Seneca Global Income & Growth Trust (IS61)


Seneca Global Income & Growth Trust

Introduction to the Trust

The Seneca Global Income and Growth Trust plc is designed for investors seeking a quarterly income with long-term capital growth and low volatility.

The Trust employs a proprietary Multi-Asset Value Investing approach. The core principle of value investing, buying good quality assets when they are low is traditionally associated with equities. We apply a value approach to everything we do. Led by Peter Elston, the Investment Team manages the Trust through in-depth research into asset allocation and the various asset classes we invest in.

In the UK, we focus on mid-cap equities. For overseas equities and fixed income, we use third party funds which share our value style. Elsewhere, we focus on property, infrastructure, specialist finance and private equity which we call specialist assets. Each area contributes both to the capital return and the income generation of the Trust.

Growth, income and low volatility

The Trust pays quarterly dividends, offering a current yield of circa 3.7. Over its last four financial years to April 2017 the Trust has grown its dividend at a compound rate of 4% per annum, ahead of CPI every year. Over a typical investment cycle, we aim for the Trust to achieve a total return of at least CPI plus 6% after costs, with low volatility. In addition, we aim to grow aggregate dividends at least in line with inflation. Over the five years to end December 2017, the Trust delivered an NAV return of +67.3% with volatility close to half of the major equity indices. Details of the Trust’s returns can be found in the performance tables.



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Three and Five Years Morningstar Ratings™ as of 31.12.2017, copyright © 2017 Morningstar, 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. FE Crown Fund Ratings as of 30.09.2017, 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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Important Information

Current yield: the yield calculation is based on the latest quarterly dividend, annualised, compared against the month end share price. Seneca IM define a typical investment cycle as one which spans 5-10 years, and in which returns from various asset classes are generally in line with their very long term averages. There is no guarantee that a positive return will be achieved over this or any other period. Annualised volatility of returns over five years versus FTSE World ex-UK, FTSE UK Private Investor Balanced, AIC Flexible Investment Sector, FTSE All Share and Investment Association Mixed 40-85% shares.

There is no guarantee that dividends will continue to increase or grow ahead of CPI. Performance and dividend data sources: Seneca Investment Managers Ltd (SIML), Bloomberg & 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: LIBOR GBP 3 Months +3% to 06.07.17 thereafter CPI +6% after costs. Past performance should not be seen as an indication of future performance. The information in this website is as at 31.12.17 unless otherwise stated.

The value of investments and any income from them will fluctuate, and investors may not get back the full amount invested. SIML does not offer advice to retail investors. If you are unsure of the suitability of this investment, take independent advice. Before investing you should refer to the Key Information Document (KID) for details of the principle risks and information on the trust’s fees and expenses. Net Asset Value (NAV) performance may not be linked to share price performance, and shareholders could realise returns that are lower or higher in performance. The annual investment management charge and other charges are deducted from income and capital. The KID and latest Annual Report are available in English at Seneca Investment Managers Limited is the Investment Manager of the Trust (0151 906 2450) and is authorised and regulated by the Financial Conduct Authority and is registered in England No. 4325961 with its registered office at Tenth Floor, Horton House, Exchange Flags, Liverpool, L2 3YL.

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