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Many Happy Returns for investors in the Seneca Global Income & Growth Trust plc

30 January 2017

The award winning* Seneca Global Income & Growth Trust plc (the Trust), is celebrating the fifth anniversary of its revised investment mandate with continued strong returns, growing dividends and low volatility.

Over the 5 year period to 19th January 2017, the Trust has:

  • Achieved a net asset value total return of 66.3%, versus a benchmark return (Libor + 3%) of 19.5%; a Flexible Investment Sector total return of 50.5%; and a UK equity market return of 51.8%.**
  • Delivered this return with an annualised volatility over the five years (standard deviation of returns) of 8.3%, significantly lower than either the AIC Flexible Investment Sector (10.6%) or the UK equity market (14.2%).**
  • Achieved a Sharpe ratio of 0.99, significantly higher than that of the AIC Flexible Investment Sector (0.55) and the UK equity market (0.43).**
  • Grown its dividends every year since 2013, whilst adding to revenue reserves.**

Seneca Global Income & Growth Trust plc is a well-established multi-asset trust managed by a knowledgeable team with extensive experience of closed-ended funds. The Trust adopts a straightforward investment policy in keeping with Seneca’s multi-asset value investing approach. The Trust’s portfolio comprises directly held UK equities, overseas equities and fixed-income holdings held via select third party managers and a range of specialist investments, including focused REITs, leasing businesses and infrastructure investments. The emphasis throughout is on growth of income, quality and value.

The Trust had net assets of £64.3m**, offered a current yield of 3.8%** paid quarterly, and operates a discount control mechanism aimed at managing its share-price very closely around its Net Asset Value. As of January 1st 2017, the Trust was re-assigned from the AIC Global Equity Income Sector to the AIC Flexible Investment Sector.

David Thomas, CEO of Seneca Investment Managers, says:

We are very proud of the success of the Seneca Global Income & Growth Trust, which has exceeded its objectives for investors over the last five years whilst sensibly managing risk. At Seneca, we look more widely for both growth and income, and firmly believe our multi-asset value approach will continue to stand shareholders in good stead as we work to build on this success.  We wish the Trust and its investors ‘many happy returns’.

Richard Ramsay, Chairman of the Seneca Global Income & Growth Trust plc, says:

‘The Trust’s five year record is a testament to the merits of its Investment Policy and the effective execution of this policy by the Manager.’

 


 

Periodic performance, volatility and sharp ratios to 18th January 2017 (%)**

Cumulative performance**

SIGT 5th Anniversary press release - Table 1

Discrete performance**

SIGT 5th Anniversary press release - Table 2

Annualised volatility (standard deviation of returns), and Sharpe Ratio, five years to 18th January 2017**

SIGT 5th Anniversary press release - Table 3

*Seneca Income & Growth Trust plc won Overseas Income Company of the year at the 2015 Investment Week Investment Company of the Year Awards, is a Money Observer rated fund 2016 and is on the WhichInvestmentTrust.com buy list.

**All return, sharp ratio and volatility data source, Cantor Fitzgerald. All figures shown total return. AIC Sector data represents average unweighted figures for the peer group.  Source for Net Assets, Personal Assets Trust Administration Company.  Source for current yield, Bloomberg and RNS of 16/11/2016. Source for revenue reserve account, SIGT reports and accounts.  Sharpe ratio is defined as: (the average rate of return – the risk free rate of return/standard deviation of returns).  Risk free rate taken as 2.5%.

Important Information

Past performance should not be seen as an indication of future performance. The information on this email is as at 19.01.2017 unless otherwise stated. The value of investments and any income may fluctuate and investors may not get back the full amount invested. Whilst Seneca Investment Managers has used all reasonable efforts to ensure the accuracy of the information contained in this communication, we cannot guarantee the reliability, completeness or accuracy of the content.

