Skip to main content

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

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

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.”


*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.

Contact Us

Online Form

  • Before submitting this form, please confirm that you have read and agree with our website Terms & Conditions