Portfolio & Performance


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.
Share Price

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 of the company’s long-term debt and preference shares (known as debt at market 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).
NAV per Share

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.
Dividend Yield

Data source DataStream and Allianz Global Investors as at 26.10.2020 based on market close mid price.

Awards & Ratings

Morningstar Rating: The Morningstar Rating is an assessment of a fund’s past performance – based on both return and risk – which shows how similar investments compare with their competitors. A high rating alone is insufficient basis for an investment decision.
© 2020 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.


The data shown is not constant over time and the allocation may change in the future. Totals may not sum to 100.0% due to rounding. All data source Allianz Global Investors unless otherwise stated.

Top 20 Holdings (%)

UnitedHealth Group
Cooper Cos
Muenchener Rueckver
Visa - A Shares
Taiwan Semiconductor
Agilent Technologies
Schneider Electric
Estée Lauder
AIA Group
Microchip Technologies

Data as of 30.09.2020

Sector Breakdown (%)

Health Care
Consumer Goods
Consumer Services
Basic Materials
Oil & Gas

Data as of 30.09.2020. Excludes Cash

Geographic Breakdown (%)

North America 47.7
Europe ex UK 27.6
UK 16.6
Pacific ex Japan 5.2
Japan 2.9

Data as of 30.09.2020. Excludes Cash

Fund Manager Comments

Market Review

After recording the strongest August returns since 1986, global equities weakened in September with the MSCI All Countries World Index registering its first monthly decline since March’s steep sell-off. Disappointment over the lack of new US fiscal support weighed on sentiment, as did concerns that a surge in COVID-19 cases in Europe would curtail the region’s economic recovery. By contrast, China’s recovery appeared to pick up speed, despite a moderate appreciation of the US dollar. In a change from recent months, US equities recorded some of the weakest returns, including a dip for the popular technology stocks. Oil prices fell and gold also eased from the record highs it reached in August.

Portfolio Review

The Trust’s portfolio outperformed its benchmark over the month with stock selection in Technology and Consumer Services boosting returns. However, the Trust’s NAV fell slightly more than the weakening market, with a return of -0.95% vs. the -0.31% return from the benchmark.

The Cooper Companies made the largest positive contribution to performance. The maker of contact lenses and surgical instruments reported Q3 results which beat expectations. This was matched by robust guidance, reflecting Cooper’s ability to mitigate the effects of the pandemic and resurgent demand for its Silicon Hydrogel lenses.

Bright Horizons has continued its strong run since releasing results in August. Working from home has only highlighted the importance of reliable childcare, while any COVID-related concerns are increasingly offset by evidence children are less likely to transmit the virus. We also share the view that any impact from families leaving urban centres in favour of the countryside will be more than offset given the scale of unmet demand.

Munich Re made the largest dent to performance, falling in tandem with a broader sell in off in European financials. The company has been impacted by this year’s hurricane season but over time may recover from this with improved pricing, as has happened in past insurance cycles. Munich Re’s business model is relatively defensive with a steady long-term growth profile.

Ashmore also detracted from returns. The emerging markets focused asset manager has faced two recent quarters of underperformance and outflows. This is not unusual in times of volatility given the company’s somewhat contrarian investment approach. Ashmore is one of the longest standing practitioners in the asset class with a strong track record and a resilient, internally developed and entrepreneurial culture. We expect investors will return to emerging markets. In the meantime, a bullet proof balance sheet and an attractive dividend yield means we are paid to wait.

Market Outlook

During the first phase of the pandemic, stock markets were grappling with the effects of containment policies that caused a major economic contraction, offset to some degree by a huge monetary and fiscal stimulus. This period saw a major outperformance of the “stay at home” stocks, in sectors such as technology, healthcare and other non-cyclical industries. As we head into the winter and autumn months, the big question is “will this trend continue or could there be a major reversal?”

One major change is that most economies are no longer contracting. For sure, gross domestic product (GDP) is still way down on 2019, but in most countries the recovery has begun, as economies have opened up again. At the same time, a second wave of infections has taken hold across Europe and parts of the US, although hospitalisations and deaths remain well below the peak levels earlier in the year. Debate rages as to the reasons behind this. Most Governments appear to be treading cautiously for now, bringing back restrictions where they think it is necessary to do so. In the short term, this is likely to put the brakes on the nascent recovery in business and economic activity. That said, we now know a lot more about the virus and how it spreads. Treatments have improved and there are several vaccines in advanced trials. There are also signs that consumers and businesses are learning to adapt and live with the virus.

Just as this downturn was unlike any other, the recovery is also likely to be unusual. Certain cyclical industries, such as those related to housing, are already recovering quite rapidly, driven by pent up demand, shifts in consumer preferences and switching of spending from other areas like travel and leisure. Several management meetings in recent weeks have confirmed to us that this is happening. On the other hand, other industries such as travel and leisure, remain deeply depressed and will continue to struggle as long as COVID restrictions remain in place. Permanent behavioural change may also suppress the recovery in some areas, such as business travel and certain parts of leisure. Indeed, a number of the changes to the Trust’s portfolio in recent weeks and months reflect these considerations.

The Trust’s portfolio has always sought to maintain a balanced exposure, investing in high quality companies across a range of sectors both defensive and cyclical. This is especially pertinent today. In the face of a highly uncertain and volatile market environment, our balanced approach ensures that stock picking remains the primary driver of long-term returns.

Matthew Tillett15 October 2020

Just as this downturn was unlike any other, the recovery is also likely to be unusual

This is no recommendation or solicitation to buy or sell any particular security.


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price-1.67.4-
    NAV (debt at fair value)

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.09.2020.1

    Discrete 12 Month Returns to 30 September (%)

    2020 2019 2018 2017 2016
    Share Price-8.28.511.727.614.7
    NAV (debt at fair value)

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 30.09.2020.1

    1Past performance is not a reliable indicator of future returns. You should not make any assumptions on the future on the basis of performance information. The value of an investment and the income from it can fall as well as rise as a result of market fluctuations and you may not get back the amount originally 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.

    Copyright 2020 © 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.

    © Allianz Global Investors GmbH 2020, Registered Office: Frankfurt am Main, Register: HRB 9340, Local court: Frankfurt am Main. All Rights Reserved. The Brunner Investment Trust PLC is incorporated in England and Wales. (Company registration no. 226323). Registered Office: 199 Bishopsgate, London, EC2M 3TY. VAT registration no. 244 7355 54. The Company is a member of the Association of Investment Companies - Category: Global Growth.