This press release is provided for the purpose of information only and if you are unsure of the suitability of this investment you should take independent advice. Before investing you should refer to the latest Annual Report for details of the principle risks and information on the trust’s fees and expenses. Net Asset Value (NAV) performance may not be linked to share price performance, and shareholders could realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. Seneca Investment Managers Limited is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP17 / 18

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Seneca Global Income & Growth Trust plc joins AIC Flexible Investment Sector from January 2017

5 January 2017

Following consideration by the Board of the Trust, the Manager and the AIC (the Association of Investment Companies), as of 1st January 2017, the Seneca Global Income & Growth Trust plc (SIGT) has moved from the AIC Global Equity Income Sector to the AIC Flexible Investment Sector.

SIGT is a multi-asset Trust, which aims to deliver a combination of income and growth with low volatility.  On balance, we believe that the combination of these objectives sits most suitably in the Flexible Investment Sector, which has become the home of SIGT’s most relevant peers.  With the sector having formed almost a year ago, and established itself in investors’ minds, we believe now is an appropriate time to move.

There has been no change to the way in which SIGT will be managed.

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Seneca Global Income & Growth Trust plc announces 2016 interim results

2 December 2016

Seneca Global Income & Growth Trust plc (the Trust) with total assets of £70.4 million, announces its interim results for the six months ended 31 October 2016.

  • Net Asset Value total return +10.1%
  • Share Price total return +9.8%
  • Quarterly Dividend increased by 3.4% to 1.52p
  • Annualised volatility 12.6% compared with 15.5% for the FTSE All-Share Index
  • Multi-Asset value investment policy – coherent and transparent
  • Discount Control Mechanism effective since 1 August
  • Shares have traded in a very narrow range around Net Asset Value

The Trust has a distinctive multi-asset value approach to investing, focusing on quality and price. This has contributed to a good six months for the share price, increasing from 147.8 pence to 159.0 pence and providing a total return of 9.8% for the period.
Reflecting the period of strong returns, the Trust has again been successful in meeting its income and volatility objectives. The dividend for the quarter increased 3.4% to 1.52p, extending further the Trust’s record of growing its dividend whilst adding to its revenue reserves. Unlike many Trusts, SIGT draws its income from a very wide range of sources, providing a strong platform from which to generate dividends. In addition, despite the market disruption caused by the Brexit vote, the Trust maintained a level of volatility significantly below that of a pure equity portfolio.
During the period, the Trust enhanced its commitment to shareholders with the introduction of a Discount Control Mechanism. The Board believes this policy will provide the comfort that Shareholders can invest without taking material discount risk. This initiative is complementary to the transparent approach to portfolio management espoused by Seneca Investment Managers, both in regard to the generation of income and of capital growth.
Richard Ramsay, Chairman, said: ‘Following this successful period, we will seek to further develop the good investment track record achieved since 2012, when the Trust’s investment policy changed. We believe the Manager’s multi-asset value style of investing is well suited to the current environment, and forms a strong basis for the future growth of the Trust as conditions allow’.

The detailed interim results announcement follows.

Unaudited results for the six months ended 31 October 2016

Highlights for the period

  • Net Asset Value total return +10.1%
  • Share Price total return +9.8%
  • Quarterly Dividend increased by 3.4% to 1.52p
  • Annualised volatility 12.6% compared with 15.5% for the FTSE All-Share Index
  • Multi-Asset value investment policy – coherent and transparent
  • Discount Control Mechanism effective since 1 August
  • Shares have traded in a very narrow range around Net Asset Value

Performance

Seneca Global Income & Growth Trust plc (‘SIGT’), your Company, generated a net asset value per share (‘NAV’) total return of +10.1% for the six months to 31st October 2016, which was better than the benchmark return of +1.8%, being 3-month LIBOR plus 3%. While a strong absolute performance, SIGT’s NAV return was less than the main equity only comparator indices, particularly those that benefited from the weak performance of Sterling since the 23 June Brexit Referendum result. Your Manager’s Review provides more details on performance. It is clear that investment markets did not expect the outcomes of the Referendum and, since the period end, the USA Presidential Election. The lasting effects of these outcomes remain to be seen but, your Board believes, they reinforce the worth of the Multi-Asset value investment policy of your Company providing, as it does, transparent and straight-forward exposure to a range of assets, which together provide lower volatility (i.e. lower risk) returns than equity only portfolios.

