Edinburgh Investment Trust | Winterflood Research

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Outperformance under Majedie's stewardship

James de Uphaugh, the CIO of Majedie Asset Management, assumed responsibility for Edinburgh Investment Trust in March last year. His aim with Edinburgh Investment Trust is to deliver long-term outperformance and income generation in a sustainable and responsible way. Majedie has a pragmatic, research-driven investment approach with stock selection driven by valuations and fundamentals. The portfolio reflects a high conviction approach, with 40 to 50 holdings. The investment style is described as flexible and combines both macroeconomic and microeconomic analysis. The manager believes that the UK market is cheap at present and populated by strong businesses poised for share price recoveries.

For its current financial year to 31 March 2021, the fund intends to pay total dividends of 28.65p, in line with its previous financial year, albeit this comprises four ordinaries of 6p each and a 4.65p special. Although unlikely to be covered in this year, 24p is regarded as a sustainable annual dividend level from which it can be grown progressively and equates to a 4.3% based on the current share price.

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