North American Income Trust (The) Edison initiation - The North American Income Trst
April 27 2016 - 5:26AM
RNS Non-Regulatory
TIDMNAIT
North American Income Trust (The)
27 April 2016
London, UK, 27 April 2016
Edison issues initiation on The North American Income Trust
The North American Income Trust (NAIT) is a concentrated
portfolio of primarily US large-cap stocks. Manager Fran Radano
selects companies on the basis of their quality, value and income.
The trust is benchmarked against the S&P 500 Index, but is also
referenced against the Russell 1000 Value Index as it better
reflects the investment mandate and income objective. Prior to May
2012, the trust was an index fund tracking the total return of the
S&P 500 Index. NAIT has a progressive distribution policy
(dividends have compounded at a 19.2% annual rate over the last
three years) and since the change in objective has regularly added
to revenue reserves.
The current share price discount to cum-income NAV of 11.4%
compares to a range of 4.8% to 13.5% over the past 12 months. It is
wider than the average of the last three, five and 10 years (range
of 4.1% to 5.7%). There is no formal discount control policy in
place, but the board has been actively repurchasing shares since
mid-2014. The trust has a progressive dividend policy with an
above-average yield. At the current share price, the dividend yield
is 3.6%.
Click here to view the full report
All reports published by Edison are available to download free
of charge from its website: www.edisoninvestmentresearch.com
About Edison: Edison is an international equity research firm
with a team of over 110 analysts, investment and roadshow
professionals and works with both large and smaller capitalised
companies, blue chip institutional investors, wealth managers,
private equity and corporate finance houses to support their
capital markets activity. Edison provides services to more than 400
retained corporate and investor clients from offices in London, New
York, Frankfurt, Sydney and Wellington. Edison is authorised and
regulated by the Financial Conduct Authority.
Edison is not an adviser or broker-dealer and does not provide
investment advice. Edison's reports are not solicitations to buy or
sell any securities.
Contact details: Learn more at www.edisongroup.com and connect
with Edison on:
LinkedIn www.linkedin.com/company/edison-investment-research
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This information is provided by RNS
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