Whether portfolios outperform benchmark indices is to do with the weight as well as the identity of holdings. Several of the trusts in this month’s top ten hold well known UK companies but in different concentrations.
- Perpetual Income and Growth (PLI) which targets a blend of UK shares that have either been dependable dividend payers or have scope to increase pay-outs. Its holdings – as displayed on Bloomberg - include British American Tobacco (BATS), BP (BP.), Next (NXT), Royal Dutch Shell (RDSB) and Tesco (TSCO).
- Some of these companies appear in the portfolios of other managers in the list. For example, Lowland (LWI) also holds Shell but whereas PLI invests in Swiss pharma companies, LWI has a good slug of capital in GlaxoSmithKline (GSK).
- Other themes in this month’s list are Japanese equities via the Schroder Japan Growth trust (SJG) and German real estate via Phoenix Spree Deutschland (PSDL).