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Seneca Global Income & Growth Trust plc – All The Growth But Only Half The Volatility

28 May 2015

In their recent research note, Cantor Fitzgerald commented that, Seneca Global Income & Growth Trust (SIGT) has made strong progress since it adopted a revised investment mandate three years ago. The Trust has produced market beating returns, with half the volatility of UK equities. The chart below shows that SIGT has the lowest NAV total return volatility in amongst its closest listed peers, while its returns in absolute terms are better than the UK equity market.

Volatility vs. Global & Flexible Investment Sectors

SIGT Scatter Graph May 2015

Source: Morningstar, Cantor Fitzgerald Europe Research. Data from 18 Jan 2012 (SIGT mandate change) to 30 April 2015.

When viewed in terms of risk-adjusted performance (as measured by the Sharpe ratio), SIGT ranks top among its closest listed peers since the change of mandate in 2012. Furthermore, Cantor Fitzgerald noted that the discount to NAV narrowed from c.15% to c.5%, deeming it ‘a reflection of the progress made’.

Sharpe Ratio vs. Global & Flexible Investment Sectors

SIGT Sharpe Graph May 2015

Source: Morningstar, Cantor Fitzgerald Europe Research. Data from 18 Jan 2012 (SIGT mandate change) to 30 April 2015.

Additionally, SIGT will pay a fourth interim dividend in respect of the year ending 30 April 2015 of 1.47p per Ordinary Share on 12 June 2015. It is the Board’s intention that barring any unforeseen circumstances, it will at least maintain the quarterly dividend rate for the forthcoming year to 30 April 2016.

David Thomas, CEO*, Seneca Investment Managers commented; “The Trust is delivering sector-leading returns to shareholders with much lower volatility than its peer group. This is a ringing endorsement of the revised investment mandate, put in place three years ago and the Trust is in a position to continue to deliver a healthy yield to its shareholders over the next year and beyond.

David Thomas, CEO* of Seneca Investment Managers, commented:

“The Trust is delivering sector-leading returns to shareholders with much lower volatility than its peer group. This is a ringing endorsement of the revised investment mandate, put in place three years ago and the Trust is in a position to continue to deliver a healthy yield to its shareholders over the next year and beyond.

*subject to FCA approval

Important information

Past performance should not be seen as an indication of future performance. The source of information in this communication is the Cantor Fitzgerald research note dated 03.02.2015 and corresponding graphs produced by Cantor Fitzgerald Europe Research as at 30.04.2015 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 document 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 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 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. FP15/65.

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Diversified Income Fund Moves to Monthly Distributions

19 May 2015

Seneca Investment Managers, the multi-asset, value investment house, has announced that in response to investor demand, its CF Seneca Diversified Income Fund has moved to monthly income distributions.

The CF Seneca Diversified Income Fund is a multi-asset, diversified income fund suitable for long term and retirement-phase investors. It aims to provide a consistently high dividend yield and potential for capital growth.

The Fund, which was launched in 2002, is managed by Alan Borrows and Richard Parfect with a value-oriented approach. Diversification is achieved through a portfolio of direct holdings and third party specialist managers and products, across equities, bonds and specialist investments.

The Fund’s investment strategy has proven to be successful.  An investment of £100,000 in the funds in January 2010 would have brought a net income in excess of £5,000 per annum in each calendar year from 2010 to 2014.

David Thomas, CEO* of Seneca Investment Managers, commented:

“In today’s low interest environment, investors are seeking sustainable income based on a strong foundation of diversified assets. We are confident that moving to monthly income will be positive for our investors, without requiring any change to our proven investment strategy.

*subject to FCA approval

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 fund may experience high volatility due to the composition of the portfolio or the portfolio management techniques used. The views expressed are those of the fund manager at the time of writing and are subject to change without notice. They are not necessarily the views of Seneca Investment Managers and do not constitute investment advice. 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 document 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 read the key investor information document (KIID) as it contains important information regarding the fund, 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 Fund (0345 608 1497). Seneca Investment Managers Limited, the Investment Manager of the Fund (0151 906 2450) 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. FP15/58.

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Senior Appointments at Seneca IM

13 April 2015

Peter Elston and David Thomas

Seneca Investment Managers has appointed David Thomas as Director and Chief Executive Officer* and promoted Peter Elston to Chief Investment Officer.

David Thomas joins from Momentum Global Investment Management, where he was head of the UK Retail business, global client services and marketing. Thomas was tasked with the implementation of the long-term strategy for the UK retail market and was responsible for initiating and exploring acquisition opportunities.

