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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Henderson Diversified Income Trust Plc | LSE:HDIV | London | Ordinary Share | GB00BF03YC36 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 66.70 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
16/4/2012 10:11 | RECI has announced a NAV per share of 111 pence as at 15 April 2012 (31 March 2012: 110 pence). The fact sheet is available to download: n The company has tactically sold £2.6 million of bonds (70% RMBS and 30% CMBS) in anticipation of further market weakening in European credit markets n The iTraxx Main short position that RECI entered into last month has been an effective hedge against downward pressure on bond prices n RECI is to increase its exposure to residential real estate loans which continue to offer attractive risk adjusted yields. n Following the recently announced change of dividend policy, RECI is now targeting a 6% dividend yield on NAV. Liberum View: n This is the sixth consecutive reported increase in NAV per share, which is now up 11% year to date. In our view, this is extremely impressive, particularly given recent weakness in credit markets. To put this into context, the NAV per share of City Merchants High Yield (CMHY / NR), Invesco Leveraged High Yield (ILH / NR) and ----Henderson Diversified Income (HDIV / NR) fell by -2.2%, -2.1% and -1.3% respectively during the first two weeks of April, whilst RECI's was up 0.9%. Whilst these funds focus on more vanilla credits (and in HDIVs case also loans), we believe their performance still provides a useful barometer of credit markets generally and serves to highlight RECI's continued impressive performance. | davebowler | |
11/4/2012 11:01 | HDIV has c. 50% in Secured Bonds and is at a premium to NAV whereas RECI with most of its assets in Mortgage Backed securities is at a big discount- Liberum view; RECI has today released its bi-monthly fact sheet, in which it announces a NAV per share of 110p as at 31 March 2012. This represents a fifth consecutive reported increase, with NAV per share now up 10% since the start of the year, making it one of the best performers in our coverage universe. In our view RECI is on track to deliver the NAV growth we forecast in February as it continues to benefit from improving sentiment in credit markets, the pull to par effect on bonds purchased at a significant discount to their face value and the gearing provided by the preference shares. Significant volumes of the preference shares have been traded since the start of the year and their price has consequently increased from 92.5p to 97.5p. However, the Ordinary share price has failed to keep pace with the growth in NAV and as a consequence the discount has now widened to 23.6%. Given the mark to market, floating rate nature of the portfolio we believe this is excessive and that the current share price represents an attractive buying opportunity. BUY. n The 2.8% increase in NAV over the second half of March is reflective of broad based fair value gains in CMBS and RMBS assets and the gearing provided by the preference shares. In our note published on 10th February 2012 we forecast NAV per share to grow to 115 pence over the year and on the basis of today's bi-monthly factsheet, this now looks very achievable. However, the share price has failed to keep pace with the growth in NAV and as a consequence the discount has widened to 23.6%, which we believe is excessive. n The investment manager, Cheyne Capital, has over $1Bn of AUM invested in real estate debt and as such RECI benefits from all of the experience associated with an investment team that is much larger than its market cap might suggest. Cheyne Capital continues to actively manage the portfolio and has recently hedged against a widening of credit spreads by entering a 50m short position in the iTraxx Main Index. During the second half of March they have also increased exposure to residential real estate loans to £4m, which now accounts for c.5% of the total investment portfolio. Factoring in the fairly bearish outlook for property capital value growth, we continue to believe that the risk adjusted value opportunity in real estate has moved from equity to debt holders and that given the senior secured nature of its portfolio and comfortable LTV at which the underlying loans are secured, we believe RECI's is ideally positioned to benefit. We also believe that the pull to par effect on the bonds (which are currently priced at c.61% of par) should prove highly accretive to NAV, as will the floating rate coupons received from the bond portfolio. n Returns to ordinary shareholders are also geared by the £47.1m of preference shares, which are currently covered 2.4x by assets and offer an attractive yield to maturity of 8.6% and an income yield of 8.2%. Since the start of the year there has been significant increase in the volume of preference shares traded, which is reflected in the increase in their price from 92.5 pence to 97.5 pence. In our view this also reflects an improvement in investor sentiment towards RECI and as such we would also ultimately expect the Ordinary shares to benefit. n On the basis that the bond portfolio is marked to market, that 56.1% of its value is represented by investment grade credits and that it remains focused almost entirely on the safer havens of the UK and Germany, we believe the current 23.6% discount to NAV is anomalous. In our view, the current share price represents an extremely attractive buying opportunity and we re-iterate our BUY recommendation. | davebowler | |
