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About this investment trust

The Company aims to provide growth in capital and income over the long term through investment in a diversified portfolio of principally UK listed equities.

Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.

Why choose it?

With longer lifespans and greater demands on retirement funds, investors need a steady source of income and growth. This conviction-led portfolio delivers exposure to a balanced range of sectors and company shares, focused on the UK, which have the potential to deliver capital growth and a growing dividend income.

Suited to…

Investors targeting a steady income that grows over time, useful for retirement planning. The Trust also aims to grow investors’ capital in the longer term.

Kepler income rating logo

Kepler Rating: As at 30 January 2020
This rating has not been superseded to date.

Past performance is not a reliable indicator of future results and should not be the sole factor of consideration when selecting a product or strategy.

What are the risks?

  • Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
  • Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are lower or higher than NAV performance.
  • The Trust’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Trust may not be able to realise the investment at the latest market price or at a price considered fair.
  • Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall.

Useful information

Fees & Charges

Annual Expenses as at Date: 31/10/2020

Ongoing Charge (including any Performance Fee): 1.19%

Management Fee Summary: Management fee is 0.6% p.a. of the Company's market capitalisation. There is no additional fee for Company Secretarial and administration services.

  • ISIN: GB0030961691

    Sedol: 3096169

    Bloomberg: BRIG LN

    Reuters: BRIG

    LSE code: BRIG.L

  • Name of Company: BlackRock Fund Managers Limited

    Telephone: 020 7743 3000

    Email: cosec@blackrock.com

    Website: www.blackrock.com/uk

    Correspondence Address: Investor Services,

    BlackRock Investment Management (UK) Limited

    12 Throgmorton Avenue

    London

    EC2N 2DL

    Name of Registrar: Computershare PLC

    Registered Office: 12 Throgmorton Avenue

    London

    EC2N 2DL

    Registrar Telephone: +44 (0)370 703 0076

    Place of Registration: England

    Registered Number: 4223927

  • Year End: October

    Results Announced: December (annual), June (interim)

    AGM: March

    Dividends Paid: March (final), September (interim)

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Fund manager commentary

31 March 2021

Please note that the commentary below includes historic information in respect of index performance data and the Company’s NAV performance.

The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results.

Performance Overview:

The Company returned 3.9% during the month, underperforming the FTSE All-Share which returned 4.0%.

Market Summary:

Global equity markets rose in March on the approval of further fiscal support and the restart to come. The UK and US continued the rollout of successful vaccine programmes while many European countries tightened lockdown restrictions again due to struggles with rising infection rates and a sluggish vaccination campaign.

Fiscal stimulus continued in the US with the approval of a COVID relief bill of $1.9 trillion. US Treasury yields climbed close to one-year highs with the 10-year yield near 1.5% early in the month. The FOMC meeting indicated the Fed’s higher tolerance for inflation and that tapering bond purchases remains a distant prospect.

On Budget Day in the UK, the Chancellor revealed several initiatives; one key positive included the 130% ‘super deduction’ tax incentive to promote near-term investment, and one key negative included a proposed increase in corporation tax to 25% pre-announced for April 2023, lifting the overall UK tax burden to its highest in 50 years. Progression of the roadmap out of lockdown continued late in the month with the permittance of 6 people or two households meeting outside. The FTSE All Share rose 4.0% during the month with Telecommunications, Consumer Goods and Utilities outperforming while Basic Materials and Oil & Gas underperformed.

Stocks:

Hiscox was a top detractor during the period; the company issued a poor trading statement that highlighted further investments needed within its retail business. Following recent floats and strong performance from Moonpig and The Hut Group earlier in the quarter, the share prices fell back during March; both companies were top detractors during the month.

Taylor Wimpey was a top positive contributor; the company had significant upgrades at the FY results owing to higher expected margins. Reckitt Benckiser benefitted as market optimism increased around the improved sales execution and Standard Chartered benefitted from the value rotation and rising interest rates; both companies were top positive contributors.

Portfolio Activity:

We remain constructive on economic growth and the tailwind to cyclical areas of the stock market while remaining cognisant of more defensive companies’ increasingly attractive free cash flow generation.

During the month we added to Ferguson where the strength in the macro and their ability to take share gave us confidence to further increase the position. We reduced Hiscox after the release of a disappointing trade statement where our investment thesis has been challenged in the short term. We sold our position in Rightmove as we see better opportunities in other parts of the Company.

