment companies roundup – November 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched […]
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07 Oct 2019 7 min read
QuotedData’s investment companies roundup – October 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September. In […]
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07 Jun 2019 7 min read
QuotedData’s economic roundup – June 2019
Economic & Political Roundup A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the […]
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19 Dec 2018 2 min read
QuotedData’s economic roundup – December 2018
QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]
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11 Jun 2018 2 min read
QuotedData’s Economic round up – June 2018
QuotedData’s Economic round up – June 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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14 Sep 2017 2 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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14 Jun 2017 2 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
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1 min read
QuotedData’s round up of views on the global economy – December 2016
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. december-economic-and-political-roundup
News
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17 Nov 2020 2 min read
Perpetual/Murray merger complete
Perpetual/Murray merger complete – Murray Income Trust will acquire approximately £427m of net assets from Perpetual Income & Growth Investment Trust in consideration for the issue of 50,936,074 new shares in Murray Income, as the merger of the two trusts completes. The number of new shares to be issued was calculated based on a formula asset […]
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30 Oct 2020 2 min read
QuotedData’s weekly news show 30 October 2020
QuotedData’s weekly news show 30 October 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: a crossroads for UK Mortgages an unwelcome tender offer for shares in Alternative Income REIT Augmentum raising £28m […]
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2 min read
QuotedData’s morning briefing 30 October 2020
In QuotedData’s morning briefing 30 October 2020 – Augmentum Fintech (AUGM) successfully completed its placing and retail offer, with demand exceeding the issue size. Admission of the new shares to the LSE is expected on 3 November 2020. Tim Levene, CEO of AUGM’s manager, commented: “The success of this fundraise reflects the growing shift in the move […]
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31 Jul 2020 2 min read
QuotedData’s weekly news show 31 July 2020
Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: The planned merger between Perpetual Income and Growth and Murray Income JPMorgan Brazil’s board’s decision to recommend voting against continuation Watch it again here We’ll […]
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3 min read
A new champion
This week’s big story is the planned merger of Perpetual Income & Growth and Murray Income Trust. We think this is a great result – for PLI shareholders and could produce a new champion for the sector as a whole. The UK equity income sector has some great funds and managers, but it also seems […]
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29 Jul 2020 3 min read
Perpetual Income and Growth and Murray Income set to merge
Perpetual Income and Growth (PLI), which served notice to Invesco and Mark Barnett in April, has this morning announced that following a new manager search, the board has agreed a heads of terms for a combination of PLI with Murray Income (MUT). PLI notes: “MUT is managed by the UK Equities team at Aberdeen Standard Investments […]
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21 Jul 2020 2 min read
QuotedData’s morning briefing 21 July 2020
In QuotedData’s morning briefing 21 July 2020: BioPharma Credit has received a notice of prepayment for its $150 million senior secured loan with Amicus Therapeutics, Inc. As a result, the company is expected to receive on or before 4 August 2020, approximately $156.2 million, comprised of $150 million in principal, $1.2 million in accrued interest and […]
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02 Jun 2020 2 min read
Can Perpetual Income & Growth find its way
Can Perpetual Income & Growth find its way? – Perpetual Income & Growth has published results covering the year to the end of March 2020. As we knew it would do, it makes for grim reading. An NAV return of -29.9% and a return to shareholders of -35.5% are set against a return on the UK […]
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15 May 2020 1 min read
Invesco announces Mark Barnett’s deperature
In a statement on its website, Invesco has announced that Mark Barnet has left the company with immediate effect. Mark spent 24 years with Invesco. The announcement came following Invesco’s review of its UK equity product range and investment management team, overseen by chief investment officer Stephanie Butcher. She was appointed at the beginning of 2020. Mark spent […]
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07 May 2020 4 min read
Is your manager down in the dumps?
Boards faced with underperforming managers have a tricky balancing act to perform. Investors may have bought the trust because they like the manager and the investment style that comes with them. They might be prepared to look past short-term performance problems and might not take kindly to their favoured manager getting fired. Or a board […]
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09 Apr 2020 2 min read
Where next for Perpetual Income shareholders?
