Abrdn Diversified Income... Share Discussion Threads

[hugepants] 14/12/2023 11:22

I just think no-one likes private markets! IMO what's left is still an attractive proposition given it's generally income producing and it's well diversified over stuff like infrastructure, real estate, private credit, private equity etc. I'm getting an effective 38%-40% discount after the cash return. That's way too high imo for an ungeared vehicle that should still be able to generate a sizeable dividend and is in wind up mode.

[cousinit] 14/12/2023 10:21

Might get me another down vote, but as Specto has said before, this will become an eclectic mix of immature illiquids so chunky discount could easily be justified.

HP - you did tempt me in when this didn't bounce from October, but I've banked the 10% this morning.

[hindsight] 14/12/2023 10:11

better late than never

[hugepants] 14/12/2023 08:37

Share prise rise looks muted. 38p to be returned in H1 plus ex divi next week.

[essentialinvestor] 14/12/2023 08:10

At long last.

[neilyb675] 14/12/2023 08:03

81.20 - 84.00 (GBX) at 08:03:53
on Market (LSE)

[cousinit] 14/12/2023 07:47

Over the next decade...

[scepticalinvestor] 14/12/2023 07:45

So what 111p returned to sh then?

[spectoacc] 14/12/2023 07:24

Post #600: "They won't make 2026 without another review IMO, let alone 2032." Wasn't expecting it this fast tho :/)

[tiltonboy] 14/12/2023 07:20

Excellent news

[spectoacc] 14/12/2023 07:06

FINALLY. This should have been the result 3 years ago.


" the Board expects that approximately £115 million would be returned to shareholders in the first half of 2024 at, or close to, NAV (subject to shareholder approval and the appropriate use of the Company's distributable reserves) with further returns of cash to follow as value is realised from the Company's private markets portfolio in a timely and efficient manner as laid out below;

· approximately £107.3 million of the Company's private markets portfolio (valued as at 30 November 2023) is expected to mature between 2024 and 2027 (the "First Tranche"). It is intended that the proceeds from the First Tranche will be returned to shareholders in a timely manner as the investments mature;

· the remaining £81.5 million of the private markets portfolio (valued as at 30 November 2023) is expected to mature between 2029 and 2033 (the "Second Tranche"). As market conditions improve, opportunistic secondary sales of Second Tranche assets would be considered by the Company in order to realise value from these assets in a timely manner;"

[hohum1] 14/12/2023 07:05

Managed wind down announced… Feedback for their last proposal was clearly short and sharp!

[davebowler] 08/12/2023 15:22

Abrdn said it would reinvest the fees as and when it received them from trusts, such as Abrdn Diversified Income & Growth (ADIG), which has fallen out of favour and languishes on a wide 30% discount. Its board recently decided to continue the trust having held a strategic review of its future.

[hohum1] 30/11/2023 15:54

Fully agree, Tilton. While the discount is close to 30%, new investments make no sense. I’m voting against the directors up for reelection and against continuation at the AGM…

[tiltonboy] 30/11/2023 12:55

A large % of the assets are in Private Markets and are illiquid. A long time to wait to see if they are really worth what they value them at!

A nice dividend and some capital returns over the next few years. The board needs to return ALL funds raised and not make any new investments.

[boystown] 30/11/2023 11:24

I'm generally out of my depth with ITs - so rely on the expert posters on here.

Nevertheless, ADIG seems to offer relative safety with no gearing, a 30% discount and a 7.36% yield; so what's the catch?

[thrugelmir] 28/11/2023 16:58

October factsheet is the ADIG website.

Full portfolio data was published on the 14th November. Agan accessible in Excel spreadsheet form from the website.

The company has also provided the market with daily NAV's and regular gearing updates.

The information is all there if you look.

[rcturner2] 28/11/2023 16:47

You may have been looking at a cached version of the site stored on your local machine.

[cc2014] 28/11/2023 16:11

Thanks Tiltonboy.

I've looked again and cannot replicate my earlier problems which is odd

[tiltonboy] 28/11/2023 15:41

CC

Not certain where you are looking, but the latest factsheet on their website is to 31st October!

hxxps://www.abrdndiversified.co.uk/docs?editionid=d3e4c879-2180-4b43-a264-bf06db1fdbf6

[kenmitch] 28/11/2023 15:09

CC2014 Why not use the excellent aic website for the sort of information you’re struggling to find on inferior websites!



AIC is the official trade body for Investment Trusts. Loads of info on their excellent website.

[cc2014] 28/11/2023 14:22

Another look at this produces the following.

The last published factsheet on Abrdn's website is June. ffs. Which if I try and access it I can't actually read as it requires me to log into Morningstar. How am I supposed to make an informed decision based on that.

ffs.. indeed you can't even get the annual accounts or KID without signing in to Morningstar.

Not to worry I can get the completely out of date June factsheet from HL and I have also discovered if I dig around at length I can get the top10 porfolio holdings as at the end of September on the abrdn website. Not that all of them make any sense unless you cross reference with the factsheet as the third largest holding is described as Aberdeen Standar GBP.



Their second largest holding is UK gilts. Ishares Core ETF which has an average maturity of about 2026-27 looking at it. so, that's paying around 4.25%, less than the underlying yield so I'm entirely dependent on capital gains to make that work which since they've been holding them since June looks unlikely.
Or maybe they parked it there for a while whilst awaiting a sell-off and have moved on. Only I have no idea because even the most recent data is 60 days out of date.
And I wonder why do this rather than buy back shares.

Honestly I give up with this Trust. Well I would, but the large discount keeps nagging away at me.

[hugepants] 24/11/2023 16:03

Even the boys at the IC are perplexed by the underperformance of this trust.



...Some adjustments to the portfolio reflect Liddell’s contrarian instincts when it comes to both yield and valuation. He ups the exposure to Abrdn Asian Income in part because it comes with an attractive dividend yield (5.5 per cent) and share price discount to NAV (14.4 per cent) and even increases exposure to Abrdn Diversified Income & Growth, the multi-asset vehicle whose board recently concluded a strategic review. The board made the case for sticking with the trust's current multi-asset investment approach and to embark on a series of "enhanced distributions" to shareholders through a combination of special dividends and a tender offer. The trust holds other funds and has heavy exposure to unlisted assets, with smaller allocations to bonds and equities.

The trust's shares have languished on a discount for some years and Liddell, like some others, remains perplexed at its fortunes. “It remains somewhat of a conundrum why the market is so against this trust,” he says. “The income has kept up and there doesn’t seem to be an indication the dividend is likely to be chopped. While capital performance is disappointing the yield is still attractive and we still hang onto it.”

[rcturner2] 10/11/2023 07:13

I used to hold this in the past. At 75p this looks interesting again.