Dunedin Income Growth Investment Trust : Half Yearly Report

Dunedin Income Growth Investment Trust PLC

Half Yearly Report 31 July 2022

Targeting income and long-term growth from mainly UK companies chosen for their quality and commitment to improving sustainability

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Contents

Overview
Performance Highlights and Financial Calendar	1
Chairman's Statement	4
Interim Management Statement	7
Investment Manager's Review	8
Sustainable and Responsible Investing Criteria	10
Portfolio
Ten Largest Investments	11
Investment Portfolio	12
Investment Case Studies	14
Financial Statements
Condensed Statement of Comprehensive Income (unaudited)	17
Condensed Statement of Financial Position (unaudited)	18
Condensed Statement of Changes in Equity (unaudited)	19
Condensed Statement of Cash Flows (unaudited)	20
Notes to the Financial Statements (unaudited)	21
Independent Review Report	27
General Information
Alternative Performance Measures ("APMs")	28
Investor Information	31
Contact Addresses	37

Investment Objective

The Company's objective is to achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom that meet the Company's sustainable and responsible investing criteria as set by the Board.

Benchmark

The Company's benchmark is the FTSE All-Share Index (total return). Performance is measured on a net asset value total return basis over the long-term.

Performance Highlights and Financial Calendar

	Net asset value total return						Share price total return
	per Ordinary shareAB						per Ordinary shareA
	Six months ended 31 July 2022						Six months ended 31 July 2022
						(2.6)%
	(0.1)%
	Year ended 31 January 2022		+8.1%				Year ended 31 January 2022		+12.5%

Overview

Revenue return per Ordinary share

Six months ended 31 July 2022

8.54p

	Six months ended 31 July 2021		7.35p

Dividend yieldA

As at 31 July 2022

4.4%

	As at 31 January 2022		4.2%

1. Considered to be an Alternative Performance Measure.
2. With debt at fair value.

FTSE All-Share Index total return

Six months ended 31 July 2022

(0.1)%

	Year ended 31 January 2022		+18.9%

(Discount)/premium to net asset valueAB

As at 31 July 2022

(2.2)%

	As at 31 January 2022		0.3%

Portfolio

General Information Financial Statements

An explanation of the Alternative Performance Measures is provided on pages 28-30.

Investment Portfolio by Sector

4.4%	4.4%	2.1%
	Sector allocation
		24.5%

5.5%		Financials
5.9%		Consumer Discretionary
	Health Care
		Industrials
		Consumer Staples
12.3%		Technology
	Utilities
	15.8%	Real Estate
		Energy
10.9%		Basic Materials
	14.4%

Dunedin Income Growth Investment Trust PLC

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Performance Highlights and Financial Calendar

Continued

Financial Calendar

Payment dates of quarterly dividends	25 November 2022
	24 February 2023
	26 May 2023
	25 August 2023
Financial year end	31 January 2023

Expected announcement of results for year ended 31 January 2023

March 2023

	Annual General Meeting (Dundee)	16 May 2023
Financial Highlights
		31 July 2022	31 January 2022	% change
	Total assets (£'000)A	492,818	507,344	(2.9)
	Equity shareholders' funds (£'000)	450,013	464,579	(3.1)
	Market capitalisation (£'000)	437,381	459,310	(4.8)
	Net asset value per Ordinary share	303.52p	313.56p	(3.2)
	Net asset value per Ordinary share with debt at fair valueB	301.68p	309.03p	(2.4)
	Share price per Ordinary share (mid)	295.00p	310.00p	(4.8)
	(Discount)/premium to net asset value with debt at fair valueB	(2.2%)	0.3%
	Revenue return per Ordinary shareC	8.54p	7.35p	+16.2
	Gearing - netB	7.8%	8.4%
	Ongoing chargesB	0.63%	0.59%

1. Defined as total assets per the Statement of Financial Position less current liabilities (before deduction of bank loans and Loan Notes).
2. Considered to be an Alternative Performance Measure as defined on pages 28-30.
3. Figure for 31 July 2022 is for six months to that date. Figure for 31 January 2022 is for the six months to 31 July 2021.

2	Dunedin Income Growth Investment Trust PLC

"The Investment Manager has continued to execute our investment strategy, focussing on UK and European businesses of higher quality that meet our sustainable and responsible investment criteria and balancing attention between both income and capital growth potential"

Built to help your returns	Hunting out the UK and	Actively investing to bring
keep pace with the cost of living	European companies shaping	together what we believe are
	a better future	the best opportunities

Dunedin Income Growth Investment Trust PLC

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