Dividends

Your Company paid two interim dividends of 1.52p per share for the period, an increase of 3.4% on the equivalent dividends last year. It is your Board’s intention, barring unforeseen circumstances, that it will at least maintain the quarterly rate of 1.52p per share for the full year to 30 April 2017.

Gearing

During the period, SIGT announced an increase of its rolling debt facility from £7m to £11m on similar commercial terms. The actual gearing level through-out the period was around 10% which was achieved using a little less than £7m of net debt. The extra £4m has been put in place largely to assist with the operation of the Discount Control Mechanism (‘DCM’). This will enable gearing levels to be maintained should the DCM result in the issuance of new shares, or will provide short term working capital should shares be bought-in.

Discount Control Mechanism (‘DCM’)

At the Company’s Annual General Meeting in July, all the resolutions proposed were passed by a majority of over 99% of shares voted. These resolutions included SIGT’s continuation as well as the authority to buy-in up to 14.99% of the outstanding shares and to issue new shares equivalent to up to 20% of the outstanding issued shares. These buy-in and issuance authorities are essential to enable the DCM to operate, and your Board appreciates Shareholders’ support. The DCM has been effective since 1 August since when buyers of shares in the ordinary course, have been able to do so with the comfort of knowing they are not taking any material discount risk. Since the shares have traded consistently in a very narrow range around NAV, there has been no call on the Company to buy-in any shares though your Board stands ready and very willing to do so. In due course, your Board hopes to see sufficient demand for SIGT’s shares such that new ones will be issued, but meantime is content to see matched buying and selling of shares by investors at very close to NAV, supported by the presence of the DCM.

Investment Outlook

As already mentioned, there have been at least two significant and unexpected political events of late. What will their impact be on economies and investment markets? Will there be more political change elsewhere? Is the unexpected now to be expected? Will fiscal stimulus usurp monetary stimulus as the weapon of choice from policy makers? Anyone who thinks they know the answers to all these questions is probably delusional! Of course we all have an opinion on these issues and will make investment decisions accordingly, but the great strength of SIGT’s Multi-Asset value investment policy is that it provides investors with diversification in a manner that should both reduce any negative impacts from unexpected outcomes and provide an attractive risk adjusted return over the medium to long term.

Richard Ramsay
Chairman
1 December 2016

 

Source

All data as at 31st October 2016
Sources: PATAC Limited, Bloomberg, Seneca IM

 


Download the full RNS statement


 

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This document is provided for the purpose of information only and if you are unsure of the suitability of these investments you should take independent advice.

Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. The prospective yield calculation is based on the next four dividends anticipated, compared against the month end share price.

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL.

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Democracy 2 Pollsters 0

9 November 2016

Peter Elston, CIO, Seneca Investment Managers, says:

What a truly extraordinary year! For pollsters however it has been an utterly miserable one. Politics is being shaken up on both sides of the Atlantic, but the polling industry must now surely change the way it gauges voters’ intentions, as distinct from what voters say when questioned. Clearly many voters were too shy to admit that they wanted out of Europe or supported Trump.

Both results appear to reflect deep discontent among large swathes of the respective electorates that the so-called establishment on both the left and the right chose to ignore. Income and wealth inequality has been rising across the globe, and many of those affected have associated this with immigration policies that they think are broken. Both Clinton and Cameron were guilty of failing to grasp this.

What a Trump presidency will look like is hard to say, given that the campaigning focused so little on policies. Is Trump really as vindictive as many believe he is or will he turn out to be an effective dealmaker and unifier? He has certainly played a blinder of a hand, no doubt helped by widespread distrust and dislike of his opponent.

Economic growth tends to be inversely related to economic inequality. If President Trump can fulfil his promises to America’s lower income groups then there might be a case for becoming more positive on America’s – and thus the world’s – longer-term growth prospects. This means that whilst there has been a negative response from financial markets to Trump’s victory in the short-term, they could quickly recover. But this is far from certain, particularly since the Republican Party is traditionally the party that favours higher earners. What is certain is that pollsters are having an annus horribilis.

