Hutchins (pictured) becomes co-manager alongisde Francis Brooke and Hugo Ure who have managed TIGT’s portfolio since 2009. The Citywire AA-rated manager joined Troy Asset Management last year from Investec and already works with A-rated Brooke and AA-rated Ure on the firm’s Trojan Income and Ethical Income funds.
The appointment comes as TIGT strives to keep its nose ahead of rivals in the competitive UK Equity Income sector during this year’s dividend crisis caused by the coronavirus pandemic.
Year to date TIGT shares have fallen 18%, with its underlying net asset value (NAV) is down 16%. This compares to the 23% decline in the FTSE All-Share and the 26.3% and 24.4% average share price and NAV falls in its sector, according to Numis Securities.
It comes ahead of a likely forthcoming dividend cut by the 4% yielder next year, as highlighted twice this year by the board, chaired by David Warnock.
At Investec Hutchins was the lead manager for the Investec UK Equity Income fund and co-manager of its Global Quality Equity Income fund.
Warnock said: ‘Blake was a very astute hire by Troy and his high-quality stock picking and risk-averse investment style is complementary to both Francis and Hugo; the board are delighted to welcome him to the management team of Troy Income & Growth.’
TIGT shares firmed 0.7p or 1% to 68.5p having closed last night at a small 0.4% discount to NAV. Over 10 years the shares have generated a total return, including dividends, of 98.4%, ahead of the 67.1% sector average and the FTSE All-Share’s 53.8%.
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