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The Brunner Investment Trust


£353.9m market cap

829p last close

The Brunner Investment Trust aims to provide growth in capital value and dividends over the long term through investing in a portfolio of UK and international securities. Since 25 March 2008, the benchmark has been a composite of 50% FTSE All-Share and 50% FTSE World Index (ex UK £).

Investment summary

The Brunner Investment Trust (BUT) is managed by Lucy Macdonald at Allianz Global investors (AllianzGI). Important developments for the trust in recent years include a move to a single global rather than discrete UK and overseas portfolios; a more global benchmark; better investment performance; an improved capital structure; and a more diversified share register. The manager believes that versus its peers, BUT’s relative headwinds (due to having less exposure to the most highly valued tech stocks and more to the UK) are dissipating. She says that having both an income and capital growth objective in a more volatile, lower-return environment ‘is probably not a bad thing’. Macdonald argues that BUT offers a more balanced style at a time when growth looks very expensive versus value; she describes the trust as a portfolio ‘for all seasons’.

Share price graph
Price performance
Actual 5.5 (2.6) 13.9
Relative* 4.1 (4.5) 9.9
52-week high/low 880.0p/681.0p
*% relative to local index
Key management
Carolan Dobson Non- Executive Director
Lucy Macdonald Fund manager

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