North American Income Trust (The) Edison review on The North American Income Trust

TIDMNAIT

North American Income Trust (The)

11 October 2016

London, UK, 11 October 2016

Edison issues research review on The North American Income Trust (NAIT)

The North American Income Trust (NAIT) adopted an active strategy in 2012, aiming to generate above-average income and long-term capital growth primarily from investment in US and selected Canadian equities. NAIT's performance has been particularly strong over the last 12 months in absolute terms and relative to its S&P 500 index benchmark and its NAV total return is ahead of the peer group average over one, three, five and 10 years. NAIT has a progressive dividend policy - annual dividends have compounded by 19.2% pa over the last three years and during this time there have been regular additions to revenue reserves.

Since the market turmoil following the UK's EU referendum, NAIT's share price discount to cum-income NAV has narrowed below its 12-month average of 10.7%. However, its current discount of 9.2% is wider than the averages of the last three, five and 10 years of 7.3%, 6.1% and 5.5% respectively. NAIT has a progressive dividend policy; following the investment mandate change in 2012, annual dividends have compounded at an annual rate of 19.2%. The current dividend yield of 3.1% compares favourably with the peer group.

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October 11, 2016 06:53 ET (10:53 GMT)