DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC Dunedin Income Growth Investment Trust PLC
Annual Report 31 January 2023
Targeting income and long-term growth from mainly UK companies chosen for their quality and commitment to improving sustainability
dunedinincomegrowth.co.uk
The Company targets income and long- term growth from mainly UK companies chosen for their quality and commitment to improving sustainability.
"Although underperforming over the short term, the NAV total return of the Company remains ahead of the benchmark and peers over the longer term and it is encouraging that the Company's shares are trading at a tighter discount than the average of the UK equity income sector."
David Barron, Chairman
"We consider the portfolio to be in good shape with our focus on higher quality companies, an emphasis on investments that can deliver both income and capital growth whilst also meeting the Company's sustainable and responsible investing criteria, positioning the Company to be able to cope with what may be difficult market conditions ahead."
Ben Ritchie and Rebecca Maclean, abrdn Investments Limited
Dunedin Income Growth Investment Trust PLC | 1 |
Contents
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own independent financial advice from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or,
if not, from another appropriately authorised financial adviser.
If you have sold or otherwise transferred all your Ordinary shares in Dunedin Income Growth Investment Trust PLC, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
Overview | 3 |
Performance Highlights | |
Company Summary | 4 |
Calendar and Financial Highlights | 5 |
Financial Highlights | 6 |
Strategic Report | 8 |
Chairman's Statement | |
Overview of Strategy | 13 |
Promoting the Success of the Company | 20 |
Performance | 23 |
Investment Process | 27 |
Investment Manager's Review | 35 |
Information About the Investment Manager | 39 |
Portfolio | 42 |
Ten Largest Investments | |
Portfolio | 43 |
Portfolio Sector Breakdown | 45 |
Sector Analysis | 46 |
Investment Case Studies | 48 |
Governance | 52 |
Board of Directors | |
Directors' Report | 55 |
Directors' Remuneration Report | 62 |
Audit Committee's Report | 66 |
Financial Statements | 72 |
Statement of Directors' Responsibilities | |
Independent Auditor's Report | 73 |
Statement of Comprehensive Income | 81 |
Statement of Financial Position | 82 |
Statement of Changes in Equity | 83 |
Statement of Cash Flows | 84 |
Notes to the Financial Statements | 85 |
Other Information | 106 |
Investor Information | |
Glossary of Terms | 110 |
Your Company's History | 113 |
Share Capital History | 114 |
AIFMD Disclosures (Unaudited) | 115 |
Alternative Performance Measures | 116 |
General | 120 |
Notice of Annual General Meeting | |
Contact Addresses | 125 |
2 | Dunedin Income Growth Investment Trust PLC |
Performance Highlights
Net asset value total returnAB
+2.4%
2022 | +8.1% |
Ongoing chargesA
0.64%
2022 | 0.59% |
Premium/(discount) to net asset valueAB
(2.9)%
2022 | 0.3% |
Earnings per share (revenue)
13.0p
2022 | 12.9p |
Share price total returnA
(0.9)%
2022 | +12.5% |
Dividends per Ordinary share
13.1p
2022 | 12.9p |
Overview
Strategic Report
Portfolio
- Alternative Performance Measure (see pages 117 and 118).
- With debt at fair value, dividends reinvested (see pages 95 and 96).
Net Asset Value per share - | ||||||||||||||||||||||||||||
debt at fair value | Share price | Dividends per share | ||||||||||||||||||||||||||
At 31 January - pence | At 31 January - pence | Year ended 31 January - pence | ||||||||||||||||||||||||||
310.0 | 12.45 | 12.70 | 12.80 | 12.90 | 13.10 | |||||||||||||||||||||||
312.2 | 309.0 | 302.8 | 301.0 | |||||||||||||||||||||||||
297.6 | 287.0 | 294.0 | ||||||||||||||||||||||||||
266.8 | ||||||||||||||||||||||||||||
242.0 | ||||||||||||||||||||||||||||
19 | 20 | 21 | 22 | 23 | 19 | 20 | 21 | 22 | 23 | 19 | 20 | 21 | 22 | 23 |
Other Information Financial Statements Governance
General
Dunedin Income Growth Investment Trust PLC | 3 |
Attachments
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Disclaimer
Dunedin Income Growth Investment Trust plc published this content on 11 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2023 16:24:09 UTC.
