Dunedin Income Growth Investment Trust : Interim Report to 31 July 2023

Dunedin Income Growth Investment Trust PLC

Half Yearly Report 31 July 2023

Targeting income and long-term growth from mainly UK companies chosen for their quality and commitment to improving sustainability

dunedinincomegrowth.co.uk

Contents

Overview
Performance Highlights	1
Financial Calendar and Financial Highlights	2
Chairman's Statement	4
Interim Management Statement	7
Investment Manager's Review	8
Sustainable and Responsible Investing Criteria	10
Portfolio
Ten Largest Investments	11
Investment Portfolio	12
Investment Case Studies	14
FInancial Statements
Condensed Statement of Comprehensive Income (unaudited)	16
Condensed Statement of Financial Position (unaudited)	17
Condensed Statement of Changes in Equity (unaudited)	18
Condensed Statement of Cash Flows (unaudited)	19
Notes to the Financial Statements (unaudited)	20
Alternative Performance Measures ("APMs")	26
General Information
Investor Information	28
Contact Addresses	33

Investment Objective

The Company's objective is to achieve growth of income and capital from a portfolio invested mainly in companies listed or quoted in the United Kingdom that meet the Company's sustainable and responsible investing criteria as set by the Board.

Benchmark

The Company's benchmark is the FTSE All-Share Index (total return). Performance is measured on a net asset value total return basis over the long-term.

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Performance Highlights

Net asset value total return per			Share price total return
Ordinary shareAB			per Ordinary shareA
Six months ended 31 July 2023				Six months ended 31 July 2023
	+5.5%					(0.4)%
Year ended 31 January 2023		+2.4%		Year ended 31 January 2023	(0.9)%
Revenue return per Ordinary share			FTSE All-Share Index total return
Six months ended 31 July 2023				Six months ended 31 July 2023
	8.25p					+0.8%
Six months ended 31 July 2022		8.54p		Year ended 31 January 2023	+5.2%
Dividend yieldA			Discount to net asset valueAB
As at 31 July 2023	4.6%				As at 31 July 2023
					(8.4)%
As at 31 January 2023			4.5%		As at 31 January 2023	(2.9)%

1. Considered to be an Alternative Performance Measure.
2. With debt at fair value (including income).

An explanation of the Alternative Performance Measures is provided on pages 26 and 27.

Investment Portfolio by Sector

3.8%	2.3% 1.9%
4.2%	21.6%	Sector allocation
5.2%		Financials
		Consumer Discretionary
5.9%		Consumer Staples
	Health Care
		Industrials
		Technology
11.6%		Energy
16.2%	Utilities
		Real Estate
		Basic Materials
11.7%		Telecommunications
15.6%

Overview

Portfolio

General Information Financial Statements

Dunedin Income Growth Investment Trust PLC

1

Financial Calendar and Financial Highlights

Financial Calendar

Expected payment dates of quarterly dividends	24 November 2023
	23 February 2024
	31 May 2024
	30 August 2024
Financial year end	31 January 2024

Expected announcement of results for year ended 31 January 2024

March 2024

	Annual General Meeting (London)	May 2024
Financial Highlights
		31 July 2023	31 January 2023	% change
	Total assets (£'000)A	500,934	492,105	+1.8
	Equity shareholders' funds (£'000)	456,610	448,605	+1.8
	Market capitalisation (£'000)	423,974	435,898	(2.7)
	Net asset value per Ordinary share	308.02p	302.57p	+1.8
	Net asset value per Ordinary share with debt at fair valueB	312.17p	302.80p	+3.1
	Share price per Ordinary share (mid)	286.00p	294.00p	(2.7)
	Discount to net asset value with debt at fair valueB	(8.4)%	(2.9)%
	Revenue return per Ordinary shareC	8.25p	8.54p	(3.4)
	Gearing - netB	9.7%	7.1%

1. Defined as total assets per the Statement of Financial Position less current liabilities (before deduction of bank loans and Loan Notes).
2. Considered to be an Alternative Performance Measure as defined on page 26.
3. Figure for 31 July 2023 is for six months to that date. Figure for 31 January 2023 is for the six months to 31 July 2022.

2	Dunedin Income Growth Investment Trust PLC

"Against a flat market return, investment performance has been positive, aided by the Company's focus on higher quality areas of the market, coupled with good stock selection."

Built to help your returns	Hunting out the UK and	Actively investing to bring
keep pace with the cost of living	European companies shaping	together what we believe are
	a better future	the best opportunities

Dunedin Income Growth Investment Trust PLC

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