**Summary of The North American Income Trust (The) PLC Half-Year Report (September 24, 2025):**
1. **Investment Objective**
The trust aims to provide <mark style="background-color:yellow">above</mark>-average dividend income and long-term capital growth by investing primarily in S&P 500 US equities.
2. **Performance Highlights**
**6-Month Performance**NAV per share decreased by 1.2%, while the share price returned 0.5%.
**1-Year Performance**NAV per share increased by 9.9%, and the share price rose by 15.9%.
**Long-Term Performance**Over 10 years, NAV per share grew by 191.0%, and the share price by 205.4%.
**Benchmark Comparison**Outperformed the Russell 1000 Value Index (-4.3%) and the S&P High Yield Dividend Aristocrats Index (-3.0%) in the 6-month period.
3. **Financial Highlights**
**Net Assets**£438.0 million as of July 31, 2025.
**Net Asset Value (NAV) per Share**367.9p.
**Discount to NAV**7.3% at the end of the period.
**Dividend per Share**5.6p for the half-year, maintaining a progressive dividend policy.
**Revenue Reserves**18.1p per share, providing over one year’s cover.
4. **Portfolio Activity**
**Sector Contributions**Technology, Consumer Staples, and Financials contributed positively, led by stocks like Broadcom, Philip Morris, and Citigroup.
**Sector Detractors**Consumer Discretionary (Nike, Home Depot) and Communications Services (Alphabet) were the main detractors.
**Stock-Specific Contributions**Eaton Corporation and Broadcom were top performers.
5. **Dividend Growth**
Average dividend raise of 8.9% for stocks in the portfolio, with a median raise of 6.9%.
Currency impactThe US dollar weakened by 6.1% against sterling, affecting revenue.
6. **Management and Board Updates**
**Manager Change**Transitioned to Janus Henderson Fund Management UK Limited in 2024, with improving relative performance.
**Board Appointments**Bulbul Barrett joined in May 2025, and John Adebiyi will join in October 2025.
7. **Outlook**
**Market Conditions**Volatility due to trade tariffs and AI-driven market shifts.
**Portfolio Strategy**Focus on high-quality companies with balanced exposure, trading at a forward earnings multiple of 16x.
**Dividend Expectations**Median dividend growth of around 7% expected in the second half of 2025.
8. **Risks and Uncertainties**
Principal risks include market volatility, geopolitical risks, income and dividend risks, gearing, and discount volatility.
9. **Financial Statements**
**Total Return**Negative £7.013 million for the half-year, with revenue return of £7.247 million and capital loss of £14.260 million.
**Net Assets**£437.978 million as of July 31, 2025.
**Cash Flow**Net cash flow from operating activities was £6.874 million.
10. **Shareholder Information**
**Share Capital**: 126923569 ordinary shares in issuewith 7868681 held in treasury.
**Dividends**Second interim dividend of 2.8p per share declared, payable on October 31, 2025.
**Conclusion**
The North American Income Trust demonstrated resilience in a challenging market environment, outperforming key benchmarks. The trust continues to focus on dividend growth, portfolio quality, and strategic management to navigate risks and deliver long-term value to shareholders.