Peter Elston, who joined Seneca IM in November last year as Global Investment Strategist, having formerly been Head of Asia Pacific Strategy and Asset Allocation at Aberdeen Asset Management, steps up to the role of Chief Investment Officer.

Since joining Seneca IM Elston has deployed his skills and experience to further strengthen the Seneca IM investment process and has played a significant role in the asset allocation and regional spread of the two Seneca IM multi-asset OEICs and the Seneca Global Income & Growth Trust plc.

Ian Currie, Chairman of Seneca IM commented:

“We are delighted that Seneca IM will benefit from such tremendous strength and experience with the appointment of David as CEO and Peter’s promotion to CIO. Seneca IM is committed to becoming a leading name in fund management, and David will provide leadership and positioning for the business. Peter’s promotion to CIO acknowledges the leading role he plays in the Seneca investment proposition. He will be at the centre of our aim to preserve and extend our clients’ hard earned capital and his wealth of experience has already enabled us to further strengthen our investment process.”

*Subject to FCA approval

This news piece does not constitute investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. This news piece is not a solicitation, offer or recommendation to acquire or dispose of any investment or to engage in any other transaction. Seneca Investment Managers is authorised and regulated by the Financial Conduct Authority. FP14/39.

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Seneca Investment Managers appoints Peter Elston as Global Investment Strategist

5 November 2014

Seneca Investment Managers has appointed Peter Elston, former Head of Asia Pacific Strategy and Asset Allocation at Aberdeen Asset Management, as its Global Investment Strategist.

Elston, who in his previous role managed three multi-asset funds, will take a significant role in the asset allocation and regional spread of Seneca Investment Managers’ two multi-asset OEICs, as well as the Seneca Global Income & Growth Trust that the firm also manages.

Elston brings with him skills and experience that will augment Seneca’s investment offering. As well as being a member of Aberdeen’s highly regarded global multi-asset team, he also sat on the firm’s global strategy committee. His Asian investment experience should also prove valuable given the increasing prominence of the region.

By further improving Seneca’s asset allocation process, Elston’s new role will allow the existing team to focus more on security and fund selection as well as day to day fund management responsibilities. He is also expected to engage closely with the media and to continue to write investment articles for which in recent years he has become highly respected.

David Warnock, Chairman of Seneca Investment Managers, comments:

“Peter’s skills and experience are ideally suited to helping us increase our brand presence and in further improving our investment proposition.

“Seneca Investment Managers is committed to becoming a leading name in fund management; this year we embarked on an ambitious programme of growth and we have successfully attracted significant business investment as a result.

“Peter’s extensive experience as both an equities and multi-asset fund manager – as well as a respected investment strategist – will be key to helping us continue to achieve our goals.”

Peter Elston adds:

“I am excited at the prospect of working with David and the whole Seneca team. I feel strongly that our goal of further improving investment performance as well as brand presence is both exciting and achievable. It’s a challenge that resonates with my previous work as an investment strategist, and I look forward to meeting it.”

Seneca Investment Managers Limited, the Investment Manager of the Funds (0151 906 2450) 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. FP14/76.

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Vote of confidence for newly christened Seneca Global Income & Growth Trust plc

30 September 2014

Shareholders of the Midas Income & Growth Trust plc have voted to rename the £57 million Trust and given their full backing to the investment manager, the Liverpool-based Seneca Investment Managers.

The Trust, which holds a diverse range of global assets, has changed its name to Seneca Global Income & Growth Trust (TIDM:SIGT).

The rebrand comes after a year of strong performance for the Trust, and a narrowing of the discount at which its shares have traded relative to their underlying net asset value. This reflects the growing demand for shares in the Trust. Shareholders also backed the continuation of the investment strategy led by the trust’s two seasoned fund managers, Alan Borrows and Simon Callow, who between them have 52 years of investment experience.

Their approach is currently delivering a dividend yield of 4%, and the trust aims to increase the dividends paid while also offering the potential for capital growth with less volatility than the market as a whole. Central to that strategy is a concerted drive to increase the size of the Trust.

David Warnock, Chairman of Seneca Investment Managers, commented:

“Both the Trust’s board and Seneca’s talented investment management team are committed to an ambitious programme of growth for the Seneca Global Income & Growth Trust plc.

“While our consistently strong investment performance has cemented our position as a compelling specialist to UK-only funds, we have also reduced the Trust’s investment management fees. In due course, we will seek to broaden our appeal even further by adopting a discount control policy*.

