Seneca Global Income & Growth PLC Edison issues review on Seneca Global Income&Growt

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Seneca Global Income & Growth PLC

03 July 2018

London, UK, 3 July 2018

Edison issues review on Seneca Global Income & Growth Trust (SIGT)

Seneca Global Income & Growth Trust (SIGT) aims to generate an average total return of at least CPI +6% pa, with low volatility, over the course of a normal business cycle, while growing annual dividends at least in line with UK inflation. It employs a value-based, multi-asset approach, investing in UK and overseas equities, fixed income and specialist assets. SIGT's investment team employs a long-term strategic asset allocation (SAA), using a shorter-term tactical asset allocation (TAA), to take advantage of relative valuation differences between asset classes. In anticipation of an expected global economic downturn in 2020, SIGT's managers are continuing to reduce risk by lowering equity exposure broadly at a rate of 1pp every couple of months. The TAA can vary markedly from the SAA when deemed appropriate, illustrated by the current zero exposure to North American equities.

Following the implementation of a discount control mechanism (DCM) in August 2016, SIGT's shares have traded close to NAV. Its current 1.1% premium to cum-income NAV compares to average premiums over the last one and three years of 1.3% and 0.3% respectively. The board aims to increase annual dividends at least in line with the rate of UK inflation; SIGT's prospective yield is 3.8%.

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July 03, 2018 10:24 ET (14:24 GMT)