Download Investment Trusts Schroder Income Growth Fund plc

April 2017
All data and Schroders' views expressed as at 31 March 2017
www.schroders.co.uk/its
Investment Trusts
Schroder Income Growth Fund plc
Fund Manager
Sue Noffke
Managed fund since
01 July 2011
Fund Launch Date
09/03/1995
Net Assets (Million)
GBP 210.2
Net Yield
3.7 %
Gearing
8.0 %
Investment Objective and Policy
The Company's principal investment objectives are to provide real growth of income, being growth of income in
excess of the rate of inflation, and capital growth as a consequence of the rising income.
Fund Manager Comment
The FTSE All-Share index rose 4.0% over the quarter amid further evidence of a recovery in the global economy.
The UK domestic economy also proved more resilient than expected as the Bank of England upgraded its 2017
UK GDP growth projection (from 1.4% to 2.0%) due to stronger-than-expected consumer spending following the
EU "leave" decision. Many sectors sensitive to the economic cycle continued to outperform, building on their very
strong performances at the end of 2016. Housebuilder Taylor Wimpey, financial infrastructure business NEX Group
(formerly ICAP) and Swiss pharmaceuticals group Roche were among our top-performing positions. BT, education
business Pearson and integrated energy company and British Gas owner Centrica detracted from performance.
Performance Analysis
Performance over 5 years (%)
90.0
80.0
70.0
60.0
50.0
NAV per share
40.0
305.96 GBX
30.0
20.0
Share Price
281.00 GBX
Premium / (Discount) to NAV
(8.16) %
Dividend Policy
Quarterly
10.0
0.0
-10.0
Mar
122012
Mar
___
Dec 12Mar 2013Sep 13
NAV per share
___
Jun 14
Mar 2014
Share Price
Feb
152015
Mar
Oct 15 Mar 2016
Jun 16
Feb2017
17
Mar
FTSE All Share Total Return
Performance (%)
YTD
1 month
3 months
6 months
Share Price
0.5
1.6
0.5
11.0
Net Asset Value
3.8
1.6
3.8
10.5
FTSE All Share Total Return
4.0
1.2
4.0
8.1
1 year 3 years p.a. 5 years p.a.
Since
Launch
Average
p.a. since
launch
Performance (%)
Share Price
21.0
6.6
12.2
590.5
9.1
Net Asset Value
19.6
9.4
12.8
657.6
9.6
FTSE All Share Total Return
22.0
7.7
9.7
468.7
8.2
Q1/2016 Q1/2017
Q1/2015 Q1/2016
Q1/2014 Q1/2015
Q1/2013 Q1/2014
Q1/2012 Q1/2013
Share Price
21.0
-8.6
9.5
14.7
26.9
Net Asset Value
19.6
-4.8
14.9
14.3
21.1
FTSE All Share Total Return
22.0
-3.9
6.6
8.8
16.8
Discrete Yearly Performance (%)
Morningstar Ratings are sourced from Morningstar.
© 2017 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. For more detailed information about
Morningstar's Analyst Rating, including its
methodology, please go to:
http://corporate.morningstar.com/us/documents/Met
hodologyDocuments/AnalystRatingforFundsMethod
ology.pdf . For disclosure and detailed information
about this fund please refer to full Morningstar
Global Fund Report that can be accessed here
http://essentials.morningstar.com/file/downloadEuAn
alystRatingReport?IsUKCOUNTRY=false&univ=FC
&isFullReport=true&msgType=620&MstarId=E0GBR
01NNO&countryId=GBR&languageId=EN Please
note that information is currently only available in
English.
Past performance is not a guide to future performance and may not be repeated. The value of investments
and the income from them can go down as well as up and you may not get back the amount originally
invested.
Some performance differences between the fund and the reference index may arise because the fund
performance is calculated at a different valuation point from the reference index.
Source: Schroders, bid to bid price with net income reinvested, net of the ongoing charges and portfolio costs and,
where applicable, performance fees, in GBP.
http://SIT-Schroder-Income-Growth-Fund-plc-Dis-FMI-UKEN
Investment Trusts Schroder Income Growth Fund plc
Risk Considerations
Top 10 Holdings
Trusts that invest in a smaller number of stocks carry more risk than funds spread across a larger number of
companies. The trust will invest solely in the companies of one country or region. This can carry more risk than
investments spread over a number of countries or regions. As a result of the fees and finance costs being charged
partially to capital, the distributable income of the trust may be higher, but the capital value of the trust may be
eroded. The trust may borrow money to invest in further investments, this is known as gearing. Gearing will
increase returns if the value of the investments purchased increase in value by more than the cost of borrowing, or
reduce returns if they fail to do so.
Holdings
Sector
% NAV
1. Royal Dutch Shell
Oil & Gas
7.7
2. British American Tobacco
Consumer Goods
6.3
3. HSBC Holdings
Financials
5.4
4. Lloyds Banking Group
Financials
5.0
5. Rio Tinto
Basic Materials
4.3
6. Aviva
Financials
4.2
7. Vodafone Group
Telecommunications
4.0
8. AstraZeneca
Health Care
4.0
9. BP
Oil & Gas
3.9
Health Care
3.8
10. GlaxoSmithKline
Total number of holdings
45
Asset Allocation (%)
Sector
32.3
Financials
19.5
Consumer Goods
15.0
Oil & Gas
10.1
Health Care
9.5
Consumer Services
7.1
Telecommunications
5.3
Industrials
4.3
Basic Materials
3.7
Technology
Utilities
Liquid Assets - 8.6
1.9
Liquid Assets contain cash, deposits and money market instruments with maturities of up to 397 days, which are respectively not part of the core investment objective and
policy. The commitment linked to the equity index futures contracts, if present, is deducted from cash. Source: Schroders
Information
Schroder Unit Trusts Limited
31 Gresham Street
London
EC2V 7QA
SEDOL
Bloomberg
Reuters
ISIN
Fund Base Currency
Dividend Ex Dates
0791586
SCF:LN
SCF.L
GB0007915860
GBP
29-Dec, 14-Apr, 07-Jul, 06-Oct
Dealing
Ordinary shares can be purchased via the
Schroders Stock and Shares ISA.
Dividend Pay Dates
29 Apr 2016 - 2.00p
29 Jul 2016 - 2.00p
31 Oct 2016 - 4.60p
31 Jan 2017 - 2.00p
Ongoing Charges (latest
available)
1.00 %
ISA Eligible
Yes
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This factsheet should not be taken as any indication the company held any particular investments at any particular date other than the stated date. Nothing in
this factsheet should be construed as advice and is therefore not a recommendation to buy or sell shares. If you are interested in this fund you should contact
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information. Please note that Schroders is unable to give you specific investment advice. For investors' security calls to this number may be recorded.
The data contained in this document has been sourced by Schroders and should be independently verified before further publication or use. Issued by Schroder Unit Trusts
Limited, 31 Gresham Street, London EC2V 7QA. Registered No: 4191730 England. Authorised and regulated by the Financial Conduct Authority.
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