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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
January Commentary
During the month of January the Trust delivered a Net Asset Value total return of +0.2% and a share price total return of +0.7%. This compares with a +2.7% return for the FTSE All Share Index.
In previous fact sheets we have written about our expectations for the performance of this Trust in different market conditions. We have regularly warned that in sharp, cyclical rallies the Trust may well lag the market. Renewed optimism surrounding the US economy and a promise by the Chairman of the Federal Reserve to keep interest rates near zero into 2014 created such conditions. Bank shares, miners and airline stocks were the top performers in the FTSE 100 over this very short period. Several of these lower quality stocks rose sharply from levels similar to those seen in June 2009, having delivered almost no net positive capital return in the intervening period.
Many of our core holdings were less exciting over the 31 day period. Conversely, in the 31 months since June 2009 eight of the Trust’s top 10 holdings returned over 30% in capital terms and delivered a total return above 50%. Reynolds American, the best performing holding returned well over twice that, and with lower volatility. We make no apology for not rotating sectors in order to “capture” these sharp moves and reemphasise the importance that we attach to the long term nature of our investment style.
During the month your Trust issued 1.75m new shares as part of the discount control mechanism and paid out the previously announced 0.5p first quarter dividend.
