Title: URL Source: https://is.gd/bZfKSF Published Time: Mon, 26 May 2025 09:46:19 GMT Markdown Content: The Brunner Investment Trust PLC # An ‘all-weather’ global equity portfolio All data source DataStream and Allianz Global Investors as at 31.03.25 unless otherwise stated. Factsheet 31 March 2025 Key Information Launch Date December 1927 AIC Sector Global Benchmark 70% FTSE World ex-UK Index; 30% FTSE All-Share Index Annual Management Fee 0.45% Performance Fee No Ongoing Charge 1 0.63% Year End 30 November Annual Report Annual published in February, Half-yearly published in July AGM April NAV Frequency Daily Dividends March/April, June/July, September, December Price Information Financial Times, The Daily Telegraph, www.brunner.co.uk Company Secretary Kirsten Salt | Kelly Nice Investment Managers Julian Bishop and Christian Schneider Codes RIC: BUT.L SEDOL: 0149000 1. The Ongoing Charge does not represent an additional cost that shareholders of the Company must pay. The Company’s share price already reflects the market’s assessment of its value taking into consideration publicly disclosed information, including operating expenses and other costs which are disclosed in the Accounts. The investment platform or stockbroker used, or the company/person selling you or advising you about this product may charge you other costs. If so, they will provide you with the relevant information about these costs. Source: AIC, as at the Trust’s Financial Year End (30.11.2024). Ongoing Charges (previously Total Expense Ratios) are published annually to show operational expenses, which include the annual management fee, incurred in the running of the company but excluding financing costs. This is a marketing communication. Please refer to the Key Information Document (KID) before making any final investment decisions. ## Total Assets £617.2m Shares in Issue 43,247,727 (Ordinary 25p) Market Cap £553.6m NAV per Share # 1392.3p Premium/-Discount # ‑8.1% ## Total Assets £617.2m Shares in Issue 43,247,727 (Ordinary 25p) Market Cap £553.6m Share Price # 1280.0p Aim The Trust aims to provide growth in capital value and dividends over the long term by investing in global and UK securities. The benchmark against which performance is measured is 70% FTSE World ex-UK Index and 30% FTSE All-Share Index. History The Brunner Investment Trust PLC was formed from the Brunner family’s interest in the sale of Brunner Mond & Co, the largest of the four companies which came to form Imperial Chemical Industries (ICI) in 1926. Today, Brunner shares are available for everyone to buy and are widely held by both private and institutional investors. Trust Benefits Brunner aims to provide its shareholders with growing dividends and capital growth by investing in a portfolio of global equities. It is an independent company listed on the London Stock Exchange and, although past performance is no guide to the future, has paid increasingly higher dividends to its shareholders year on year for the last 53 years. The Trust invests in companies all over the world, seeking out opportunities for growth and reliable dividends wherever they may be. Ten Year Dividend History Dividend Record in Pence per Share To Year End 30 November Last Four Dividend Payments per Share > 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0510 15 20 25 Record Date Pay Date Dividend Type 21.02.2024 04.04.2025 6.05p Final 25.10.2024 12.12.2024 5.90p 3rd Interim 02.08.2024 12.09.2024 5.90p 2nd Interim 14.06.2024 25.07.2024 5.90p 1st Interim Past performance is not a reliable indicator of future results. n 1st n 2nd n 3rd n 4th/Final Dividend Yield # 1.9% Gearing # 5.9% A ranking, a rating or an award provides no indicator of future performance and is not constant over time. © 2023 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. Past performance is no guarantee of future results. In our annual report, we commented on the unusually wide disparity between American and European sentiment, and equity valuations. The speed with which that disparity has narrowed has nonetheless been surprising. So far in 2025, European markets are up over 7% in GBP whilst the US S&P500 is down by a similar amount. President Trump’s erratic policy making is clearly unnerving American consumers and businesses, who appear to be delaying spending decisions as a result. Meanwhile in Europe, Germany announced a large fiscal stimulus, centred on defence spending and infrastructure. This encouraging step, easily affordable given Germany’s historical prudency, saw rare enthusiasm return to local markets. At investment conferences we attend, the talk of recession is cropping up in America more frequently, a sharp turnaround from the extreme bullishness immediately after Trump’s election. Tariffs are almost universally derided as damaging for all, yet Trump appears set on pressing ahead with their implementation. The Washington Consensus that has permitted global free trade for decades appears to be over, for the time being at least. Surprisingly, few of our investments physically export to the US, and where they do the production bases tend to be shared by their competitors. This means it is probable that tariffs will simply be passed on to consumers. Generally, given Brunner’s skew to higher quality businesses with predictable cash flow streams and less levered, lower risk equities, fear of a recession suits the Trust’s relative performance at least. Whilst NAV was down in the month, it fared considerably better than the market. The Net Asset Value (NAV) total return for March was -4.28% versus -5.30% from the benchmark index. Key contributors