Things To Be Aware Of

Shares - - CONTENTS -

1Cur­rent yield: the yield cal­cu­la­tion is based on the lat­est quar­terly div­i­dend, an­nu­alised, com­pared against the month end share price.

2Seneca In­vest­ment Man­agers Ltd de­fines a typ­i­cal in­vest­ment cy­cle as one which spans 5-10 years, and in which re­turns from var­i­ous as­set classes are gen­er­ally in line with their very long term av­er­ages. There is no guar­an­tee that a pos­i­tive re­turn will be achieved over this or any other pe­riod. 3An­nu­alised volatil­ity of re­turns over five years ver­sus FTSE World ex-UK and FTSE All Share.

4 Bench­mark: CPI plus 6% from 06.07.17. Pre­vi­ously LI­BOR GBP 3 Months plus 3%, all after costs for the pe­riod end­ing 31.08.2018 a fore­cast CPI is used.

* The Trust has out­per­formed its bench­mark over the last five years and has grown its div­i­dends in ex­cess of in­fla­tion over each of the last five fi­nan­cial years. It has de­liv­ered th­ese re­turns with ma­te­ri­ally lower volatil­ity than eq­uity mar­kets over the last five years.

** There is no guar­an­tee that div­i­dends will con­tinue to in­crease or grow ahead of CPI.

Per­for­mance and div­i­dend data sources: Seneca In­vest­ment Man­agers Ltd, Bloomberg & Morn­ingstar. Share prices cal­cu­lated on a to­tal re­turn ba­sis with net div­i­dends rein­vested. NAV re­turns based on NAVs ex­clud­ing in­come and with debt val­ued at par. Re­turns do not in­clude cur­rent year rev­enue.

Past per­for­mance should not be seen as an in­di­ca­tion of fu­ture per­for­mance. The in­for­ma­tion in this ar­ti­cle is as at 31.08.2018 un­less oth­er­wise stated. The value of in­vest­ments and any in­come from them will fluc­tu­ate, and in­vestors may not get back the full amount in­vested.

Seneca In­vest­ment Man­agers Ltd does not of­fer ad­vice to re­tail in­vestors. If you are un­sure of the suit­abil­ity of this in­vest­ment, take in­de­pen­dent ad­vice. Be­fore in­vest­ing you should re­fer to the Key In­for­ma­tion Doc­u­ment (KID) for de­tails of the prin­ci­ple risks and in­for­ma­tion on the trust’s fees and ex­penses. Net As­set Value (NAV) per­for­mance may not be linked to share price per­for­mance, and share­hold­ers could re­alise re­turns that are lower or higher in per­for­mance. The an­nual in­vest­ment man­age­ment charge and other charges are de­ducted from in­come and cap­i­tal. The KID, In­vestor Dis­clo­sure Doc­u­ment and lat­est An­nual Re­port are avail­able in English at Seneca In­vest­ment Man­agers Lim­ited is the In­vest­ment Man­ager of the Trust (0151 906 2450) and is au­tho­rised and reg­u­lated by the Fi­nan­cial Con­duct Author­ity and is reg­is­tered in Eng­land No. 4325961 with its reg­is­tered of­fice at Tenth Floor, Hor­ton House, Ex­change Flags, Liver­pool, L2 3YL

All calls are recorded. FP18 270

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