The Brunner investment trust increased its dividend for the 52nd consecutive year in 2023, according to its final results released today.
Shareholders will receive 22.7p after the final payment in April, which is 5.6% higher than the dividends distributed in 2022 despite ongoing headwinds from inflation.
Brunner’s share price was up 4.4% in the 12 months ending on 30 November, which was higher than the 1.9% increase reported by the average IT Global trust.
The trust’s chair, Carolan Dobson, noted that the Brunner had little exposure to the Magnificent Seven stocks that spearheaded equity markets last year.
Though this may have held the trust back from those supercharged returns, Dobson said it exemplified managers Christian Schneider, Julian Bishop and Simon Gergel’s commitment to consistency over chasing highs.
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“As we are only relatively small holders of the noted stocks that led markets forward, the board is particularly happy to report this consistent progress to shareholders,” she said.
“Brunner should be viewed as an all weather global equity portfolio. Over time we aim to demonstrate the substance of this claim, providing solid outperformance through a variety of market and macroeconomic conditions.”
The trust’s biggest contributors to performance over the period were Microsoft, Jumbo SA, Novo Nordisk and Munich Re.
Inflation throughout the sampling period was “more persistent than expected” according Dobson, but signalling from central banks that interest rates could drop in future has spurred the trust on in the ensuing months.
Since 30 November, Brunner’s share price is up 18.6% whilst the average IT Global fund climbed 11.1%.
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