Today's news (6 April) that Mark Barnett and Invesco will no longer be running the Perpetual Income and Growth trust (PLY) comes as "little surprise" to many investment professionals given its underperformance over recent years, but will likely be viewed as an attractive prospect for fund managers given its shareholder base and 'dividend hero' status.
Others, meanwhile, have questioned whether the removal of Barnett from the £620m trust resembles the sacking of well-known contrarian manager Tony Dye in 2000, who avoided tech stocks during the run-up to the bursting of the dotcom bubble. PLY, which has been managed by Barnett for more than 20 years, has underperformed both its FTSE All-Share benchmark and its average peer in the IT UK Equity income sector over one, three, five and ten years, having been the single-worst performing UK equity income trust over the last half a decade. Over the last three months alone, it has lost 41.9%, a...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
