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The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.Read the detailed Risk Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 04-Dec-2013Ord
|Net Dividend Yield||2.40%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
To provide investors with above average dividend income and long term capital growth through active management of a portfolio consisting predominantly of S&P 500 US equities. Dividends - paid semi-annually in first year; quarterly thereafter.
In this webcast, Paul Atkinson gives an update on a wide range of subjects including performance, sector breakdown and the twenty largest investments.
The North American equity and US fixed income markets both gained ground in September mainly on optimism regarding US Federal Reserve monetary policy, which offset concerns surrounding the looming US government shutdown.
During the month, we added to two of the Trust’s highest dividend growers. Royal Bank of Canada (RBC), a world-class bank franchise backed by Canada’s favourable regulatory environment, is now a top five holding. Benefitting from a tailwind of loan growth and an increase in fee income, RBC has recorded mid-teens dividend growth since the middle of 2012. We also added to tobacco company Philip Morris International, which the team likes for its earnings stability driven by pricing power and exposure to higher growth emerging nation geographies. Its progressive distribution policy has resulted in dividend increases of over 20%, complemented by material share buy-backs. Taking advantage of defence contractor Lockheed Martin’s strong share price appreciation over the last three months and recognizing the company’s sensitivity to events in the Middle East and Washington, we halved our position using a call option assignment. Having already increased its dividend by a third since last year, we expect the Trust to benefit from further increases in the next 12 months and remain buyers at lower levels. In portfolio-related corporate news, we attended Praxair’s Investor Day, which affirmed our view that the company can deliver meaningful annual EPS growth through 2017.
NAIT’s six open option positions, equivalent to approximately 6% of NAV, and its 16 bond holdings helped the Trust diversify its roughly 40 equity holdings, as well as providing some basic yield pick-up.
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Registered in Scotland as an Investment Company Number 005218