One of the bigger news stories of the week in investment companies was Perpetual Income & Growth’s decision to remove Mark Barnett as manager and invite offers for the management contract. Interested parties have until 5pm on 17 April to throw their hat into the ring. One of the more bizarre reactions to this was […]
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06 Apr 2020 2 min read
Perpetual Income and Growth serves notice to Invesco and Mark Barnett
The board of Perpetual Income and Growth (PLI) has announced that it has served Invesco Fund Managers (Invesco) with protective notice of termination, following an extended period of underperformance of the company’s benchmark.The decision will bring to an end Invesco and Mark Barnett’s 20-year tenure managing PLI and represents the loss of Markt’s last remaining investment […]
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18 Mar 2020 1 min read
QuotedData’s other news 18 March 2020
In QuotedData’s other news 18 March 2020 – Perpetual Income and Growth (PLI) said it has amended its bank facilities, with effect from 16 March 2020. They now comprise an uncommitted bank overdraft facility of £60m (previously £80m) and uncommitted bank loan facility of £40m (previously £60m). Both are repayable on demand. The covenants under […]
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11 Dec 2019 2 min read
Perpetual Income and Growth reaction to Edinburgh Investment Trust management change decision
Perpetual Income and Growth reaction to Edinburgh Investment Trust management change decision – The board of Perpetual Income and Growth (PLI) has issued a statement following the news this morning that Edinburgh Investment Trust (EDIN) was replacing Mark Barnett (Invesco) as its manager following a period of underperformance (click here to read more on this). PLI […]
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20 Nov 2019 5 min read
Perpetual disappointment calls for new initiatives
Perpetual disappointment calls for new initiatives – The interim statement covering the six months ended 30 September 2019 for Perpetual Income & Growth marks another period of poor performance for the trust. Over the period, it returned -1.2% in NAV terms and -1.0% in share price terms, against +4.6% for the All-Share Index. One bit […]
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18 Sep 2017 1 min read
Investment trust insider on UK equity income
James Carthew: UK income trusts standing out from the crowd What makes an investment trust stand out from the crowd? It is a question that preoccupies many boards and it is relevant in a time when many investors are being warned off me-too funds, quasi-index trackers and even active investing. Two high-profile funds in the […]
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01 Jun 2017 6 min read
Perpetual Income & Growth suffers being underweight resources
Perpetual Income & Growth (PLI) has announced its annual results for the year ended 31 March 2017. During the period, it provided an NAV total return of 9.6%. It’s chairman, Bill Alexander (pictured), says that Although this is satisfying in absolute terms, it is less so when compared with the 22.0% return posted by the […]
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18 May 2017 2 min read
Perpetual Income & Growth changes management fee
The Board of Perpetual Income and Growth Investment Trust has announced a change to its management fee. It is removing its performance-based fee and making an adjustment to the calculation of the base fee. With effect from 1 April 2017, the annual management fee will be calculated at an annual rate of 0.6% per annum on the first £900m […]
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21 Nov 2016 2 min read
Perpetual Income & Growth appoints deputy manager
Perpetual Income & Growth underperformed its benchmark over the six months ended 30 September 2016, returning 4.8% against a return of 12.9% for the UK market. The share price increased by 2.4%, rising from 375.6p to 384.5p per share, with the discount to NAV per share narrowing marginally from 5.1% to 4.7% over the same […]
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07 Jun 2016 4 min read
Perpetual Income Growth doubles dividend over ten years
Perpetual Income & Growth has published results for the year ended 31 March 2016. Over that period its net asset value was unchanged. By contrast, the return on the FTSE All-Share Index was -3.9%. The discount widened however and so the return to shareholders was -2.9%. The dividend was increased by 4.1% to 12.8p and […]
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24 Nov 2015 4 min read
Tobacco exposure drives Perpetual Income & Growth’s outperformance
Perpetual Income & Growth has published interim figures for the six months ended 30 September 2015. The FTSE All-Share Index returned -7.2% over this period but Perpetual Income & Growth returned -0.2% on net assets and the return to shareholders was +2.4% (the shares moved from a 3% discount to 0.1% discount). The dividend for […]
