The return, which is calculated at midday in London, did not capture the rally in the US market on the final trading day of the year. The difference has since been recouped in January’s performance.
Underlying performance during the year was slightly behind the index, but we remain pleased with the fundamental progress across the lion’s share of the portfolio, demonstrated by the robust dividend growth statistics below.
Dividend growth was strong again across the portfolio, with the majority delivering growth in the region of 5-15%. Twelve companies reported dividend increases of more than 15%. The fund remains on track to increase the distribution for the financial year ending March 2019, in line with its objective.
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Please note that the value of investments and the income from them will fluctuate. This will cause the fund price, as well as any income paid by the fund, to fall as well as rise. There is no guarantee the fund will achieve its objective, and you may not get back the amount you originally invested.