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Aim and Overview

The Seneca Global Income & Growth Trust plc is designed for investors who wish to combine the benefits of a quarterly income with long term capital growth. Over a typical investment cycle, the trust will seek to achieve a total return of at least CPI + 6% per annum after costs with low volatility, and with the aim of growing aggregate annual dividends at least in line with inflation through the application of a Multi-Asset Investment Policy. The emphasis is on low volatility with the prospect of income and capital growth, through investing in a multi-asset portfolio.

The trust is managed in keeping with our multi-asset value investing approach. Assets held include UK and overseas equities, fixed interest, specialist investments and property. We believe that our value investing ethos holds out the prospect of superior long term returns.

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Risk and Performance Ratings

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Copyright © 2020 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Three star crown rating

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Three star crown rating

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FE Crown Fund Ratings do not constitute investment advice offered by FE and should not be used as the sole basis for making any investment decision. All rights reserved.

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Seneca Global Income & Growth Trust Performance

Discrete annual performance Trust share price (bid) (%)Trust NAV (%)Benchmark (%)
30/09/2020-16.4-13.66.9
30/09/20198.47.77.8
30/09/2018-0.3-0.38.4
30/09/201716.516.04.8
30/09/201616.215.43.6

Source: SenecaIM, Bloomberg Finance L.P. & Morningstar. Share prices calculated on a total return basis with net dividends reinvested.

NAV returns based on NAVs excluding income and with debt valued at par. Returns do not include current year revenue.

Benchmark: CPI plus 6% from 06.07.17. Previously LIBOR GBP 3 Months plus 3%, all after costs.

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.

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Investment Approach

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Multi-asset Experts
Seneca Investment Managers specialise in multi-asset investing.

This style of investing combines traditional assets such as equities and bonds, with less traditional assets such as property, private equity, infrastructure and specialist financials, to deliver specific long term investment outcomes.

Seneca Investment Managers has a strong heritage stretching back to 2002 when it established two multi-asset unit trusts – now open-ended investment companies (OEICs), subsequently adding a multi-asset investment trust and a range of ‘white label’ funds.

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Value Ethos
Our approach differs in that we make decisions using a value investing ethos. We believe this approach makes it easier to achieve investor objectives, offering the prospect of superior long-term returns and avoidance of permanent loss of capital.

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Team Research
At Seneca Investment Managers we use these principles to assess different asset classes, select stocks and, when picking third party funds, to choose managers who employ value investing techniques. Our value investing approach means that our funds are actively managed and different, both from common benchmarks and from our peers.

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Process Driven
We have an active approach to investing, combining strong research and expertise with conviction in our decision-making process and the assets we select.

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Simple Active Management
Our team includes four highly experienced investment professionals and a range of directors and staff who focus on management, marketing, compliance and operations.

The Board has four non-executive directors, all with extensive experience of investment businesses. Together we hold a substantial share in the business and invest personally in the funds we manage.

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Risk Aware
Having a clear and consistently applied process is just one part of our approach to mitigating risk for our investors. Risk comes in many forms. We believe that one of the main risks that our investors face is the risk of permanent loss of capital. By buying assets at below fair market value, we build in a margin of safety* in everything we do, which helps to guard against this risk.

*Margin of safety is the difference between the intrinsic or fair value of a stock or asset and its market price

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Key Differentiators

The Seneca Global Income & Growth Trust plc is distinctive amongst investment trusts in having a multi-asset value approach to investing. The trust aims to deliver a combination of income and capital growth while maintaining low levels of volatility. To do this it invests across five asset classes; UK and overseas equities, fixed interest and specialists and property.

The trust has a strategic asset allocation designed to ensure that it meets its long term objectives. In addition, the manager uses tactical asset allocation as a means of capitalising on new value opportunities as they appear. The strategic asset allocation is designed to support the long term growth aspiration of the trust. At the same time it means that income, for the trust’s regular quarterly dividend payments, is drawn from a broad range of assets.

In UK equities, the majority of our holdings are from the mid cap arena. We believe that this area offers greater systemic returns. And being less well-researched than the universe of larger stocks, it provides more opportunities and greater scope for us to add value to the portfolio.

In overseas equities we invest in funds managed by third party fund managers. We select managers and funds who share our value investing approach and who are focussed on returns rather than benchmarks. Within the specialist space, we invest in assets which we expect to deliver income which is  more reliable than equities and more able to grow than bonds. Our exposure to fixed interest, following the extended bull market in bonds, is highly selective.

