The North American Income Trust plc

Leading US companies picked for their higher income potential

Daily prices as of {{asOfDate}}

{{item.label}} {{item.value}} {{item.unit}}

Latest news

An update from our investment manager, Fran Radano - 19 March 2021

As Covid-19 vaccine rollouts gain momentum and another round of stimulus appears close to clearing hurdles in Congress, we feel that the US economy now appears set to deliver meaningful acceleration in growth moving through 2021. The combination of a “bounce-back” and federal spending has prompted concerns in the market about the economy overheating and a pickup in inflation, reflected in a sharp rise in longer-term US Treasury yields. Aberdeen Standard Investments’ house view does not share these concerns as we consider the significant slack that remains in the economy, which in practice will take time to tighten sufficiently to generate the above-inflation targets that the US Federal Reserve (Fed) seeks to act more quickly on interest rates. The Fed has already commented that it is happy to look through several near term “snap-back” items which might drive higher inflation data, and for now we believe that the Fed will likely push back on creeping expectations of a more accelerated rate-hike timeline. The surfacing of inflation fears drove a continued substantial rotation within equities; structurally growing companies which had benefited from market confidence that they could withstand the pandemic saw their valuation multiples contract, while the market significantly bid up the stock prices of companies with apparent exposure to “normalization.”

Looking forward, we see several distinct drivers which we believe will influence stocks. First, we expect large-scale stimulus from the administration of US President Joe Biden to serve as a broad-based demand accelerator. Secondly, as evidenced by recent retail sales data, consumers remain in relatively good standing, buoyed by ongoing fiscal support, a condition that we anticipate will persist absent a new surge in Covid-19 cases. We are keeping a close eye on household balance sheets and the implications of high cash balances for both potential consumption and deleverage. Finally, what gives us more comfort is that corporate fundamentals remain relatively robust and companies across sectors have indicated a willingness to continue to invest aggressively in their businesses given strengthening demand.

About us

Hear more from our investment manager Fran Radano:

 

Key people

Francis Radano

Francis Radano

Senior Investment Manager

Fran Radano is a Senior Investment Manager on the North American Equity Team. Fran joined Aberdeen in 2007 following the acquisition of Nationwide Financial Services’ equity investment management team, where he had served as a senior equity research analyst providing fundamental research coverage for the consumer discretionary and consumer staples sectors since 1999. Previously, Fran was a research analyst and vice president at Salomon Smith Barney. Prior to that, he was an associate trader at SEI Investments. Fran received a BA in Economics from Dickinson College, and has also earned a MBA in Finance from Villanova University. He is a CFA® Charterholder.

Ralph Bassett

Ralph Bassett

Deputy Head of North American Equities

Ralph Bassett is Deputy Head of North American Equities. Ralph joined Aberdeen in 2006 from Navigant Consulting where he worked as a management consultant providing client analysis and direction on critical business decisions. Previously, Ralph held internships at J.P. Morgan Chase and Boenning and Scattergood, a boutique investment bank. Ralph graduated with a BS in Finance from Villanova University. He is a CFA® Charterholder.

  • Francis Radano

    Francis Radano

    Senior Investment Manager

    Fran Radano is a Senior Investment Manager on the North American Equity Team. Fran joined Aberdeen in 2007 following the acquisition of Nationwide Financial Services’ equity investment management team, where he had served as a senior equity research analyst providing fundamental research coverage for the consumer discretionary and consumer staples sectors since 1999. Previously, Fran was a research analyst and vice president at Salomon Smith Barney. Prior to that, he was an associate trader at SEI Investments. Fran received a BA in Economics from Dickinson College, and has also earned a MBA in Finance from Villanova University. He is a CFA® Charterholder.

  • Ralph Bassett

    Ralph Bassett

    Deputy Head of North American Equities

    Ralph Bassett is Deputy Head of North American Equities. Ralph joined Aberdeen in 2006 from Navigant Consulting where he worked as a management consultant providing client analysis and direction on critical business decisions. Previously, Ralph held internships at J.P. Morgan Chase and Boenning and Scattergood, a boutique investment bank. Ralph graduated with a BS in Finance from Villanova University. He is a CFA® Charterholder.

James Ferguson

James Ferguson

Chairman

James Ferguson, appointed on 12 March 2002, is a former chairman and director of Stewart Ivory and a former deputy chairman of the AIC. He is the chairman of Monks Investment Trust, The Scottish Oriental Smaller Companies Investment Trust, Value and Income Trust and Northern 3 VCT and a director of The Independent Investment Trust.

Karyn Lamont

Karyn Lamont

Chairman of Audit Committee and Independent Non-Executive Director

Karyn Lamont, appointed on 18 September 2018, is a chartered accountant and worked for over 25 years at PwC, including 13 years as an Audit Partner, specialising in the financial services sector across the UK. She has provided audit and other services to a range of clients including a number of investment trusts, a broad range of management companies and outsourced service providers. Her specialist knowledge includes financial reporting, audit and controls, risk management, regulatory compliance and governance. She is the Audit Committee Chairman of The Scottish Investment Trust plc and a non executive director at the Scottish Building Society.