FP16/191

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Seneca Investment Managers appoints new Head of Business Development

1 November 2016

Seneca Investment Managers (Seneca), the multi-asset value investment house based in Liverpool, has appointed Steve Hunter as Head of Business Development.

Steve will focus on communicating Seneca’s distinctive multi-asset, value-driven approach to the IFA community while promoting its investment trust and two open-ended funds. Steve joins Seneca with over 20 years’ distribution experience with a range of senior sales and business development roles for major companies including MetLife, AIG and RSA.

David Thomas, Chief Executive, Seneca Investment Managers, says: “Steve has great experience and joins Seneca at an exciting time as we continue to generate growing demand from individual investors and intermediaries alike. He will be an integral part of the team taking our products to market.”

Steve commented: “I was attracted by the fact that Seneca does things differently: from its unique multi-asset value investing style to its focus on the end investor’s needs. It is a particularly exciting time to be joining the business, as Seneca’s reputation within the adviser market continues to build momentum.”

Ends

 

For further information, please contact:

Four Broadgate

Roland Cross / Josh Voulters

Telephone: +44 (0) 20 3697 4200

Email: SenecaIM@fourbroadgate.com

 

NOTES TO EDITORS:

Seneca Investment Managers

Seneca Investment Managers is based in Liverpool with a national client base. Investors range from institutions such as pension funds and charities, through to financial advisers, discretionary private client managers and personal investors. The firm specialises in multi-asset value investing.

More

Seneca funds added to Allfunds Platform

17 October 2016

Seneca Investment Managers (Seneca), the Liverpool-based multi-asset value investment house, announces the availability on Allfunds of its two open-ended funds, the CF Seneca Diversified Income Fund and CF Seneca Diversified Growth Fund.

Both funds are managed according to the principles of Seneca’s multi-asset value approach, offering investors a diversified, transparent portfolio of value-oriented holdings, consisting of directly invested UK equities, managed overseas equities, fixed income, and specialist investments.

David Thomas, CEO of Seneca Investment Managers, says: “Increasing recognition of our distinctive value based investment approach have raised the profile of the CF Seneca funds, and we are pleased to be able to meet the growing demand for our products through Allfunds.”

Simon Shapland, UK & Ireland Regional Manager at Allfunds, says: “We are delighted that Seneca Investment Managers and its highly successful fund range are from now available on our platform. Our clients always value our support by bringing an increasing number of interesting investment managers, as Seneca IM are, enlarging our available product offering while multiplying investment options for our clients.

The CF Seneca Diversified Income Fund is a DT-Rated 5 fund, which aims to deliver a high and growing income with the potential to preserve the real value of invested capital. The fund has historically delivered a dividend yield of circa 5%*, with income paid out on a monthly basis.

The CF Seneca Diversified Growth Fund is a DT-Rated 6 multi-asset portfolio combining tactical asset allocation with a mid-cap UK equity portfolio, a range of overseas, value-orientated equity managers, significant exposure to specialist assets, and modest holdings in fixed income markets.

Ends

*The historic yield reflects distributions declared over the past twelve months as a percentage of the period end unit price. It does not include any preliminary charge and investors may be subject to tax on their distributions. The fund’s expenses are charged to capital. This has the effect of increasing the distribution(s) for the year and constraining the fund’s capital performance to an equivalent extent.

 

For further information, please contact:

Four Broadgate

Roland Cross / Josh Voulters

Telephone: +44 (0) 20 3697 4200

Email: SenecaIM@fourbroadgate.com

 

NOTES TO EDITORS:

Seneca Investment Managers

Seneca Investment Managers is based in Liverpool with a national client base. Investors range from institutions such as pension funds and charities, through to financial advisers, discretionary private client managers and personal investors. The firm specialises in multi-asset value investing.

