Switch off compatibility mode

Portfolio & Performance

ISIN GB0001490001
SEDOL 0149000

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 20.05.2019 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.
Morningstar Bronze Rating: Morningstar analysts assign these ratings on a five-tier scale with three positive ratings of Gold, Silver, and Bronze, a Neutral rating, and a Negative rating. If a fund receives a positive rating it means Morningstar analysts think highly of the fund and expect it to outperform over a full market cycle of at least five years.
© 2019 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 Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, please visit http://global.morningstar.com/managerdisclosures.


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
Royal Dutch Shell - B Shares
Visa - A Shares
Taiwan Semiconductor
Agilent Technologies
Muenchener Rueckver
Cooper Cos
Estée Lauder
AIA Group
Microchip Technology
Amadeus IT Group

Data as of 30.04.2019

Sector Breakdown (%)

Health Care
Consumer Goods
Consumer Services
Oil & Gas
Basic Materials

Data as of 30.04.2019. Excludes Cash

Geographic Breakdown (%)

North America 42.0
UK 26.9
Europe ex UK 22.8
Pacific ex Japan 6.0
Japan 2.3

Data as of 30.04.2019. Excludes Cash

Fund Manager Comments

Market Review

Global equities advanced steadily throughout April. Investor sentiment was lifted by continued central bank dovishness, positive economic data in the US and China, and the recurring promise of thawing trade relations between the two countries. In Europe, rising economic sentiment and a further extension to the Brexit process both provided a boost to equity markets.

Sectoral performance was mixed. After a weak March, Financials rebounded thanks to upbeat earnings, especially from retail-focused banks. Communication Services and Information Technology stocks also delivered strong gains. US Democrat support for universal healthcare continues to weigh on the sector, and has been compounded by a district court ruling the Affordable Care Act unconstitutional. Higher yielding sectors, such as Real Estate and Utilities, also lagged, as did Energy.

The US dollar strengthened over April, while the euro closed flat. Oil prices rallied, with Brent crude rising back above US$75 a barrel for the first time since October 2016, after the US government said it would eliminate sanctions waivers on Iranian oil imports. The ‘risk on’ environment caused gold to weaken, with the precious metal falling to its lowest level since December 2018.

Portfolio Review

The Trust’s NAV rose by 3.4% against a benchmark return of 3.3%. Stock selection in Technology has been particularly strong, with Microchip and Microsoft making the largest positive contributions to returns.

Microchip shares have performed well in the run-up to its Q4 results. The maker of microcontrollers is reporting lower inventories at the same time as demand improves. Microchip is also optimistic about the longer-term potential of its MSCC acquisition, with cross-selling already underway.

Microsoft also boosted returns thanks to strong results which beat expectations across almost all segments. The technology company’s cloud offering, Azure, continues to shine, delivering year on year growth of 75%. Microsoft is benefiting from the growing numbers of Enterprise customers migrating to more sophisticated, higher margin cloud services. Given the strength of its legacy relationships, the company is ideally placed to help enterprise customers make this shift.

Conversely, the portfolio’s overweight allocation to Health Care holdings has been a source of weakness. The sector has continued to come under pressure as the US Democrat Bernie Sanders and his ‘Medicare for All’ proposal gain traction in the run up to 2020 elections.

UnitedHealth Group has come under particular pressure, and in April the stock was our weakest performer. However, in its Q1 results the managed healthcare provider beat and raised full year guidance. This has driven some recovery in the share price and we continue to see universal healthcare in America as an unlikely prospect.

Roche has also detracted from returns, despite solid Q1 numbers. The pharmaceutical company beat expectations thanks to a range of drugs, including those facing biosimilar competition. At the same time, Hemlibra’s growth rate beat expectations by over 60 per cent, highlighting the haemophilia drug’s potential as a future growth driver for the company. Market Outlook

President Trump’s recent tweets are a timely reminder that US/China trade talks remain a source of volatility until firm agreement is reached. The US leader threatened to impose tariffs of up to 25 per cent on over US$500 billion of Chinese goods. Markets are wary of additional barriers to growth killing an already stalling recovery.

Further trade uncertainty would also keep monetary policy accommodative. Slowing economic data in the US has persuaded the Federal Reserve to defer rate hikes further, with May’s data once again pointing to a stubborn lack of wage inflation despite impressive employment numbers. While the conditions for a rate cut have not yet been met, additional tariffs would certainly raise the barriers for a hike.

This disjoin between weak wage growth and resilient employment is having a clear effect on companies. Analysts continue to revise earnings estimates downwards in all regions. However, we do expect the speed of downgrades to slow from here, as global growth is slowing but not collapsing.

European politics is also resurfacing, with elections to the European Parliament scheduled for May 23. The prospect of a substantial far-right bloc, led by Italy’s Matteo Salvini, is now a very real possibility. The fallout from Brexit is likely to weigh heavily on these results, and consequently the entire European political project.

Having rapidly reversed their Q4 2018 sell-off, global equity markets are now taking a “wait and see” approach. As economics and politics contend with each other, we continue to expect a pattern of lower and more volatile returns. In these conditions, implementing our investment process and taking a truly active approach will be key to navigating the months ahead.

Lucy Macdonald 10 May 2019

Having rapidly reversed their Q4 2018 sell-off, global equity markets are now taking a “wait and see” approach.

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


Performance (%)

Select period:

    Cumulative Returns (%)

    3M 6M 1Y 3Y 5Y
    Share Price 11.9 9.4 4.1 56.5 69.1
    NAV (debt at fair value) 9.6 7.2 6.3 52.7 65.0
    Benchmark 8.4 6.8 9.4 48.1 63.8

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.04.2019.1

    Discrete 12 Month Returns (%)

    2019 2018 2017 2016 2015
    Share Price 4.1 16.4 29.1 -0.8 9.0
    NAV (debt at fair value) 6.3 10.9 29.5 -4.1 12.6
    Benchmark 9.4 7.7 25.7 -2.3 13.2

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 30.04.2019.1

    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 2019 © 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 2019, 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.