21/2/2012 21:36 | Yes, its Jersey-registered, and pays gross, so ideal for ISAs. | asmodeus | |
02/2/2012 13:35 | am i correct in thinking the dividend is paid gross? | cnx | |
25/10/2011 09:14 | No, I'm in RECI now as I think they are on a double discount to NAV as the Loans they have bought are below par and RECI itself is at a discount. I still follow this as a proxy. NAV holding firm; As at close of business on 21st October 2011, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 75.97p | davebowler | |
18/10/2011 22:29 | u bak in dave? | badtime | |
18/10/2011 14:19 | As at close of business on 14th October 2011, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 75.29p. | davebowler | |
06/5/2011 19:30 | hmm...i'll hav a peep at ILH | badtime | |
06/5/2011 11:32 | I've now sold ( with some reservations) my HDIV as its at a premium and bought ILH at a discount. | davebowler | |
04/4/2011 10:01 | Stockbroker LIBERUM's view; Specialist Finance Reflecting the continued demand for yield, 50% of the universe now trades at a premium to NAV. Out of the plain vanilla credit funds, ILH (NR) looks to be the outlier of this group at a 12.35% discount to NAV. | davebowler | |
08/3/2011 16:42 | ILH now looks relatively better value as it is on a 10% discount to asset value. | davebowler | |
02/3/2011 12:12 | Fund Managers' Commentary - January 2011 The fund remains positioned for reflation long of credit risk and very mindful of interest rate risk. Economic news flow continues to be very encouraging, especially from the US, where momentum is building. Indeed, the market is now concerned about emerging market inflation and potential interest rate rises. The UK inflation outlook also continues to deteriorate, with many commentators questioning the credibility of the inflation policy. We continue to steer asset allocation towards loans and higher yielding, shorter dated bonds. During the month we reduced the French banking exposure on relative valuation concerns. Additionally, much of the gains from re-regulation via Basel III have been realised. We still favour the insurance industry, however, where equity valuations are currently under going a re-rating and we added to our Legal & General and Bupa bond holdings. We also bought some new high yield bonds, namely Labco (laboratory testing company) and Anglian Water bonds. On the loan side, we adjusted our UK retail exposure, selling our position in New Look and adding exposure to Alliance Boots and House of Fraser. We sold our loans to Avio (Italian Aerospace business) and AZ Electronics (chemical manufacturer) following a steep rally in the prices of their loans and given the relatively low coupon on these positions, one of which was US dollar-denominated. We switched our holding in Xerium from the US dollar tranche into the euro tranche, as the lower yielding US dollar loan was trading at a premium to the euro tranche. Given our economic outlook, we feel well-positioned in floating rate loans, high yield bonds, junior banking and insurance bonds and a few yieldy equities. Henderson Diversified Income continues to make steady progress in restoring net asset value. | davebowler | |
08/2/2011 17:25 | nice move up | badtime | |
01/2/2011 12:21 | As at close of business on 28th January 2011, the unaudited net asset value per share, (calculated excluding current financial year revenue items) was 82.11p. | davebowler | |
11/1/2011 12:43 | As at close of business on 7th January 2011, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 82.39p. | davebowler | |
30/12/2010 20:52 | Nibbled on a few today | badtime | |
24/12/2010 13:26 | As at close of business on 22nd December 2010, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 81.6p | davebowler | |
21/12/2010 15:51 | citywire keen on these; bought in today: | mangal | |
07/12/2010 16:51 | As at close of business on 6th December 2010, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 82.0p. | davebowler | |
06/12/2010 10:44 | As at close of business on 2nd December 2010, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 81.7p. | davebowler | |
12/11/2010 10:50 | As at close of business on 10th November 2010, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 83.2p. | davebowler | |
03/11/2010 11:01 | As at close of business on 1st November 2010, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 83.1p. | davebowler | |
12/10/2010 12:50 | Net asset value, 11 Oct ,per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 82.00p. | davebowler | |
06/10/2010 18:01 | As at close of business on 5th October 2010, the unaudited net asset value per share, calculated in accordance with the AIC formula (including current financial year revenue items) was 81.5p | davebowler |
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