Allfunds Bank

 Allfunds Bank Group offers integrated fund solutions (operational, analysis and information). Created in 2000 and owned in equal parts by the Santander and Intesa Sanpaolo groups, today Allfunds Bank has more than €227 Billion (c. £195 Billion) AuA and offers close to 47,000 funds from nearly 500 fund managers. Allfunds Bank has a local presence in Spain, Italy, UK, Chile, UAE, Switzerland, Colombia and Luxembourg and has more than 503 institutional clients, including major commercial banks, private banks, insurance companies, fund managers, financial supermarkets, international brokers, and specialist firms from 38 different countries.

Important Information

The CF Seneca Investment Funds may experience high volatility due to the composition of the portfolio or the portfolio management techniques used. Before investing you should read the key investor information document (KIID) as it contains important information regarding the funds, including charges, tax and fund specific risk warnings and will form the basis of any investment. The prospectus, KIID and application forms are available from Capita Financial Managers, the Authorised Corporate Director of the Funds (0845 608 1497).

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL.

FP16 174

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Seneca funds added to James Hay Investment Centre

28 June 2016

Seneca Investment Managers (Seneca), the Liverpool based multi-asset value investment house, announces the availability of its two open-ended funds, the CF Seneca Diversified Income Fund and CF Seneca Diversified Growth Fund, on James Hay, the platform for retirement wealth planning. Over 56,000 James Hay clients will now have access to Seneca’s funds via James Hay’s Investment Centre.

Both funds are managed according to the principles of Seneca’s multi-asset value approach, offering investors a diversified portfolio of value-oriented holdings consisting of directly invested UK equities, managed overseas equities, fixed income, and specialist investments.

Steve Jackson, Head of UK Retail at Seneca Investment Managers, says: “A number of our IFA and wealth management partners have requested access to our funds through James Hay’s platform. Increasing recognition and strong performance have raised the profile of our offerings, and we are pleased that we can now meet that demand.”

Paul Bagley, Director of Distribution at James Hay, says: “We offer one of the widest investment ranges of any platform from cash and funds all the way through to third party DFMs, unquoted shares and commercial property. It’s great to be able to expand that choice still further at the request of advisers with the addition of these two funds.”

The CF Seneca Diversified Income Fund is a Dynamic Planner 5 profile linked fund, a Trustnet 4 crown rated multi-asset portfolio which aims to deliver a high and growing income with the potential to preserve the real value of invested capital. The fund has historically delivered a dividend yield of circa 5%*, with income paid out on a monthly basis.

The CF Seneca Diversified Growth Fund is a multi-asset portfolio combining tactical asset allocation with a mid-cap UK equity portfolio, a range of overseas, value orientated equity managers, significant exposure to specialist assets and modest holdings in fixed interest markets.

Ends

*The historic yield reflects distributions declared over the past twelve months as a percentage of the period end unit price. It does not include any preliminary charge and investors may be subject to tax on their distributions. The fund’s expenses are charged to capital. This has the effect of increasing the distribution(s) for the year and constraining the fund’s capital performance to an equivalent extent. Income has been paid monthly since July 2015.

 

For further information, please contact:

Four Broadgate

Roland Cross / Josh Voulters / Roya Abbasi

Telephone: +44 (0) 20 3697 4200

Email: SenecaIM@fourbroadgate.com

 

NOTES TO EDITORS:

Seneca Investment Managers

Seneca Investment Managers is based in Liverpool with a national client base. Investors range from institutions such as pension funds and charities, through to financial advisers, discretionary private client managers and personal investors. The firm specialises in multi-asset value investing.

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Seneca IM appoints new finance and operations manager

25 April 2016

Seneca Investment Managers (Seneca), the multi-asset value investment house based in Liverpool, has appointed David Binnion as Finance and Operations Manager, a newly created position, to support the growth of the firm.

In his role, David will act as a senior member of the Operations, Finance and Compliance Team.

David joins Seneca having over 15 years of experience in various financial, management and fund accounting roles in a number of sectors, including private equity, property and oil and gas. He spent five years with Greenpark Capital prior to their takeover by Stepstone Group and most recently, Bibby Financial Services.    