to performance in the month included Norwegian bank DNB, where higher European interest rates bode well for profitability. Other positives included insurers American Financial and Munich Re, both defensives with little economic sensitivity. Not holding a few of the larger technology stocks such as Nvidia, Meta and Apple also helped, in stark contrast to the drag on our relative performance they represented last year. Unsurprisingly, some of the key detractors were US exposed cyclicals. Intercontinental Hotels, for example, depends on business and leisure travel. Industry data provides clear evidence that activity here is slowing. Align Technology is best known for its Invisalign orthodontic teeth straightening treatments, which are often cosmetic and therefore discretionary in nature. We would expect to see sales estimates fall as the economy deteriorates. Other detractors included some of our tech holdings such as Taiwan Semiconductor Manufacturing Co, Microchip and Alphabet. Economic cycles are a fact of life and not something we believe we can predict in a useful way. We construct our portfolio to ensure we do not have undue sensitivity to macro conditions relative to equity markets more broadly. Our reaction to a slowdown is therefore to sit tight and look for opportunities. We added one new name to the portfolio during the month, South Korea’s Kia, which is part of the Hyundai group, and together they are the third largest automotive producer in the world. We are under no illusions about how tough the car industry is. Given a very low valuation multiple and a clear, appropriate dividend policy we decided to take a stake. Whilst it is probable that tariffs will materially hurt profitability in the key US market, we infer this is already digested by the market. This investment brings additional value to the portfolio, reflecting our belief that a balanced approach is best. We also added to SSE, the UK electrical utility, during the month. The stock had been weak on the back of higher interest rates. These purchases were funded via trims of some of our better performing names such as Bank of Ireland, Visa, and US listed insurance broker AJ Gallagher amongst others. Julian Bishop & Christian Schneider 31 March 2025 This is no recommendation or solicitation to buy or sell any particular security. Any security mentioned above will not necessarily be comprised in the portfolio by the time this document is disclosed or at any other subsequent date. Fund Manager’s Review The Brunner Investment Trust PLC Factsheet 31 March 2025 talk of recession is cropping up in America more frequently, a sharp turnaround from the extreme bullishness immediately after Trump’s election Julian Bishop, Co-Lead Portfolio Manager > Julian Bishop joined Allianz Global Investors in November 2022. Julian has more than 25 years fund management experience. He joined AllianzGI from Tesco Pension Investment Ltd where he was an Equity Fund Manager managing a multi-billion pounds global equities portfolio. Julian graduated from Queens’ College, Cambridge University in 1995 and has an MA (Hons) Cantab in Geography. He is an Associate of the CFA Society of the UK. Christian Schneider, Co-Lead Portfolio Manager > Christian Schneider joined the Global Equity Fund Management Team as a portfolio manager in April 2000 and managed a US Equity strategy until 2002. Christian graduated with a Master’s degree in Economics from the University of Giessen and is a CFA charter holder. Risk & Features Investment trusts are quoted companies listed on the London Stock Exchange. Their share prices are determined by factors including the balance of supply and demand in the market. The Trust seeks to enhance returns for its shareholders through gearing which can boost the Trust’s returns when investments perform well, though losses can be magnified when investments lose value. You should be aware that this Trust may be subject to sudden and large falls in value and you could suffer substantial capital loss. Changes in rates of exchange may cause the value of investments and the income from them to go up an down. Sector Breakdown* (%) Financials 23.6 Information Technology 22.7 Industrials 22.6 Health Care 12.9 Consumer Discretionary 8.0 Energy 4.7 Utilities 3.1 Consumer Staples 2.4 Performance Track Record Portfolio Breakdown Five Year Performance (%) Top Twenty Holdings (%) Microsoft 5.5 Visa - A Shares 4.3 Alphabet 3.0 Taiwan Semiconductor 2.9 InterContinental Hotels Group 2.8 Shell 2.8 Bank of Ireland 2.7 Auto Trader 2.7 UnitedHealth Group 2.7 DNB Bank 2.4 Gallagher 2.4 American Financial Group 2.4 Charles Schwab 2.4 General Electric 2.3 Thermo Fisher Scientific 2.3 Aena 2.3 Partners Group 2.2 Roper Technologies 2.0 Unilever 2.0 AMETEK 2.0 Total number of holdings 56 > Sep > 2024 Mar > 2024 Sep > 2023 Mar > 2023 Sep > 2022 Mar > 2022 Sep > 2021 Mar > 2021 Sep > 2020 Mar > 2020 Mar > 2025 025 50 75 100 125 150 n Share Price n NAV (debt at fair value) n Benchmark: Effective 22 March 2017 the benchmark weightings changed to 70% FTSE World ex-UK Index; 30% FTSE All-Share Index Geographic Breakdown* (%) North America 44.0 n UK 24.7 n Europe ex UK 22.7 n Pacific ex Japan 6.8 n Japan 1.8 n This is for guidance only and not indicative of future allocation. Totals may not sum to 100.0% due to rounding. This is no recommendation or solicitation to buy or sell any particular security. *Excludes Cash 3M 6M 1Y 3Y 5Y Share Price -12.6 -8.1 -0.2 33.9 102.4 NAV (debt at fair value) -1.1 0.0 2.0 26.1 104.1 Benchmark -2.0 2.4 6.4 26.5 97.6 Source: Thomson Reuters Refinitiv DataStream, percentage growth, mid to mid, total return to 31.03.25. Copyright 2024 © DataStream, a Thomson Reuters company. All rights reserved. DataStream shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Past performance does not predict future returns. Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors might not get back the full amount invested. This investment trust charges 70% of its annual management fee to the capital account and 30% to revenue. This could lead to a higher level of income but capital growth will be constrained as a result. 2025 2024 2023 2022 2021 Share Price -0.2 25.1 7.2 15.0 31.4 NAV (debt at fair value) 2.0 18.8 4.1 13.5 42.6 Benchmark 6.4 18.6 0.3 14.4 36.5 The Brunner Investment Trust PLC Factsheet 31 March 2025 Cumulative Returns (%) Discrete 12 Month Returns to 31 March (%) Environmental, Social and Governance (ESG) AllianzGI has a dedicated ESG research team working with the portfolio managers to incorporate ESG factors into investment decisions. The board supports AllianzGI’s view that there is value in working with companies in the portfolio on environmental, social, governance and business conduct issues. AllianzGI uses third party research provided by MSCI to help identify ESG factors that can impact the businesses of the companies in the portfolio. The chart shows that the Brunner portfolio’s ESG ratings compare well against the benchmark’s ESG ratings over a five year period. The chart above shows the rating of the Brunner portfolio on ESG risks and combined ESG risk measurements compared to the rating of the Benchmark (70% FTSE World ex-UK Index; 30% FTSE All-Share Index) scored on a scale of 1 -10 (where 10 is high) on a quarterly basis. # How to invest You can buy shares in the Trust through: • A third party provider - see ‘How to Invest’ on our website, where you will find links to a range of these platforms, many of which allow you to hold the shares within an ISA, Junior ISA, SIPP and/or savings scheme. • A stockbroker. • A financial adviser. # Contact us If you have any queries regarding our investment trusts our Investor Services team can be contacted on: # 0800 389 4696 # www.brunner.co.uk E-mail: investment-trusts@allianzgi.com You will find much more information about The Brunner Investment Trust on our website. Please note that we can only offer information and are unable to provide investment advice. You should contact your financial adviser before making any investment decision. w Past performance does not predict future returns. Investing involves risk. The value of an investment and the income from it may fall as well as rise and investors may not get back the full amount invested. The statements contained herein may include statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. We assume no obligation to update any forward-looking statement. The views and opinions expressed herein, which are subject to change without notice, are those of the issuer and/ or its affiliated companies at the time of publication. The data used is derived from various sources, and assumed to be correct and reliable, but it has not been independently verified; its accuracy or completeness is not guaranteed and no liability is assumed for any direct or consequential losses arising from its use, unless caused by gross negligence or wilful misconduct. The conditions of any underlying offer or contract that may have been or will be made or concluded shall prevail. For further information contact the issuer at the address indicated below. All data source Allianz Global Investors as at 31.03.25 unless otherwise stated. This is a marketing communication issued by Allianz Global Investors UK Limited, 199 Bishopsgate, London, EC2M 3TY, www.allianzglobalinvestors.co.uk. Allianz Global Investors UK Limited, company number 11516839, is authorised and regulated by the Financial Conduct Authority. Details about the extent of our regulation are available from us on request and on the Financial Conduct Authority’s website (www.fca.org.uk). The duplication, publication, or transmission of the contents, irrespective of the form, is not permitted; except for the case of explicit permission by Allianz Global Investors UK Limited. AdMaster 4389009 Glossary Share Price is the price of a single ordinary share, as determined by the stock market. The share price above is the mid-market price at market close. Net Asset Value (NAV) per Share is calculated as available shareholders’ funds divided by the number of shares in issue, with shareholders’ funds taken to be the net value of all the company’s assets after deducting liabilities. The NAV figure above is based on the fair/market value cum income of the company’s long term debt and preference shares (known as debt at fair value). This allows for the valuation of long-term debt and preference shares at fair value or current market price, rather than at final repayment value (known as debt at par). Premium/Discount. Since investment company shares are traded on a stock market, the share price that you get may be higher or lower than the NAV. The difference is known as a premium or discount. Dividend Yield is calculated using the latest full year dividend divided by the current share price. Gearing is a measure of a company’s financial leverage and shows the extent to which its operations are funded by lenders versus shareholders. > Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 5.0 5.5 6.0 6.5 > nBrunner ESG MSCI Aggregate nBenchmark ESG MSCI Aggregate Board of Directors Carolan Dobson (Chair) Amanda Aldridge (Chair of the Audit Committee) Elizabeth Field Andrew Hutton (Senior Independent Director) Jim Sharp