Brunner Investment Trust (ticker: BUT) was launched in 1927 by the Brunner family and they remain involved today with a 29% stake and a seat on the board. Allianz and its predecessor firms have managed the trust for several decades although there have been a number of changes at the fund manager level in recent years. The current team, led by Christian Schneider and Julian Brown, has been in charge since July 2022. Brunner runs a concentrated portfolio of around 60 stocks looking for quality and growth characteristics combined with reasonable valuations. It is much more UK-weighted than other ...
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UPDATE: Merchants produced a return of +8% in the year to January 2023, followed by -3% in 2024, +13.5% in 2025, +18.9% for the year to January 2026, and +115 for the six months to July 2026. Over the five years to July 2026, its total NAV return was 76% versus 73% for its benchmark.
Merchants Trust (ticker: MRCH) is one of the largest and oldest UK equity income funds with around £750m in assets and a history dating back to 1889. It has been managed by Allianz's Simon Gergel since 2006 and after a slow start, he has turned it into one of the better performers in the sector over the last dec...
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