Outlook:

Despite the continuation of COVID-19 lockdowns globally, economic activity has been less impacted as consumers and corporates have adapted their behaviours since the development of effective vaccines. Looking ahead, the focus is firmly on the cyclical recovery buoyed by ongoing monetary and fiscal support overwhelming concerns around virus variants.

As economic activity rebounds this has caused some strains on supply chains with specific industry shortages as well as building inflationary pressures including significant increases in commodity prices versus 12 months ago. The prospect of higher inflation has driven bond yields higher with central bankers indicating their willingness, for now, to stay on the side-lines. We are also cognisant of the evolution of relationships between China and the West and the potential impact on industries and shares.

Turning to the UK specifically, we have, finally, got a Brexit deal that provides increased clarity on the UK’s trading relationship with the EU. This is against a backdrop of UK valuations that have been extreme, trading at multi-decade lows versus other international markets with a recent flurry of M&A deals highlighting the dispersion and value on offer in the FTSE. We continue to believe that this dispersion should narrow given the increased certainty and reduced risk regarding Brexit in addition to the UK’s strong vaccination effort.

We view the dividend outlook for the UK market with renewed optimism as we expect dividends, in aggregate, to be more resilient and to grow faster in the future as those companies that had been overdistributing for a number of years reset their dividends during the pandemic. Resilience was a crucial feature of the Company and its underlying holdings in 2020 and while this will still be important in 2021, we are excited by the approaching economic recovery and the opportunity to deliver strong capital and dividend growth for our clients over the long-term.

Unless otherwise stated all data is sourced from BlackRock as at 31 March 2021.

Information correct as at 23 April 2021.

Any opinions or forecasts represent an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results.

This information should not be relied upon by the reader as research, investment advice or a recommendation.

Risk: Reference to the names of each company in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies.

Portfolio manager biographies

Adam Avigdori, Director, is co-manager of the BlackRock Income and Growth Investment Trust plc, and is a member of the UK Equity Team. Adam joined BlackRock in 2001 and is responsible for managing UK equity portfolios covering the real estate and construction sectors. Adam has a degree in management sciences.

David Goldman, CFA, Director, is co-manager of the BlackRock Income and Growth Investment Trust plc, and is a member of the UK Equity Team. David joined BlackRock in 2004 and is responsible for managing UK equity portfolios covering the support services sectors. David has a degree with first class honours in economics.

Adam Avigdori profile photo
Adam Avigdori
Portfolio Manager
David Goldman profile photo
David Goldman
Portfolio Manager

Board of directors

Graeme Proudfoot (Chairman) (appointed 1 November 2019) spent his executive career at Invesco, latterly as Managing Director, EMEA and CEO of Invesco Pensions. Mr Proudfoot joined Invesco in 1992 as a legal advisor and held various roles within the Invesco Group, before moving to take responsibility for a number of businesses in the UK, including Invesco’s investment trust business which he led from 1999 until his retirement from Invesco in 2019. Mr Proudfoot began his career at Wilde Sapte, Solicitors, practising as a corporate finance lawyer in London and New York.

Nicholas Gold (appointed 17 December 2008) is an experienced investment banker with over 36 years’ advisory experience across a wide range of industries and jurisdictions. He retired as the Managing Director responsible for closed-end fund corporate finance at ING Bank N.V. in 2008. Mr Gold is a chartered accountant and a solicitor. He was formerly a member of the Royal Academy of Dramatic Art Council and chairman of its commercial arm, RADA Enterprises. He is a Special Adviser to Pottinger Co Pty Limited.

Charles Worsley (appointed 19 April 2010) has over 25 years’ experience in property management and has been a shareholder of the Company since its launch. Mr Worsley has formerly been a director of retail and media companies.

Win Robbins (appointed 15 December 2020) has extensive investment management experience having held various senior positions including eight years as Managing Director of Credit Suisse Asset Management Limited from 1996 until 2004 and Managing Director and Head of Non-US Fixed Income at Citigroup Asset Management from 2004 to 2006. Win holds the Diploma in Investment Management from the London Business School.

Investment strategies targeting growth and income
Investment strategies targeting growth and income
Over 25 years of proven experience running investment trusts
Over 27 years of proven experience running investment trusts. (December 2019)
Unparalleled research capabilities
Unparalleled research capabilities and experienced stock pickers
Contact
To get in touch contact us on:
Telephone: 020 7743 3000
Email: cosec@blackrock.com

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