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Strategic Asset Allocation

15%

Fixed Income and cash

35%

UK Equities

25%

Specialist Assets

25%

Overseas Equities

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Fund and relationship team

Photo of Fund Manager Gary Moglione

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Gary Moglione – Fund Manager

Gary joined Seneca IM in April 2018 and is responsible for our third party fund selection alongside Tom Delic. He has worked in the investment industry since 1999 with a major portion of this specialising in fund selection both on a fund of funds and a multi-manager basis. He has previously worked as a fund manager for Royal Liver Asset Management where he managed two of their multi-manager funds (UK Equity and Global Equity). He then joined the multi-asset team at Pioneer Investment Management (later to be taken over by Amundi Asset Management) to manage equity assets in their funds of fund range.

Photo of Richard Parfect Fund Manager

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Richard Parfect – Fund Manager

Richard applies our value driven approach to his specific focus on specialist assets for Seneca IM.  Richard is a Fellow of the CISI and was a founder of Seneca IM in 2002. He previously worked as a UK equity analyst at Merseyside Pension Fund and started his career at Neilson Cobbold.

Richard Parfect’s primary area of focus is the research and monitoring of the Specialist Assets within the Trust; encompassing REITs (property), private equity, aircraft leasing within specialist financials and infrastructure. This involves regular meetings with managements, review of financial results and appraising the valuations to assess whether position sizes are appropriate.

 

 

Photo of Fund Manager Mark Wright

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Photo of Fund Manager Mark Wright

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Mark is responsible for UK equity research across Seneca IM’s investment mandates. He began his career at Seneca IM after graduating from University of York with a BSc degree in Economics.

Mark is a CFA Charter holder and an accredited member of the CFA Institute. He likes to escape to the gym, regularly plays football and wishes he could be more frequently found relaxing on an idyllic beach somewhere.

Photo of Fund Manager Tom Delic

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Tom Delic – Fund Manager 

 

Tom is responsible for our third party fund selection alongside Gary Moglione. He has worked in the investment industry since 2009 after graduating from the University of Liverpool with a first class degree in Mathematics with Finance. After beginning his career as an investment analyst for Royal Liver Asset Managers, he later joined Seneca IM in October 2011.

During his spare time, Tom can be found spending time with his daughter, at the gym or attending Stoke City FC games.

Photo of Senior Business Development Consultant Lucy Dolan

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Lucy Dolan – Senior Business Consultant

Lucy joined Seneca IM in April 2018 with over 7 years’ experience in the Financial Services industry. In her previous role at Barclays UK, Lucy was part of the Barclays Premier Relationship Team, specialising in client experience and development of colleagues.

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SIGT AGM July 2020 Video Presentation

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Literature and Research

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Company Documents and Policies

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How To Invest

The Seneca Global Income and Growth Trust is eligible for:

  • General investment accounts (GIA)
  • Individual savings accounts (ISA)
  • Self invested personal pension (SIPP)
  • Other pensions and tax wrappers

The trust is available through a wide range of wraps and platforms and is fully quoted on the London Stock Exchange.

Use the link below for further details.

Where can I invest?
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The Seneca Global Income & Growth Trust

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These pages are designed for investors who are UK tax residents only and the funds listed may not be suitable for non-UK tax-resident investors.
Please read this page carefully, by proceeding you confirm that you have read and understood the information specified below and access to this website is only granted to users on this condition.

The information in this website does not constitute advice or a personal recommendation and you should not make any investment decisions on the basis of it. It does not take into account the particular investment objectives, financial situations or needs of investors.

The investments on this website constitute Open-ended Investment Companies and Investment Trusts. Their underlying portfolios are comprised of UK and International equities and fixed interest securities including government and corporate bonds, specialist investments including property and unquoted companies and other invested funds. Investors must understand the risks involved, including the risk that the investments may not achieve their investment objectives and you may not get back the original amount invested. For a full description of the risks please refer to the Full Prospectus of the Funds or the latest annual report of the Investment Trust which are available in the Literature section of this website.

Seneca Investment Managers does not provide investment advice to private investors. If you are uncertain whether any of the investments are suitable for your own circumstances please contact a financial adviser before taking any action. If you do not have an adviser, the Financial Conduct Authority provides information on how to find an adviser on their website. Click here.