9% NAV Total Return, Dividend Up 5.3% – What Brunner’s 2025 Results Say
Brunner Investment Trust has posted a Net Asset Value (NAV) total return of +9.0% for the year to 30 November 2025. That is solid in absolute terms, but it lagged the benchmark’s +15.8% as markets were driven by a narrow band of mega-cap tech winners. The share price total return was -2.0%, highlighting how discount movements can work against you even when NAV rises.
The dividend is the standout: up 5.3% to 25.0p, marking a 54th consecutive annual increase. Earnings per share (EPS) edged up 1.8% and revenue reserves grew again, underlining the Board’s emphasis on a predictable, growing income stream.
| Key numbers (year to 30 Nov 2025) | Result |
|---|---|
| NAV total return (debt at fair value / par) | +9.0% / +9.0% |
| Benchmark total return | +15.8% |
| Share price total return | -2.0% |
| NAV per share (debt at fair value / par) | 1,565.8p / 1,543.2p |
| EPS | 27.86p |
| Dividend per share | 25.0p |
| Revenue reserves per share | 35.6p |
| Average discount in period | 3.7% (2024: 4.6%) |
| Total net assets | £667.223 million |
| Cash at bank | £17.603 million |
Dividend mechanics: dates, cover and reserves
The Board proposes a final dividend of 6.25p, taking the total for the year to 25.0p, up 5.3% from 23.75p. If approved, the final is payable on 2 April 2026 to shareholders on the register on 27 February 2026. The shares go ex-dividend on 26 February 2026, and the DRIP cut-off is 13 March 2026. Note the payment date has been brought forward by one day from the earlier announcement.
EPS rose 1.8% to 27.9p (27.86p stated in the Income Statement), so the dividend is covered by earnings. Revenue reserves increased to 35.6p per share after the proposed final. This consistent top-up of reserves is what allows Brunner to pre-announce dividend projections and keep that “Dividend Hero” streak going – now 54 years.
NAV vs share price: discount dynamics in 2025
Despite a +9.0% NAV total return, the share price total return came in at -2.0%. That gap tells you sentiment and discount moves did the damage. Interestingly, the average discount during the period narrowed to 3.7% from 4.6% the year before, so the year-end snapshot clearly worked against the share price. For patient investors, those dislocations can be opportunities if you believe in the strategy.
Portfolio positioning: AI infrastructure over hype
The Board is refreshingly candid about 2025: markets were unusually narrow, with a handful of AI-fuelled tech giants dominating returns. Brunner chose not to chase speculative, unprofitable names. Instead, it gained AI exposure through the “picks and shovels” of the ecosystem, holding large positions in Taiwan Semiconductor (TSMC), ASML and Amphenol, plus a substantial stake in Alphabet. That tilt was validated late in the year as some tech leaders stumbled and other sectors rallied.
Top holdings are a mix of quality franchises across sectors and geographies. As at 30 November 2025, the top 10 included Microsoft (6.2% of funds), Alphabet (5.3%), TSMC (3.8%), Visa (3.6%), Bank of Ireland Group (3.2%), SSE (2.9%), AIA (2.8%), Intercontinental Hotels (2.8%), TotalEnergies (2.7%) and Thermo Fisher Scientific (2.7%).
Geographic mix: diversified, with a UK tilt
- North America: 44.5%
- United Kingdom: 25.7%
- Continental Europe: 20.5%
- Pacific Basin: 6.0%
- Japan: 3.3%
This spread fits Brunner’s “all-weather” brief – diversified across regions, sectors and styles, with an emphasis on quality and free cash flow rather than chasing fashion.
Why Brunner lagged the benchmark – and why that could reverse
Underperformance relative to a +15.8% benchmark was largely a function of market concentration. Brunner’s discipline excludes speculative or unprofitable companies, which worked against it in a rally dominated by a narrow tech cohort. The Board draws the parallel with 1999/2000 and again from 2009 onwards, when quality factors roared back after periods of underperformance. If market breadth improves, the portfolio’s quality tilt should be a tailwind.
Financials: healthy balance sheet and cash generation
Total net assets climbed to £667.223 million, up from £618.182 million. Cash at bank rose to £17.603 million, helped by a strong operating cash inflow of £26.857 million. Long-term creditors were broadly unchanged at £25.121 million. On the equity side, Brunner issued shares during the year and made a small repurchase into treasury.
The NAV per share at par value stood at 1,543.2p, while the fair value basis was 1,565.8p. Revenue profit was £12.046 million and capital profit £43.506 million, reflecting a year of positive but less explosive market gains than 2024.
Management update and AGM details
Brunner named James Ashworth as co-lead manager alongside Julian Bishop in December 2025. James had been a deputy since early 2024. Christian Schneider and Simon Gergel continue as named deputy managers. Succession planning is a key plank in the Trust’s risk management and this appointment formalises a team-based approach.
The AGM will be held at Trinity House, Trinity Square, Tower Hill, London, EC3N 4DH at 11.30 am on Tuesday 31 March 2026. Shareholders can submit questions via [email protected], and the Q&A will be published after the meeting.
Risks the Board is watching: market concentration, geopolitics and AI disruption
The risk map highlights several areas. Market volatility and geopolitical uncertainty are marked “red” – unsurprising given ongoing conflicts and trade tensions. AI’s disruptive potential is also classed as “red”, not just for tech but for the broader portfolio as business models adapt. Liquidity, counterparty and currency risks are monitored and currently “green”, while persistent investment underperformance and outsourcing risks sit at “amber”.
The Board reaffirms going concern status and a five-year viability horizon, emphasising portfolio liquidity, ongoing stress testing and the ability to use revenue reserves to smooth dividends.
My take: dependable income, disciplined equity exposure
In absolute terms, +9.0% NAV total return and a 5.3% dividend hike is a perfectly respectable outcome. The relative lag is the price of avoiding the frothiest end of AI euphoria. If you buy Brunner, you are buying quality, diversification and a near century-long culture of dividend dependability, not a momentum-chasing rocket ship.
Negatives: the share price total return of -2.0% will irk, and if the AI mega-cap trade keeps powering on, relative performance could remain patchy. Positives: a covered dividend now in its 54th straight year of growth, resilient revenue reserves, a modest average discount, and a portfolio tilted to the AI “infrastructure” that should see durable demand.
If you want a core global equity trust with a steady, pre-announced income stream and you are comfortable with occasional periods of relative underperformance in narrow markets, Brunner still fits the brief. For the nitty-gritty, the full annual report will be on the company’s site at www.brunner.co.uk.
