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 22.09.2021 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.
© 2021 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
Agilent Technologies
Cooper Cos
Taiwan Semiconductor
Visa - A Shares
Estée Lauder
Schneider Electric
Muenchener Rueckver
Novo Nordisk
Microchip Technology
AIA Group
Partners Group
St James's Place

Data as of 31.08.2021

Sector Breakdown (%)

Health Care
Information Technology
Consumer Discretionary
Consumer Staples
Real Estate

Data as of 31.08.2021. Excludes Cash

Geographic Breakdown (%)

North America 45.9
Europe ex UK 27.5
UK 20.1
Pacific ex Japan 4.1
Japan 2.5

Data as of 31.08.2021. Excludes Cash

Fund Manager Comments

Market Review

Global equities posted moderate gains over August. Strong corporate earnings data outweighed concerns central banks might start tapering pandemic support measures. While several emerging markets have already raised interest rates, central banks in G7 nations have yet to follow suit. In a speech at Jackson Hole, Chair of the Federal Reserve Jay Powell indicated that while tapering may begin before year end, doing so too quickly could have a destabilising effect. This relatively dovish commentary, meaning the Fed is unlikely to take strong action, enabled financial markets to shrug off rising transmission rates of the Covid-19 Delta variant, as well as ongoing supply chain disruptions and a slowing in the Chinese economy.

At a sector level, Financial stocks outperformed as investment banking revenues surged past pre-pandemic levels. Information Technology and Communication Services also did well, reflecting investors’ return to quality stocks delivering consistent earnings growth. Correspondingly, Energy and Materials stocks lagged the broader market as commodity prices weakened.

It was a volatile month for commodities. Brent crude slipped to 65 USD a barrel, amid concerns the Delta variant would slow economic growth, before recovering to end the month around 72 USD a barrel. Similar concerns hit iron ore, with prices dropping to just above 130 USD a tonne, a level last seen in December 2020. Copper also fell, touching a five-month low.

Portfolio Review

The Trust’s equity portfolio outperformed its benchmark in August, delivering a NAV total return of 4.7% vs the benchmark’s 3.3%.

Stock Spirits Group (SSG) made the biggest positive contribution. The drinks company announced an agreed takeover by private equity company CVC Advisers at a 41% premium. We believe the bid price is a fair one, which recognises the significant value created since the current management team took over in 2016, whilst also leaving longer term upside for CVC to further invest and grow the business. The acquisition is one in a long line of recent UK deals, reflecting the attractive valuations of quality businesses in the region, particularly relative to the US.

Agilent also boosted returns. The maker of life science tools reported strong Q3 results raising full year earnings guidance. The company’s core biopharmaceutical market remains stable, continuing to benefit from Covid-19 tailwinds. However, a broader economic pickup is also bolstering its chemical and energy divisions.

LVMH made the weakest contribution to performance. Increasing regulation in China has primarily affected technology stocks, but promises from President Xi to deliver “common prosperity” through income regulation and redistribution have also affected the entire luxury sector. LVMH shares fell over 11% on the news. We anticipate any impact is likely to be temporary in nature given the wide appeal and strong demand drivers for LVMH’s products in China.

Visa also weakened returns. Shares in the payments company fell after the Biden administration endorsed reopening a proposal which mandated greater network choices and capped the fees retailers pay card companies. While the story is likely to sustain bouts of volatility in the shares, Visa’s scale continues to be one of the drivers behind its dominant position.

Market Outlook

August has been a contradiction month for equity markets. On the one hand, global stock markets have continued to make modest gains, with many regions hitting all-time highs. Set against this, the Federal Reserve is indicating that it plans to dial back monetary stimulus, China’s economy is visibly slowing and the Delta variant of Covid-19 continues to spread rapidly.

Covid-19’s ebb and flow continues to impact stock markets, albeit to a lesser extent. In part this is down to vaccines which have enabled countries with high vaccination rates, such as the UK, to handle surging infection rates without hospitals becoming overrun. In contrast, the delta variant’s rapid spread in China and other emerging markets, where vaccination rates are much lower, is putting much greater strain on local economies and healthcare systems. This is why the economic recovery from Covid-19 will be uneven, with emerging markets likely needing many more months to return to normality. In addition, aside from the most heavily impacted sectors such as airlines and hotels, most well-run companies have become much more adept at dealing with Covid-19 related disruption, for example by shifting their business models further into the digital realm. This has allowed them to operate much closer to normality even with social restrictions in place.

Despite US equities hitting all-time highs and the economy seemingly recovering strongly, the monetary and fiscal environment remains very supportive. Even with a tapering of asset purchases, interest rates remain very low, whilst the passing of a large infrastructure bill will add even more stimulus to the economy. Against this backdrop of strong demand and ongoing Covid-19 related disruption, it is not surprising that we are seeing significant cost push inflation as supply chains struggle to cope. Most companies have been able to pass these costs on to customers but the longer this situation persists the harder this will become.  Ensuring portfolio holdings have the management, product offering and pricing power to offset these concerns longer-term remains a priority in all our investment cases.

Matthew Tillett21 September 2021

August has been a contradiction month for equity markets

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


Performance (%)

Select period:

    Cumulative Returns (%)

    Share Price10.628.242.549.1108.6
    NAV (debt at fair value)9.718.732.743.290.6

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return to 31.08.2021.1

    Discrete 12 Month Returns to 31 August (%)

    2021 2020 2019 2018 2017
    Share Price42.5-
    NAV (debt at fair value)

    Source: Thomson Reuters DataStream, percentage growth, mid to mid, total return as at 31.08.2021.1

    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 2021 © 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 2021, 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.