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The principal objective of the Company is to provide shareholders with an attractive income yield and the prospect of income and capital growth through investing in a portfolio of predominantly UK equities.
News
On 14th January 2010 Glasgow Income Trust plc changed its name to Troy Income & Growth Trust plc. On 1st August 2009, Troy Asset Management Limited replaced Aberdeen Asset Managers Limited as the Investment Managers of this Company.
Manager's Monthly Report
December Commentary
During the month of December the Trust delivered a Net Asset Value total return of +0.9%. The share price total return was –0.2%. This compares with a +0.8% return for the FTSE All Share Index.
Over the period the portfolio remained largely unchanged. A placing in London & Stamford Properties did however provide us with the opportunity to double the Trust’s holding in the stock. The price of 100p was significantly below both Net Asset Value and the price of the previous day’s close. This Real Estate Investment Trust is now trading on a prospective yield of 6.7% and the 30% dividend growth that the stock has delivered over the last 12 months has been well above that of the market. We do not necessarily expect this elevated level of growth to be sustained but believe that solid double digit growth is more than attainable. It is stable and consistent dividend growth, supported and covered by consistent growth in free cash flow,that is one of the most important attributes of the stocks we seek to own. It is only by investing in such a manner that we can hope to deliver sustained long term capital growth.
The dividend stream from the underlying stocks is obviously also critical to the growth of the Trust’s own dividend. In December the Board declared a first interim dividend of 0.5p per share. This represents a 5.8% increase on the corresponding 2011 dividend. It is the Board's intention, barring unforeseen circumstances, that the Trust will at least maintain the quarterly dividend rate of 0.5p per share for the full year to 30 September 2012.