David Thomas, Chief Executive, Seneca Investment Managers, says:

“David has a long and successful track record with exceptional experience across all financial and operational aspects of the investment business. Seneca Investment Managers has made good progress in the past year and David’s appointment is another signal of intent in terms of Seneca’s drive for growth.”

Ends

 

For further information, please contact:

Four Broadgate

Roland Cross / Josh Voulters / Roya Abbasi

Telephone: +44 (0) 20 3697 4200

Email: SenecaIM@fourbroadgate.com

 

NOTES TO EDITORS:

Seneca Investment Managers

Seneca Investment Managers is based in Liverpool with a national client base. Investors range from institutions such as pension funds and charities, through to financial advisers, discretionary private client managers and personal investors. The firm specialises in multi-asset value investing.

More

Seneca IM appoints new marketing manager

21 March 2016

Seneca Investment Managers, the multi-asset value investment house based in Liverpool, has appointed Cathy Growney as Marketing Manager to support the growth of the firm.

In her new role, Cathy will be managing all aspects of the marketing function of Seneca IM, to develop and deliver messaging around Seneca IM, its investment process and products with regard to all Seneca stakeholders and the wider financial community.

Cathy joins Seneca Investment Managers from JLT Employee Benefits, where she spent 13 years and most recently served as a Consultant with responsibility for all marketing aspects of the investment consulting team. She previously held managerial consultancy positions at BWD Rensburg and Dresdner RCM Global Investors.

David Thomas, Chief Executive, Seneca Investment Managers, says:

“Catherine has exceptional experience across all operational and marketing aspects of the investment business. It’s great to have Catherine on board, driving the marketing strategy for the ongoing growth of our range of multi asset funds and multi asset investment trust.”

Ends

 

For further information, please contact:

Four Broadgate

Roland Cross / Roya Abbasi

Telephone: +44 (0) 20 3697 4200

Email: SenecaIM@fourbroadgate.com

 

NOTES TO EDITORS:

Seneca Investment Managers

Seneca Investment Managers is based in Liverpool with a national client base. Investors range from institutions such as pension funds and charities, through to financial advisers, discretionary private client managers and personal investors. The firm specialises in multi-asset value investing.

More

Rated Fund status awarded to Seneca Global Income & Growth Trust plc by Money Observer

29 February 2016

Money Observer has awarded its coveted Rated Fund status to the Seneca Global Income & Growth Trust plc for 2016.  Money Observer aims to ‘help private investors to pinpoint funds and trusts with consistent returns against a peer group or benchmark, or those which we believe are good choices in the current investment environment’.

http://www.moneyobserver.com/rated-funds/lower-risk-mixed-asset-rated-funds

The award follows hard on the heels of the Trust being named Investment Week Investment Company of the Year in the Overseas Income category and added to the Which Investment Trust buy list.

The Seneca Global Income & Growth Trust plc is designed for investors seeking a quarterly income with long term capital growth and low volatility, from a multi-asset trust.  It is run with a strong focus on value investing and currently pays a yield of approximately 4%. The Trust invests in UK equities directly and overseas equities, fixed interest, specialist investments and property through third party managers.

David Thomas, Chief Executive of Seneca Investment Managers, said: “We are delighted by the increasing recognition that the Trust is receiving, both from professional investors and in the consumer financial media.  It is a flagship product for Seneca Investment Managers, and one we are very proud of.”

 

 

 

Important information

Past performance is not a guide to future returns. The value of investments and any income may fluctuate and investors may not get back the full amount invested. This document is provided for the purpose of information only and if you are unsure of the suitability of these investments you should take independent advice.

Seneca Global Income & Growth Trust plc

Before investing you should read the Trust’s listing particulars which will exclusively form the basis of any investment. Net Asset Value (NAV) performance is not linked to share price performance, and shareholders may realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital.

Seneca Investment Managers Limited is the Investment Manager of the Funds (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL. FP16/35.

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