With 55 years of annual dividend increases then behind it, Bankers will be on a par with City of London as the investment trust with the longest record of dividend growth.
With 55 years of annual dividend increases then behind it, Bankers will be on a par with City of London as the investment trust with the longest record of dividend growth.
If we look at the “price-to-book” ratio, which compares its market valuation with the value of its assets minus liabilities, it’s a similar story: that figure has soared from about 2.3, its long-term average, to 4.5 in just eight months.
Mr Widdowson said: “We invested in Volution in August 2018, seeing multiple drivers of value growth such as a growing market supported by environmental regulation, scope for margin improvement, an attractive cash generation record and a strong management team delivering successful mergers and acquisitions.
“Since our purchase the stock has outperformed our expectations, delivering simultaneously on all the drivers of value growth we had identified. This has led to a supernormal return and the result is that the shares now enjoy a full p/e rating.”
How to invest in a UK recovery: With Brexit done and vaccinations forging ahead, these funds and investment trusts are set to bounce back
With Brexit finally - and literally - a done deal, many hope the fortunes of unloved UK funds and trusts will improve this year and beyond
Positive vaccination news is also raising hopes for a turnaround this year
Latest industry statistics revealed mass outflows from UK funds over 2020
The UK All Companies sector was hit the hardest
Investors in the leading banks have endured a hair-raising year. At times, Lloyds, NatWest, Barclays and HSBC have seen their share prices dwindle to under half what they were 12 months ago. But are they now turning a corner?
Banks were this month given the green light to restart paying dividends – a huge relief to shareholders who rely on their holdings for an income. In March the industry regulator, the Prudential Regulation Authority, had asked banks to freeze dividends to private investors and pension funds. Instead, banks were told to use the payments to build up a cash pile as a buffer against potential loan losses.