“Ours is a highly competitive industry, and we are determined to both retain existing investment and attract substantial new inflows through a combination of continued strong investment performance and attractive fees.”

Notes

*Discount control policies have a number of purposes but specifically serve to reduce volatility and keep the trust’s share price close to its net asset value.


Seneca Investment Managers is the investment manager of the Seneca Global Income & Growth Trust plc and is authorised and regulated by the Financial Conduct Authority. FP14/63.

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Seneca Investment Managers Limited purchase Miton Capital Partners Limited

31 March 2014

Seneca Investment Managers Limited has today completed the acquisition of Liverpool-based Miton Capital Partners Limited, a division of Miton Group plc.

The fund management firm has been renamed Seneca Investment Managers Limited, in an acquisition that represents a key building block for Seneca Partners Group. The purchase has added a profitable and successful fund division to the group’s UK asset management and corporate advisory operations.

The funds included in the acquisition are:

1. CF Seneca Diversified Income Fund
2. CF Seneca Diversified Growth Fund
3. Midas Income & Growth Trust plc

The funds’ successful investment management team will all remain in place, overseen by new CEO, Stuart Eaton. In future Seneca Investment Managers Limited will add additional expertise and resources to the existing team in order to drive further growth. The two OEICs will also be rebranded shortly to reflect their new ownership.

The acquisition will disrupt neither investors, nor staff, and the business’s multi-asset investment pedigree will be strengthened. Seneca Partners is headquartered in Merseyside, and this geographical proximity will ensure the firm’s new owners are able to give Seneca IM the support, resources and direction needed to ensure it continues to flourish.

Stuart Eaton, CEO of Seneca Investment Managers Limited, commented: “Miton Capital Partners Limited was a perfect fit for us – strategically, logistically and geographically. We had wanted to expand our asset management operations in order to offer a more holistic proposition to our clients; and the funds and experience we have acquired enable us to do just that. With the acquisition of this profitable and proven business, we now have the foundations in place to build the Seneca brand and realise our broader goals for our clients and the group.

“The fund management team share our vision for the new company, and are excited at the opportunities that Seneca’s expertise and proximity will bring to the business.”

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Jon Moulton backs Seneca Investment Managers

18 March 2014

Jon-Moulton

Seneca Investment Managers, the new fund management firm within the Seneca Partners Group, today announced that Jon Moulton, via his family office, Perscitus Advisers, has acquired a significant minority shareholding in the company.

The investment by Moulton, founder and managing partner of the private equity firm Better Capital, is a considerable coup for the newly formed Seneca Investment Managers — and confirms its potential.

In late January, Seneca Investment Managers acquired – subject to FCA approval – Liverpool-based Miton Capital Partners, a profitable and successful fund division of Miton Group.

The funds currently managed by Miton Capital Partners are: CF Seneca Diversified Income Fund; CF Seneca Diversified Growth Fund; and the Midas Income & Growth Trust plc.

Jon Moulton, Founder, Better Capital, commented:
“Seneca Investment Managers is a firm with a huge amount of upside potential. Under Stuart Eaton’s leadership, I have no doubt that an already successful fund management team will go from strength to strength. We have a lot planned for the new company and are backing it to become a major force within UK financial services.”

Stuart Eaton, CEO, Seneca Investment Managers, added:
“For someone of the calibre of Jon Moulton to invest in Seneca Investment Managers suggests that our vision for the company is on the right track. Seneca Investment Managers is not simply about offering a more holistic proposition to our existing clients but building a challenger brand in the broader UK fund management sector.”

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Aberforth’s Co-Founder, Warnock joins Seneca Investment Managers Limited

24 February 2014

David-Warnock

Seneca Investment Managers Limited, which recently acquired Miton Capital Partners Limited, has named David Warnock as chairman.

Warnock co-founded Aberforth Partners, retiring from the group in 2008 after a 19 year tenure. Prior to that he worked at Ivory & Sime plc for four years and, before that, he was at 3i Group for seven years, the last four of which were in Boston, USA. He is also chairman of the Troy Income & Growth Trust.

Stuart Eaton, Seneca’s chief executive officer, said: ‘David is one of the most recognised people in the industry and it is a real coup to have him on-board.

‘Our goal is to turn Seneca Investment Managers into a leading brand within UK financial services and his experience, expertise and contacts will certainly make that a lot easier to achieve.”

Warnock added: ‘I am both privileged and excited to have been offered the role of chairman. Stuart has big plans for Seneca Investment Managers and my role will be to help those plans come to fruition in the years ahead.’

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