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Invesco Income Growth AGM

Closed-end funds and OEICs
barchid
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Invesco Income Growth AGM

#340051

Postby barchid » September 13th, 2020, 5:18 pm

I note that the AGM last week rejected the winding up of this trust, not a great surprise as I have always felt that the trust has suffered by having a name very similar to Barnett's old trust, which is a very different animal to IVI run (soundly imo) by Mallon. The Chair had 6.4% of holders voting against his re election but I was intrigued to see Mr Dampier only had 2.6% vote against.
To a cynic it seems perhaps people tend to like the "old boys" club, the board have been pretty ineffective over the past few years in reducing the discount so I was modestly surprised of their support from shareholders.
Hopefully we will see some vigour this year from the BOD, but I'm not holding my breath that the discount will be down to single figures any time soon.
A real shame that AGM's like this are inaccesible to investors due to Covid, I would have loved to see some rigorous questions being asked of this board.

Dod101
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Re: Invesco Income Growth AGM

#340057

Postby Dod101 » September 13th, 2020, 6:39 pm

Well of course this trust being a UK equity income trust has all the usual suspects, common to most HYPs, in it, with little room for manoeuvre in terms of the investments held. These are not exactly flavour of the month and have not been for some time. Invesco is not having a very successful run either at the moment.

I guess the only thing that might help would be to have a big share buyback to help reduce the discount. It is not entirely clear to me why the Directors seem to be against that.

Otherwise I think they would need to have a change of investment policy as I think there are too many trusts with broadly similar investments.

Not sure what differentiates it from quite a few others. Simply a variation on a theme.

I do not hold.

Dod


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