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Aberdeen: how we will revive BlackRock Income
Aberdeen fund managers Mike Brooks and Tony Foster discuss their plans to turn round BlackRock Income Strategies Trust (BIST).
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by Gavin Lumsden on Dec 16, 2016 at 08:53
BlackRock Income Strategies Trust (BIST ), formerly known as British Assets, has endured a turbulent few years and poor long-term performance. Last month its board sacked BlackRock after 20 months in charge and appointed Aberdeen Asset Management to run the £280 million global portfolio, which it intends to merge with the Aberdeen UK Tracker Trust (AUKT ) and rename Aberdeen Diversified Income and Growth (ADIGT).
In this video interview fund managers Mike Brooks and Tony Foster talk about the future investment policy for the investment trust and how it will compare with their Aberdeen Diversified Growth fund.
Can't watch now? Read the transcript
Interview over at citywire.|
|But the share price will go nowhere until Aberdeen have taken over the reigns and we see where they want to invest what is left out of the tracker trust. Sitting on my sell finger for the time being.|
|To give a bit of credit here NAV has gone up to 121.27p. How did that happen!|
|NAV trying its best to get below 118p now.|
|If it is any comfort, Numis hold the new Aberdeen team in high regard.
This isn't the result I was hoping for, but at least Black Rock got sacked.|
|Come to think of it - which NAV are they taking the 4% discount from for the cash return? I always use "..Debt at fair value, including income" but I note they're keeping the debt going within the next trust. Fair old difference (c.7p) for the calculation.|
|Poor choice Aberdeen, doesn't inspire confidence that they have kept the same over complicated strategy & given it to a fund who specializes in Emerging markets.On the plus side was expecting a 30% divi cut.|
|Agreed - the claims being made sound very like the claims BIST were making. Why not just give it over to a proven manager running a trust trading at par. Merger with AUKT seems unnecessarily complex.
On the plus side - goodbye Blackrock! You won't be missed.|
|The problem is we are now 18 months from the first incarmation, will we be in the same position in another 18 months when Aberdeen have not cut the mustard, surely this upheaval is destroying capital. The fees and portfolio changes will surely dent qtr 1,2 and 3 in 2017. I think I have learnt a lesson from this.
Buy I.T's that are expert in thier fields and have a good spread of I.T's covering different income sources, and manage my own portfolio of I.T's rather than trusting it to one company.
Lets hope that LSLI don't bale out to one of these boutique outfits!|
|Funniest part of the RNS:
"Prior to the strategic review, the Board had been implementing a nil discount
control policy through share buybacks at a discount to NAV. In the year ended
30 September 2016 the Company purchased 7.6 million shares pursuant to this
Nil discount policy hasn't been too successful!|
|That assessment is being very kind imv, can think of far more choice words!.|
|Yes good point, I misread - it'll be nearer 5% discount after costs I bet, so at c.95% of NAV.
Can't say dividend cut is any surprise, but the sort of claims they're making don't inspire confidence:
"the Board will also adopt a new
investment policy, which targets a truly diversified multi-asset approach to
generating highly attractive long-term income and capital returns."
Marketing and PR bumpf.|
|40% cash exit is not for BIST shareholder. Its for the Aberdeen shareholders. BIST shareholders are offered a 20% tender at 4% discount to NAV.
I'd have bought at 105p but I don't see any point. They are slashing the dividend by 20% so I'd expect this new trust to trade at a healthy discount to NAV,|
|RNS - better than I expected - what swings it is the 40% cash exit option at about 97% of NAV. [Edit - actually 20% exit at 96% NAV before costs]
Would have preferred them to partner with a zero-discount or even premium Trust, but at least Blackrock will be out the door.
The "LIBOR +5.5% target" seems a bit of a laugh though - pick a number!
And wonder what the existing manager will do between now and then - presumably not buy into any more "renewables"?|
|Agreed, and at a time when the future of renewabales is under a cloud under Trump|
|Only just caught up with Monday's RNS, inc:
"We have elected to reduce some of our UK credit holdings and have begun adding
to alternative investments related to renewable energy. "
Yup, happy that they're reducing "UK credit holdings" but renewable energy?? We're meant to be close to a change of manager! How easy will renewable energy holdings, whatever they might be, be to sell?
Smells to me like Blackrock will still be manager after this very long and no doubt "thorough" review.|
|The big seller is now out of the way, Brown shipley now out. Might help the share price but nav sinking daily is depressing. I have to say my passive funds have trounced some of my managed funds this year.
Whoever takes this on and if they change the mandate will need time to sort this mess out, looks like another year of so so performance|
|Id'e of thought all those bond holdings would be returning more income due to the bond sell off,the downside is the capital loss on buying near or at the peak of the bond bubble as you have pointed out SpectoAcc.Personaly can't see yields rising much further,there seems to me some real value emerging in the bond/proxy type stocks.|
|NAV hasn't though - still slowly falling.|
|Can tell the world as we know it is ending - BIST has ticked up.|
|Be interesting to see "market rally" NAV, today & tomorrow..|
|there you go, NAV down to 118.82p now.|
|Lol yes - if equities are doing badly, they're in equities. If bonds finally look like rolling over, they're in bonds. Only have to look at the chart, they're in their own relentless bear market!
Could excuse it if they had conviction & were in out-of-favour sectors, but it's not the case - who'd up their govnt bond exposure when most are yielding next to nothing? How "safe" can they possibly think bonds are, buying here?
Hoping someone better will take over as manager, but having sent a rather leading question to BlackRock, got back the most anodyne response, so seems no conclusion to strategic review is imminent.|
|Yes SHRS is much more attractive than BIST. I may revisit BIST if it falls below a quid but even then if NAV keeps relentlessly going down that may not be a bargain.
The odd thing with BIST is its NAV keeps trending downwards no matter what.|