Company Objective
The investment objective is to invest primarily in UK companies with the long-term aim of achieving:
- an increase of the Net Asset Value per share in excess of the growth in the FTSE All-Share Index;
- growth in dividends per share in excess of the rate of UK inflation.
Past performance does not predict future returns. You may get back less than you originally invested. Reference to specific securities is not intended as a recommendation to purchase or sell any investment.
Key Information
- Benchmark Index
- FTSE All Share
- AIC Sector
- IT UK Equity Income
- Share Price
- 669.0p
- Net Asset Value per share*
- 719.5p
- Premium/Discount +/- (%)*
- -7.0
- Historic Dividend per share
- 26.20p
- Historic share price yield
- 4.1%
- Ongoing charges
- 0.53%
- Active Share
- 62.6%
- Gearing (gross)
- 6.0%
- Gearing (net)
- 5.2%
- Holdings
- 54
*Share Price, NAV and Premium/Discount updated daily. All other data is correct as at 31.10.2023.
Our Investment Process
Pragmatic
The portfolio managers do not have dogmatic style biases, such as growth or value. They also invest in companies that have scope for recovery through management change, business transformation or an improving business environment. Around three-quarters of the managers’ time is spent on in-depth stock research, with the remainder spent on macroeconomic and geopolitical analysis. Learn more...
ESG Aware
ESG-related issues have financial implications for the portfolio’s holdings. The managers prioritise and engage the holdings on their key, material issues, many of which are ESG-related. The outcomes from this in-depth analysis and engagements help form the conviction level and investment decisions. Learn more...
Longevity
Investor returns should derive over the long term from a total return comprising both capital appreciation and dividend income. The managers often prefer companies with organic investment opportunities. As such, they normally expect companies with growing profits – and share prices – to contribute to returns. They view income as an important component rather than the primary driver of investment returns. Learn more...
The investment process is designed to perform through the cycle
because the investment team considers the market environment and evolves
weightings to growth, value and recovery companies accordingly. The relative
performance of the Trust is driven by stock selection.
The investment team
Headed by James de Uphaugh, the Global Fundamental team has a strong track record of active management of equities for institutional investors, professional advisers and their clients since 2002.
James de Uphaugh
Portfolio Manager
James de Uphaugh is Head of the Liontrust Global Fundamental team. James joined Liontrust in April 2022 as part of the acquisition of Majedie Asset Management, where he was Chairman and Chief Investment Officer and responsible for co-managing the UK Equity Fund and managing the Edinburgh Investment Trust. Before co-founding Majedie in 2002, James had been a Managing Director at Mercury Asset Management (subsequently acquired by Merrill Lynch, now BlackRock) from 1988, where he was also Chairman of the UK Investment Group and Alpha Team Leader.
James holds a Master of Arts degree in Economics from Jesus College, Cambridge. He holds the ASIP qualification and is an Associate Member of the CFA Society of the UK.
Imran Sattar
Deputy Portfolio Manager
Imran joined Liontrust in April 2022 as part of the acquisition of Majedie Asset Management, where he had managed funds for four years. Before joining Majedie in 2018, Imran was a Managing Director and Fund Manager at Blackrock, where he managed UK equity funds with combined UK equity assets of over £2 billion. Imran joined Mercury Asset Management in 1997 (subsequently acquired by Merrill Lynch, now Blackrock).
He holds a Bachelor of Sciences degree in Mathematics & Economics from the University of Warwick and is a CFA Charterholder.
Board of Directors
Elisabeth Stheeman (Chair)
Elisabeth Stheeman was appointed to the Board on 23 May 2019 and became Chair on 21 July 2022. Elisabeth is currently an External Member of the Financial Policy Committee (FPC) and Financial Markets Infrastructure (FMI) Board of the Bank of England. She is an independent member of the board of US REIT W.P. Carey Inc, and an External Member of the Audit and Risk Committee of The Asian Infrastructure Investment Bank. She is also a member of Council of the London School of Economics and a member of Council of the German British Chamber of Industry and Commerce. Previously, she was a senior advisor to the Bank of England's Prudential Regulation Authority and a member of the Supervisory Board of Aareal Bank AG.
Aidan Lisser
Aidan Lisser was appointed to the Board on 27 May 2022. He has considerable experience as an investment trust non-executive director and has a background in investment and wealth management marketing with Investec and previously in the consumer sector with Unilever. Aidan is currently chair of JPMorgan Emerging Markets Investment Trust plc, a non-executive director of Henderson International Income Trust plc and a board member of Chapter Zero, an organisation to assist non-executive directors with the impact of climate change. He is also a marketing ambassador for the Association of Investment Companies.
Annabel Tagoe-Bannerman
Annabel Tagoe-Bannerman was appointed to the Board on 7 February 2023. Annabel has considerable experience in senior roles within quoted UK operating companies within the retail, leisure, food and beverage sectors. Annabel is currently Group General Counsel and Company Secretary of Bakkavor Group plc, the FTSE 250 listed producer of freshly prepared food, where she also chairs the Diversity & Inclusion Forum. She was previously at Britvic plc and formerly General Counsel and a member of the Executive Committee of Ladbrokes Plc.
Patrick Edwardson
Patrick Edwardson was appointed to the Board on 11 February 2021. Patrick joined Baillie Gifford in 1993 and became a partner in 2005. In a wide-ranging investment career, he managed bond, equity and multi-asset portfolios, was manager of the Scottish American Investment Company plc between 2004 and 2014 and led Baillie Gifford’s multi-asset investment team until his retirement in 2020. He is currently managing director of Atheian Ltd, a family investment office, a non-executive director of two other investment trusts (JPMorgan Multi Asset Growth and Income plc and North American Income Trust plc) and also a non-executive director at Tillit, the retail investment platform.
Steve Baldwin
Steven Baldwin was appointed to the Board on 10 September 2018. Steve is a Chartered Accountant. He is currently Chairman of TruFin plc, a non-executive director at Plus500 Ltd and a Trustee at Howard de Walden Estates Limited. He was formerly a non-executive director of Elegant Hotels Group plc and Panmure Gordon & Co plc. He was the Head of European Equity Capital Markets and Corporate Broking at Macquarie Capital until February 2015. Prior to this Steve was a Director at JPMorgan Cazenove for ten years and was a Vice President of Corporate Finance at UBS from 1995-1998.
Q3 2023 Review
In this video update, portfolio manager James de Uphaugh discusses the drivers of performance this quarter and the strength of the UK companies within the portfolio.
What is an investment trust?
The first investment trust launched in 1868 and Edinburgh Investment Trust started managing investors’ savings in 1889. This listed structure has stood the test of time because of its differentiated features and attractions from other types of investments.
About Liontrust
The Edinburgh Investment Trust is managed by the Liontrust Global Fundamental team which is led by James de Uphaugh and Imran Sattar.
Liontrust is a specialist asset management company that takes pride in having a distinct culture and approach to running money. The company launched in 1995 and was listed on the London Stock Exchange in 1999.
Liontrust’s fund managers have the courage of their convictions through their differentiated and rigorous investment processes. Liontrust believes investment processes are key to long-term performance and effective risk control.
Staying true to their documented investment processes helps to create an in-built risk control for fund managers by preventing them from investing in companies and funds for the wrong reasons and helping them to retain clarity of thought.
Liontrust is committed to integrating sustainability throughout the business including being a responsible investor; climate change and the environment; diversity and inclusion; human rights; and being a good corporate citizen. Good governance and stewardship, sustainability and social impact are important in delivering longer-term investment performance.
