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SLI’s James confident on European dividend growth despite recent big name payout cuts
by James Phillipps on Mar 12, 2013 at 14:52
He also holds Spanish exchange provider BME, which he bought in November on a 9% yield. It has since benefited from increased share trading volumes and being one of the last independent exchanges in the world, it is another likely takeover target, he said.
In terms of recent disposals, James sold out of Ryanair at the start of the year as he believes that the 7% special dividend it paid out at the end of the last year is unlikely to be repeated in 2013. He also sold out of Adecco, which was a convertible bond he had held for ‘a couple of years’, ahead of it converting at the end of last year.
The SLI European Equity Income fund has delivered a total return of 37.4% over the three years to 1 March, compared to an IMA Europe ex UK sector average gain of 22.1%. The fund is currently yielding 4.6% gross on a 12-month forward view, compared to the FTSE World Europe ex UK index yield of 3.7%.
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