Neil Woodford is probably the best known fund manager of his generation – so when he left Invesco Perpetual in January 2014 to set up his own firm it created a massive dilemma for the company. They responded by appointing Mark Barnett as his replacement, and he has delivered steady returns in the face of difficult market conditions.
The most cost-effective way to benefit from Barnett's expertise and foresight is to invest in the Edinburgh Investment Trust (LON:EDIN), which has just released its half-year accounts to the end of September. This £1.6bn UK Equity Income fund has ongoing charges of just 0.61% and no performance fee, unlike his other closed-ended fund, the Perpetual Income and Growth Investment Trust. It is also much cheaper than his two open-ended equivalents that cost 1.67%.
EDIN aims to achieve an increase in the Net Asset Value (NAV) per share in excess of the growth in the FTSE All-Share Index and to grow its dividend by more than the rate of UK inflation. Over the six months to 30 September it fell short of its objective with a 6.6% increase in NAV compared to a 12.9% gain from the All-Share, although the share price total return was much closer at 11.1%. This included a 3.8% increase in the first interim dividend that was well ahead of the 2% rate of inflation.
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