BMO Managed Portfolio Trust PLC

Peter Hewitt

Director, Portfolio Manager, Multi Asset Solutions

Peter Hewitt is a Director and Fund Manager in Global Equities and is currently responsible for managing the BMO Managed Portfolio Trust, which was listed in 2008. Between 1983 and 1996 Peter was a Fund Manager with Ivory & Sime (later known as ISIS ), working initially in the US team and from 1986 in the UK team, where he was responsible for a variety of pension fund and investment trust clients. He joined the Group in 1999. Prior to BMO Global Asset Management, Peter spent two years as Head of UK Equities with Murray Johnstone. Peter holds a BA (Hons) in Economics from the Heriot Watt University .

BMO Managed Portfolio Trust is a ‘multi-manager’ investment trust, investing in a range of investment companies, giving you exposure to different investment providers and markets within a single investment trust managed by BMO. Growth and Income portfolio’s are available.

  • Diversified – The multi manager approach ensures a broad mix of underlying holdings, including access to ‘alternative’ assets
  • Choice – Investors can choose from income shares or growth shares, each with its own portfolio
  • Experience and continuity – Fund manager Peter Hewitt has been a professional investor for over 35 years and has been at the helm of the Trust since launch
  • Regular Income – Dividends are payable quarterly on the Income Shares which had a dividend yield of 5.2% at 31 May 2020
  • Flexibility – To help you meet your changing investment needs, there is an annual option to switch between the two share classes, which is currently tax efficient
  • Unique capital structure – Net income in the Growth Portfolio is transferred to the Income Portfolio in exchange for the same amount of capital. The transfer benefits the income prospects of the income shares and capital growth prospects of the growth shares
  • Cost effective – You can save monthly or via lump sums to suit your budget

Objectives

The Company’s investments are managed in two separate portfolios; the Income Portfolio and the Growth Portfolio, to which the Income shares and the Growth shares are respectively entitled.

The investment objective for each portfolio is:

Income Portfolio

To provide Income shareholders with an attractive level of income with the potential for income and capital growth from a diversified portfolio of investment companies.

Growth Portfolio

To provide Growth shareholders with capital growth from a diversified portfolio of investment companies.

The benchmark index for both the Income Portfolio and the Growth Portfolio is the FTSE All-Share Index.

The Income Portfolio will invest in a diversified portfolio of at least 25 investment companies:

  • that have underlying investment exposures across a range of geographic regions and sectors.
  • that focus on offering an income yield above the yield of the FTSE All-Share Index.

The Growth Portfolio will invest in a diversified portfolio of at least 25 investment companies:

  • that have underlying investment exposures across a range of geographic regions and sectors.
  • the focus of which will be to maximise total returns, principally through capital growth.

The Company invests principally in closed ended investment companies, wherever incorporated, which are listed on the Official List of the UK Listing Authority. The majority of the Company’s holdings comprise equity investments although it is permitted to invest in other securities issued by investment companies.

The Company is permitted to invest in other closed ended investment companies, wherever incorporated, whose shares are traded on AiM or a Regulated Exchange (other than the Official List of the UKLA) up to a maximum of 25 per cent of the total assets of the relevant Portfolio.

In accordance with the Listing Rules of the UK Listing Authority, the Company will not invest more than 10 per cent of its total assets in other UK listed investment companies that themselves may invest more than 15 per cent of their total assets in other UK listed investment companies.

There are no maximum levels set for underlying exposures to geographic regions or sectors.
No investment in either Portfolio may exceed 15 per cent of the relevant Portfolio’s total assets at the time of the latest purchase.

The Manager may invest the assets of the Company in other investment companies managed by the Manager or another member of the BMO Group, provided that such investments in the Income or Growth Portfolios shall not exceed 20 per cent of the total assets of the relevant Portfolio at the time of investment.

There are no defined limits on securities and accordingly the Company may invest up to 100 per cent of total assets in any particular type of security.

The Company may use derivatives, principally, for the purpose of efficient portfolio management, including protecting the Portfolios against market falls.

The Company may use borrowings in either Portfolio. Borrowings are not normally expected to exceed 20 per cent of the total assets of the relevant Portfolio. Under the Company’s Articles of Association the maximum borrowing limit is 50 per cent of the total assets of the relevant Portfolio.

Investment Risks

The value of your investments and any income from them can go down as well as up and you may not get back the original amount invested. Gearing is used for investment purposes to obtain, increase or reduce exposure to an asset, index or investment. The use of gearing can enhance returns to investors in a rising market, but if the market falls the losses may be greater.

Fund Facts and Key Dates

Fund Facts

Investment manager
BMO Investment Business Limited
Benchmark
FTSE All-Share Index
AIC sector*
Flexible Investment
Launch date
01.04.2008
Total assets
£184.2 million (as at 29.10.21)
Currency
Sterling
ISIN
GB00B2PP3J36 (Income shares)
GB00B2PP2527 (Growth shares)
SEDOL
B2PP3J3 (Income shares)
Ticker symbol
BMPI (Income shares) BMPG (Growth shares)

* The AIC is the trade body for closed-ended investment companies, including investment trusts.

Key Dates

Annual general meeting
September
Year end
May
Dividends paid
January, April, July, October

The Board

David Warnock

Chairman

David co-founded the investment firm of Aberforth Partners and was a partner for 19 years until his retirement in 2008. He has held non-executive directorships of several public and private companies and before Aberforth, was with Ivory & Sime plc and 3i Group plc. David is currently a non-executive Director and Chairman of Troy Income & Growth Trust plc and a non-executive Director of ICG Enterprise Trust plc.

David Harris

Senior Independent Director

He is Chief Executive of InvaTrust Consultancy Ltd, a specialist investment and marketing consultancy group that undertakes a variety of projects within the investment fund management industry. He is currently a non-executive director of The Character Group plc and a non-executive director and chairman of Manchester and London Investment Trust plc.

Sue Inglis

Chairman of the Audit Committee

Sue was a senior corporate financier in Cantor Fitzgerald’s Investment Companies team until June 2018, having previously been a Managing Director – Corporate Finance in the Investment Companies team at Canaccord Genuity until 2012. Sue is a qualified lawyer and was a partner and head of the funds and financial services group at Shepherd & Wedderburn, a leading Scottish law firm. In 1999 she was a founding partner of Intelli Corporate Finance, an advisory boutique firm focusing on the asset management and investment company sectors, which was acquired by Canaccord Genuity in 2009. Sue is currently a non-executive director and chairman of The Bankers Investment Trust PLC and a non-executive director of Baillie Gifford US Growth Trust plc, Momentum Multi-Asset Value Trust plc and Seraphim Space Investment Trust plc.

Simon Longfellow

Simon co-founded Steps to Investing which launched in 2020 with the aim of helping inexperienced investors get started on their investment journeys. He also runs marketing consultancy Neo. Prior to that he was Head of Marketing at Janus Henderson Investors, focused entirely on marketing investment trusts to retail investors. Simon is currently a non-executive director of Electric and General Investment Fund and a director of a number of other private companies.

How to invest

Invest with BMO

BMO offer a range of cost-effective savings plans designed to make it easy for you to invest in our range of funds.

Starting from £25 per month or a lump sum of £100, with the flexibility to start and stop contributions whenever you want.

There are no dealing charges on investments made online or through a monthly direct debit.

Invest with a broker

You can invest through your usual financial adviser, or through a wide range of companies.

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