Susan Rice

Dame Susan Rice

Independent Non-Executive Director

Susan Rice, appointed on 17 March 2015, is a chartered banker and is currently the President of the Scottish Council of Development and Industry, the Chair of Scotland's new Fiscal Commission, Vice-Chair of Scotland’s 2020 Climate Change Group and a non-executive director of J Sainsbury and Big Society Capital. Her previous roles include managing director of Lloyds Banking Group Scotland, chairman and chief executive of Lloyds TSB Scotland, a director of the Bank of England and a non-executive director of SSE plc and a member of the recent First Minister's Council of Economic Advisers. Originally from the United States, her early career was at Yale and Colgate universities and then at NatWest Bancorp. She was the first woman to head a UK clearing bank in 2000. Susan also chairs the Edinburgh International Book Festival and Edinburgh's Festivals Forum, and works extensively with Scotland's National Galleries to ensure a vibrant cultural base in the country.

susannah nicklin

Susannah Nicklin

Independent Non-Executive Director

Susannah Nicklin, appointed on 18 September 2018, is a financial services professional with over 20 years of experience in executive roles at Goldman Sachs and Alliance Bernstein in the US, Australia and the UK. She has also worked in the social impact private equity sector with Bridges Ventures, the Global Impact Investing Network and Impact Ventures UK. She is Chair of Schroder BSC Social Impact Trust plc, the Senior Independent Director of Pantheon International plc and a non-executive director of Amati AIM VCT plc and Baronsmead Venture Trust plc. She is a CFA® charterholder.

Charles Park

Charles Park

Independent Non-Executive Director

Charles Park, appointed on 13 June 2017, has over 25 years of investment management experience. He is a co-founder of Findlay Park Investment Management, a US boutique asset management house which was established in 1997. Prior to his retirement from the firm in 2016, he was deputy chief investment officer with joint responsibility for managing Findlay Park American Fund.

Prior to co-founding Findlay Park, Charles was an investment manager at Hill Samuel Asset Management and an analyst at Framlington Investment Management.

  • James Ferguson

    James Ferguson

    Chairman

    James Ferguson, appointed on 12 March 2002, is a former chairman and director of Stewart Ivory and a former deputy chairman of the AIC. He is the chairman of Monks Investment Trust, The Scottish Oriental Smaller Companies Investment Trust, Value and Income Trust and Northern 3 VCT and a director of The Independent Investment Trust.

  • Karyn Lamont

    Karyn Lamont

    Chairman of Audit Committee and Independent Non-Executive Director

    Karyn Lamont, appointed on 18 September 2018, is a chartered accountant and worked for over 25 years at PwC, including 13 years as an Audit Partner, specialising in the financial services sector across the UK. She has provided audit and other services to a range of clients including a number of investment trusts, a broad range of management companies and outsourced service providers. Her specialist knowledge includes financial reporting, audit and controls, risk management, regulatory compliance and governance. She is the Audit Committee Chairman of The Scottish Investment Trust plc and a non executive director at the Scottish Building Society.

  • Susan Rice

    Dame Susan Rice

    Independent Non-Executive Director

    Susan Rice, appointed on 17 March 2015, is a chartered banker and is currently the President of the Scottish Council of Development and Industry, the Chair of Scotland's new Fiscal Commission, Vice-Chair of Scotland’s 2020 Climate Change Group and a non-executive director of J Sainsbury and Big Society Capital. Her previous roles include managing director of Lloyds Banking Group Scotland, chairman and chief executive of Lloyds TSB Scotland, a director of the Bank of England and a non-executive director of SSE plc and a member of the recent First Minister's Council of Economic Advisers. Originally from the United States, her early career was at Yale and Colgate universities and then at NatWest Bancorp. She was the first woman to head a UK clearing bank in 2000. Susan also chairs the Edinburgh International Book Festival and Edinburgh's Festivals Forum, and works extensively with Scotland's National Galleries to ensure a vibrant cultural base in the country.

  • susannah nicklin

    Susannah Nicklin

    Independent Non-Executive Director

    Susannah Nicklin, appointed on 18 September 2018, is a financial services professional with over 20 years of experience in executive roles at Goldman Sachs and Alliance Bernstein in the US, Australia and the UK. She has also worked in the social impact private equity sector with Bridges Ventures, the Global Impact Investing Network and Impact Ventures UK. She is Chair of Schroder BSC Social Impact Trust plc, the Senior Independent Director of Pantheon International plc and a non-executive director of Amati AIM VCT plc and Baronsmead Venture Trust plc. She is a CFA® charterholder.

  • Charles Park

    Charles Park

    Independent Non-Executive Director

    Charles Park, appointed on 13 June 2017, has over 25 years of investment management experience. He is a co-founder of Findlay Park Investment Management, a US boutique asset management house which was established in 1997. Prior to his retirement from the firm in 2016, he was deputy chief investment officer with joint responsibility for managing Findlay Park American Fund.

    Prior to co-founding Findlay Park, Charles was an investment manager at Hill Samuel Asset Management and an analyst at Framlington Investment Management.

Financial calendar

Year End 31 January
Accounts published March
Annual General Meeting June
Dividend Paid February, June, August, November

Trust details

The North American Income Trust plc

Registered Office:
1 George Street
Edinburgh
EH2 2LL

Registered in Scotland as an Investment Company Number SC005218

Launch Date: November 1902

Risk warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.