TB Saracen UK Income: Capital First, Income to Follow

The presentation today will include a brief introduction to Saracen and some market themes which will be covered by David and then we will move on to the fund itself which will be covered by Scott. The UK Equity Income sector has been a foundation of many UK investor portfolios for decades and has hosted a number of our most celebrated fund managers. However, the current COVID19 crisis has had a profound effect on the ability of companies to pay dividends with significant numbers of businesses cutting, cancelling or deferring payments. This has led to a crisis of confidence in UK equity income strategies. The UK equity market remains unloved, with a significant performance and valuation gap relative to other global markets, particularly in UK-centric businesses. However, we are now seeing a number of companies putting recent events behind them and looking forward to the future with more confidence. In this webcast we examine the impact of these seismic changes and look at the ability of the TB Saracen UK Income fund to grow capital and income from today’s low valuation point. Some of the key themes we will address include: - Our modelling of earnings and dividends for 2020 and the scope for recovery in 2021 and beyond - Why value strategies are still relevant in a changing world - The importance of a focussed, ‘multicap’ approach