Aberdeen Diversified Inc... Share Discussion Threads

[krowelet] 14/9/2022 10:33

This does seem attractive to me in some respects for it's lack of volatility and yield in the present climate, though the large discount to NAV makes one wary. If this was to be wound up now at today's values what could shareholders expect to get back, would it be nearer NAV than the prevailing share price at the time? Any opinions welcomed.

[essentialinvestor] 01/8/2022 17:25

Spec, this was British Assets Trust back in the day, then went to Black Rock from memory, before Aberdeen.

[spectoacc] 01/8/2022 15:48

Thanks both. Hoping for a more robust defence to get me in ;) But seems I'm not missing much. @tiltonboy - agree re the 5% discount - and isn't as if they're over-geared. But then, if they bought back far more shares, that would be less money to punt on other ABRDN funds.

[tiltonboy] 01/8/2022 15:20

Specto, A lack of value elsewhere, and the hope that there is some serious corporate action in the next 18 months is about as good as it gets. I spoke at length a couple of years ago to the board, and was persuaded earlier this year to support a continuation. The re-start of poxy, occasional buy-backs shows the board has lost the plot....and as for defending a 5% discount...I need say no more. IMHO it is a gross dereliction of the board's duty in keeping this one where it is. The manager appears to have done a half-decent job, but it's time to fold it all up and pack it away.

[essentialinvestor] 01/8/2022 14:30

Spec, what are you getting here - a consistent record of failure to hit frequently changed bench marks?. The only case I could make for ADIG, is perhaps some outperformance in market downturns which also pays a nice divi while holding. NAV appears to be banging itself against a brick wall of late and there has been little progress on that front for well over 12 months.

[spectoacc] 01/8/2022 14:20

I still can't get excited about ADIG. Https://www.trustintelligence.co.uk/investor/articles/fund-research-investor-aberdeen-diversified-income-growth-retail-jul-2022-c025f40c-d237-4dd9-9291-0a27bc7cb2b4 1.76% ongoing charge (is that right? HL figs, Edison different), uncovered divi (but not by much). Looks the usual vehicle to direct more money into the manager's own funds (ABRDN, in this case, but they all do it - Schroders, Columbia, JPM etc), whilst trying to persuade you that you have "access" to their network/skill. Really? What, like the performance of ABDN's share price? Opaque, less frequently valued things like property. A yield that looks great until RPIX hit 11.8% the other month. Discount - that's the only thing that may draw me in. @tiltonboy - persuade me! Their equity picks look mostly fairly safe. But other than discount, a bag over my head, and risk, what am I getting here? Edit - Edison's p.6 peer group comparison rather painful, not sure I'd pit ADIG against the genuine wealth preservers like PNL, CGS, RICA. Strip out the two JPM's with short records, and they're bottom (6th of 6) over 3yrs, 5yrs, and 4th out of 6 over a year. Https://www.edisongroup.com/wp-content/uploads/2022/07/GB0001297562ADIGReview180722_final.pdf "The trust’s ongoing charges are lower than the peer average and it does not charge a performance fee" - be interested to know why HL think it's far higher.

[davebowler] 01/8/2022 13:38

Same link but reviewed 18 July. hTTps://www.edisongroup.com/publication/moving-within-the-target-2/31117/

[davebowler] 18/7/2022 10:44

hTTps://www.edisongroup.com/publication/moving-within-the-target-2/31117/

[riverman77] 21/6/2022 22:42

They don't really hold private equity, only a few per cent. The private funds are mainly infrastructure and real estate. These should have held up in the pretty well.

[hugepants] 21/6/2022 22:25

The NAV here has barely changed unlike the NAV of PE trusts which soared. What makes you think the value assigned to the private assets is not to be trusted?

[spoole5] 19/6/2022 19:51

Thing is the discount is largely irrelevant with a large slug of pe as they are effectively marking their own homework.

[hugepants] 15/6/2022 12:41

It has performed rather well. Still on a large discount and a high yield

[petewy] 15/6/2022 09:31

Half year results. Not over ambitious, markin time with a slight increase in divi

[pherrom] 08/4/2022 18:08

Certainly, capital loss is more their skill. I have held these from British Assets days (2006); my average buying price £1.19. I believe that the management changes every so often and no doubt their salaries are not tied to the share price.

[rich1952] 07/4/2022 10:41

Is it safe to assume that the useless management have given up any plans for modest capital growth?

[rcturner2] 24/2/2022 12:01

In my opinion, ADIG has its place in a balanced portfolio.

[essentialinvestor] 24/2/2022 11:26

exel, given some of my holdings today I perhaps should have considered ADIG !. This used to be British Assets Trust back in the day, from memory,

[exel] 24/2/2022 11:11

Thanks EI, I should have checked a post (above) which explain the divs (last year and this) very well. Homework! So, 5.52p last year and 5.60p this year (with Q1 declared at 1.40p). VBW ex

[essentialinvestor] 24/2/2022 09:51

RCT, point well made, although I had in mind a longer term view, - 15% over the last 5 years is pretty wwrful. Yes if you had swapped some high beta stocks in early January and invested the proceeds in ADIG, then you might perhaps be pretty content!. exel, most welcome.

[exel] 24/2/2022 09:47

Thanks EI,

[rcturner2] 24/2/2022 08:56

EI, I beg to differ. I am sure you have seen the large falls across many stocks and ITs in recent weeks. You will also have noticed that the share price here has barely moved.

[essentialinvestor] 23/2/2022 18:40

Well whatever they are doing, they are not doing particularly well imv.

[tiltonboy] 23/2/2022 18:35

There is a big difference between Private Equity, and Private Markets where ADIG are invested

[essentialinvestor] 23/2/2022 18:23

Go to the HL site, click the dividend tab on the ADIG page, there is an option that gives a full dividend breakdown over multiple years. Question I would ask here is ...where is the uplift for their private equity investments?. Nearly every PE firm had a fantastic 2021.

[exel] 23/2/2022 18:14

Does anyone know whether dividends (here) for the last financial year were 4 x 1.38p? making 5.52p. If so? the recently declared 'first interim dividend' for the current year seems to be up 1.45% at 1.40p.