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03 Jun 2015 1 min read
Good year for Perpetual Income & Growth helped by L&G holding
Perpetual Income & Growth has reported a 10.7% return on net assets for the year to the end of March 2015 which compares well to a 6.6% return on the FTSE All-Share index over the same period. The return to shareholders was 10.1% as the discount widened slightly from 1.5% to 3%. The base dividend […]
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21 Nov 2014 2 min read
Perpetual Income & Growth beats benchmark
PLI : Perpetual Income & Growth beats benchmark Over the six months to the end of September Perpetual Income & Growth generated a 2.2% return on net assets. There was a small widening of the discount so the share price return was 1.6%. By contrast the return on the company’s benchmark was 1.2%. The dividend was […]
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22 Oct 2014 1 min read
Perpetual Income and Growth cuts fees
PLI : Perpetual Income and Growth cuts fees The Board of Perpetual Income and Growth has negotiated a reduction in the fees it pays to Invesco. The base management fee, which is currently 0.75% on assets will fall to 0.6% on the first £500m of assets and 0.4% thereafter. The performance fee has a cap […]
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05 Jun 2014 1 min read
Perpetual Income & Growth : PLI – annual report
Perpetual Income & Growth has published its annual accounts for the year that ended on 31 March 2014. Over that period Perpetual Income & Growth outperformed its benchmark (the FTSE All-Share Index) by some margin, delivering a total return on net assets of 18.8% at the portfolio level and 19.4% including the effects of marking its […]
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31 Mar 2014 1 min read
Perpetual Income and Growth : PLI – new debt facility
Perpetual Income and Growth is issuing £60m of 15 year notes (repayable on 8 May 2029). These carry an interest rate of 4.37% (paid semi-annually). Perpetual Income & Growth’s existing £30m debt facility matures in July this year. The interest on the old notes was 6.125%.
In The Press
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18 Jan 2021 2 min read
Trust sector urged to grow in order to ‘stay relevant’
From evolution to revolution: Investment trust sector urged to grow in order to ‘stay relevant’ David Brenchley, 14 January 2021, Investment Week Brokers have long called for a shake-up of the investment company sector, with Numis analyst Ewan Lovett-Turner lamenting in July there were too many sub-scale companies trading on wide discounts and called on […]
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2 min read
Big investment trust themes to watch in 2021
Big investment trust themes to watch in 2021 by Faith Glasgow from interactive investor | 11th January 2021 12:22 We highlight the trends and themes for investment trust fans to keep an eye on over the next year… Board activity One of the most significant themes of 2020 has been the run of manager changes, closures and consolidations in the […]
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07 Jan 2021 2 min read
Questions of Trust
QUESTIONS OF TRUST In: Portfolio Adviser, The Professionals’ Guide to Value Investing James Carthew, Director, QuotedData If you believe last November’s bounce in value stocks heralds the start of a renaissance for the strategy, who are the potential beneficiaries in the investment trust sector? Last year turned out to be a bumper one for all […]
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27 Apr 2020 2 min read
Heavyweight UK equity income trusts look for new homes
Consolidation expected as heavyweight UK equity income trusts look for new homes Radical changes could be on the horizon The UK equity income sector could see consolidation in 202 David Brenchley, Investment Week, 23 April 2020 UK equity income investment companies could see some consolidation, according to investment trust analysts, as two of the […]
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17 Dec 2019 2 min read
Investment trust insider on UK equity trusts
Investment trust insider on UK equity trusts – James Carthew: UK trust laggards should merge not seek new fund managers UK investment trusts of all types are enjoying a post-election rally, particularly those with the highest perceived exposure to domestically-focused companies. I am kicking myself for not having bought Aberforth Split Level Trust (ASIT), one of […]
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20 Nov 2018 2 min read
Investment Trust Insider on Perpetual Income and Growth
Investment Trust Insider on Perpetual Income and Growth James Carthew: contrarian in me won’t sell Barnett’s trusts I am sure that most of us have things in our portfolios that we wish we had sold some time ago but, after a period of disappointment, we hang onto in the hope that they will come right. […]
