Written by Tony, 11 July 2017

TB Wise Income was affected by the profits warning from Carillion, which had been a 2.0% holding in the fund. The problems only affect the construction side of the business, while the services division has continued to trade well, has an impressive pipeline of new orders, and continues to win business.

The shares were marked down almost 40% in early trading, and two of our other holdings, Kier and Henry Boot, fell in sympathy. The total effect on TB Wise Income was around 0.8%.

After reading the announcement, and listening to the analysts’ call, I produced a note, which is reproduced here.


With many thanks,



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