The Merchants Trust | Winterflood Research

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Among UK top performers as paradigm shifts

The Merchants Trust aims to provide shareholders with an above-average and growing level of income, as well as long-term capital growth, by investing in higher-yielding large UK companies. Simon Gergel, UK Equities CIO at Allianz Global Investors, has managed the fund since June 2006. He is supported by Matthew Tillett and Richard Knight. The managers aim to identify materially undervalued quality companies by assessing fundamentals on a bottom-up basis, while taking secular industry themes into account. The portfolio is concentrated, generally consisting of 40 to 60 high-conviction holdings. The fund performed strongly in 2021, as markets rotated towards value. The NAV total return over the calendar year was +33%, compared with +18% for the FTSE All-Share benchmark and +23% for the UK Equity Income peer group. Over the year to date, the NAV total return is +4.8%, compared with +0.2% for the FTSE All-Share and -2.3% for the peer group. The fund is an AIC ‘Dividend Hero’, having paid a growing dividend for each of the last 40 years.

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