Wednesday, 23 October 2013

B/Rock N. American Income Trust - Portfolio Sale

Over the past few days I have been taking a closer look at BRNA. Here's my post earlier this year following the half-year results.

I do not closely monitor the US markets but I am aware that the Dow Jones has risen from around 13,000 to almost 15,500 this past year - just under 20%. When I looked at BRNA it is up less than 10% over the same period.
BRNA v S&P 500

I fully accept the trust has delivered the 4p dividend as promised so no complaints there - what concerns me is the lack of progress with NAV and share price.

Whilst I invest primarily for income, I do not want this to compromise capital appreciation and total return. There may be more explanations for the NAV underperformance when the final results are published for the full year to the end October.

It has been a close call but for now I have decided to offload and sold at the price of 112.5p.

Having regard to the recent price fall following the uncertainty of Neil Woodfords position, I have recycled the proceeds into a top-up of Edinburgh IT @ 569p.

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