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Prices & Quotes - UK Markets - Edinburgh Inv Trust (EDIN)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 632.00p
Change Today:
6.00p
Market Cap:
1,088.20m
Sector:
Equity Investment Instruments

Edinburgh Investment Trust sacks Invesco as fund manager

By Abigail Townsend

Date: Wednesday 11 Dec 2019

LONDON (ShareCast) - (Sharecast News) - Edinburgh Investment Trust has sacked Invesco's Mark Barnett as its fund manager after a "disappointing" run of weak results.
The listed investment trust said James de Uphaugh, chief investment officer at Majedie Asset Management, would replace Barnett, who has managed the trust since 2013.

Chairman Glen Suarez told investors: "I am disappointed by another weak result for the company in the interim results, extending the period of underperformance to beyond three years.

"Since 2018, your board has worked hard to understand the causes of this underperformance, cognisant of the long-term investment objective of this company and recent trends in the UK equity market. Following a detailed assessment, thorough review and selection process, the board has decided to change the company's investment manager."

The interim results, also out on Wednesday, showed that the trust's net asset value fell 3.1% in the six months to the 30 September, while the share price declined 5.9%. The FTSE All-Share index, the trust's benchmark, rose 4.6% in the same period. The trust has assets of around 1.3bn.

"This represents an underperformance of 7.7% gassing the benchmark and follows underperformance against the benchmark in each of the three financial year," Suarez said. "Indeed, over the last three years the company has delivered NAV total return of +1.6% against the total return on the FTSE All-Share index of 21.7%."

Invesco said it was "disappointed" by the decision to remove Barnett, who is head of UK equities at the firm, and reiterated its support for his investment strategy.

De Uphaugh said: "Majedie's long-term flexible investment approach, incorporating a commitment to responsible capitalism backed by fundamental analysis, is well suited to an investment trust that seeks total returns from both income and capital growth."

Majedie will receive an annual management fee of 0.48% of the market capitalisation of the company up to 500m and 0.465% on amounts above 500m. That is a reduction on the current fees paid to Invesco, of 0.55% of market capitalisation.

Shares in Edinburgh were down 2p at 602p as at 1300 GMT.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

EDIN Market Data

Currency UK Pounds
Price 632.00p
Change Today 6.00p
52 Week High 638.00p
52 Week Low 423.00p
Volume 137,703
Shares Issued 172.18m
Market Cap 1,088.20m
Beta 0.02

Performance Indicators

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EDIN Dividends

  Latest Previous
  3rd Interim 2nd Interim
Ex-Div 06-May-21 04-Feb-21
Paid 28-May-21 26-Feb-21
Amount 6.00p 6.00p

Trades for 14-May-2021

Time Volume / Share Price
16:35 11,828 @ 632.00p
16:21 41 @ 633.00p
16:18 300 @ 633.77p
16:09 61 @ 633.80p
16:05 2,320 @ 633.01p

EDIN Key Personnel

Chair Glen Suarez