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Henderson Div. Share Discussion Threads
Showing 101 to 124 of 125 messages
|RECI is still at a discount to NAV but HDIV at a premium.|
|Underlying market price of assets - Same as other similar funds.|
|Lost 10% of it's value this year ? what's going on ???
|Still at a premium -As at close of business on 16th December 2015, the unaudited net asset value per share, (calculated excluding current financial year revenue items) was 86.3p.
Better value in JPSL,RECI, VTA, I think.|
|Thanks. News gives 1.25p but Financials on ADVFN gives 1.35p.|
|I think the normal quarterly div was 1.25 but the year end div paid on Dec 31st was increased to 1.35p so nothing wrong with todays payment which is back to normal|
|Anyone explain declared divi 1.35p yet only 1.25p paid today|
|Don't worry Lloyds ECN with Mark Tabor on the case, big fight all the way.Scandalous how CEO with his £7m bonus trying to screw pensioners who saved Lloyds Bank five years ago.|
|I sold my IPE and bought lloyds ECN's so you can imagine how I feel at the moment!|
|I still hold NCYF and IPE.|
|I have binned mine now. I have had a fantastic run with these, but the yield is too low now for the type of fund this is.|
|Prefer SDV, slightly lower 5% yield but sitting on a 17% discount to NAV|
|I'm in for the 5.40% yield.
Henderson Diversified Income Fund's net asset value per ordinary share increased from 87.92p to 88.82p in the year to the end of October and the share price remained largely unchanged at 91.25p as compared to 91.50p.
The company said demand for its shares was strong and following a successful placing and offer for subscription in February and further tap share issues since that date, net assets have grown 54% over the year from £80.9m to £124.6m.|
HDIV's NAV per share at 30 April 2014 was 89.4p reflecting a total return of 4.7% for H1 2014. This follows a strong performance in 2013 with 12% NAV TR.
The portfolio has benefited from credit spread tightening particularly for financial bonds and high yield bonds (where HDIV is relatively overweight). HDIV's relatively high exposure to high yield bonds versus loans is likely to continue in the short term due to the manager's muted rate rise expectations.
We note comments from the manager regarding the possibility of some credit valuations looking stretched given the level of credit spread tightening experienced in the market (ITraxx Crossover 5 year CDS spreads are now at their lowest level since June 2007). The strong total return in 2013 is unlikely to be repeated going forward as income will provide the majority of returns going forward.
We believe HDIV offers an attractive investment proposition with its ability to take advantage of relative value opportunities across the credit spectrum. Floating rate secured loans account for 44% of the portfolio and this should increase over the medium term offering greater protection against eventual interest rate increases. The shares trade on a 5.4% premium to NAV and offer a 5.4% dividend yield.|
|topvest - thanks, that's clarified that for me :-)|
|Yes, mine are as well. It's not an open offer it's a placing and offer for subscription. Under an open offer we get an allocation based on the number of shares we hold. Under an offer for subscription we subscribe like everyone else. I'm not sure that I will take up more, but will have a look.|
|PHILO124 - "Placing and open offer."
My broker is calling it a 'Subscription Offer' I haven't got a clue what the difference is, assuming there is a difference, does anyone know ???|
|Placing and open offer.|
|RECI now above NAV but with lower annual management fee.|
|Still at a premium compared to RECI at NAV ;
1st November 2013
HENDERSON DIVERSIFIED INCOME LIMITED
As at close of business on 31st October 2013, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 87.3p.|
|RECI still below NAV;
Real Estate Credit Investments (RECI / BUY) - Bond gains highlight NAV upside potential
n 1.8% NAV uplift: NAV per share grew by 1.8% in the second half of September to 155p (15 September: 152p) due to strong performance in the bond portfolio.
n Bond portfolio +2.6%: The bond portfolio rose 2.6% in the month as a result of material repayments and strong m-t-m gains.
n Loan pipeline: Cheyne, the investment manager, has a £150m pipeline of loan opportunities (of which we would expect approximately 25% to be allocated to RECI) with further investments expected in Q4 2013.
n RECI's bond portfolio continues to deliver consistent returns with a YTD return of +15.2%. This is partially driven by bond sales / repayments above market value and ahead of management's assumed repayment date. RECI has sold £64m of bonds over the past year at an average uplift of 26% over the acquisition price (weighted average sale price of 0.89 vs. cost of 0.70). The total amount of sales is equivalent to 81% of the portfolio market value at the start of the period. There is an additional £20.6m of embedded value in the bond portfolio which is equivalent to 52p per share.
n The pipeline of loan opportunities is encouraging and highlights the manager's ability to access dealflow in the current lending market. This is in direct contrast to recently-listed peers where the pace of investment has been slower than anticipated resulting in downward revisions to year one dividends.
n RECI trades on a 2.6% discount to NAV and the shares offer a prospective 7.2% dividend yield (assuming the proposed placing completes), This compares to a 3.6% premium and 4.0% dividend yield for peers. We regard the 5 point differential in the share rating as unjustified given RECI's superior track record and the combination of attractive income in addition to NAV upside potential.|
|Compare to RECI;
|These should go ex-div on Wed. (5th. June) according to company web site but ADVFN are not showing it (No surprise there lol) but my broker also not showing it and their events diary is usually reliable.|