Aberdeen Sml.Co Share Discussion Threads

[aleman] 17/9/2012 15:02

NAV 163p. Shares 131p. Discount still 20%. Share price should be 10% higher but it's struggling to keep up!

[aleman] 10/9/2012 12:55

NAV jumped to nearly 159p on Friday - highest since before recession, I think. Discount is still nearly 20% despite recent rises.

[aleman] 07/9/2012 16:00

Today's strong small- and midcap rises should take NAV to a new high for the year. Looks like the share price is going back to 130p+ where it was back in January to March. It should really be at 140p with a more normal discount. Might get there with this momentum and a bit of luck.

[aleman] 31/8/2012 15:01

Interim results out.

Sounds like they've been tinkering a bit to get more growth in dividend income in the longer term at the expense of the amount of current dividend income recieved. It looks like the payout this year will now be uncovered so a dividend increase next year is starting to look slim.

Activity

With the polarised view in the bond and equity markets touched upon earlier the Manager has been very cautious with current trading. Your Board has been keen to improve the underlying yield of the equity portfolio whilst maintaining its quality and the Manager has continued to pursue this in recent trading. The quality of the underlying portfolio mix has also been improving with a reduction in the preference share portfolio - the Trust's highest yielders but with no dividend growth potential - whilst in tandem upgrading and diversifying the quality of the corporate bond portfolio. Previously the bond portfolio held a number of higher yielding financials which have been replaced with blue chip telecommunication, utilities, and transportation holdings. This decision has benefited the performance overall and made the bond portfolios more secure, and the Manager has offset the subsequent decline in bond yield through improving the yield from the equity portfolio. With the recent sale of the BUPA Finance 6.125% 2049 bond post a strong rebound, this transition in the bond portfolio is nearing a conclusion but there is still scope to increase the yield in the equity portfolio. .

In the equity portfolio the Manager added to a number of the higher yielding names on weakness including Wilmington, Chesnara, Berendsen, Interserve and Rathbones. These companies all offer a yield premium to the market and were part of the strategy to improve the underlying yield. Profits were also taken in two of the top performing names, XP Power and Oxford Instruments. XP Power was trimmed to maintain the absolute weight in the portfolio while Oxford Instruments was reduced due to the valuation looking expensive. The portfolio benefited from the announcement that Umeco had received a recommended offer from Cytec Industries. The deal concluded after the end of the period. The Manager also completed the exit of Zotefoams and Halfords where he felt they had better opportunities elsewhere in the portfolio.

[aleman] 16/8/2012 14:43

Discounts usually narrow in a bull market but not this time, for some reason. I'm suggesting a bull market because NAV is up 13.1% since the start of the year, and even more from the low just before that. A bull market is also suggested from near the start of the year if you shift the moving averages across by the appropriate amount.

[garwatts] 16/8/2012 14:37

Yes an enigma really as all I&G trusts seem to be on a premium these days. I guess its just the small companies thing.

[aleman] 16/8/2012 13:53

Discount up to 20% again. I think 153.66p is a new high NAV for the year. Just need the shares to catch up.

[aleman] 10/8/2012 14:16

They've posted the wrong NAV again! There is an RNS with all of them on at once. It states 151.32p.

[aleman] 06/8/2012 13:48

753p - I wish! (They've put up the Asian Smaller Cos. NAV.)

[garwatts] 06/7/2012 16:14

I have held these since 1999 without a sniff of a capital gain.

[aleman] 06/7/2012 15:23

High yield shares really looking good now. If you bought a spread of high yield shares anytime in the last 4 years, you would be unlucky not to have a capital gain and the dividend returns should have put you comfortably into profit, while easing the pain of the dips as you waited. Volatility has been decreasing of late, so you would think those sat on cash might start considering them as being less risky. Moving averages are turning up again, driven by the fat and rising yields despite the odd cut here and there. Total UK dividends in 2012 are expected to be about 13% above the 2008 prerecession peak.

[aleman] 26/6/2012 13:44

The Board of Aberdeen Smaller Companies High Income Trust PLC has declared a second interim dividend of 1.5p per share in respect of the year to 31 December 2012 (second interim 2011: 1.5p) payable on 27 July 2012 to shareholders on the register at close of business on 6 July 2012. The ex-dividend date is 4 July 2012.

[davebowler] 12/6/2012 13:28

High-income trusts at bargain prices
FE Trustnet looks at the high-yielding investment companies that are currently trading on a big discount;

[aleman] 23/5/2012 17:59

NAV here hasn't fallen that badly with the market. Shame the same can't be said for the share price. I can see us hitting that 20% discount again.

[mrphil] 27/4/2012 15:42

Nice rise today and a small divi due?

[aleman] 13/4/2012 16:34

NAV jumped nearly 4p yesterday! Was there a bid for one of the invested companies? Discount now a hefty 22%.

[aleman] 21/3/2012 16:41

Looks like the discount has hit 20% again.

[davebowler] 14/2/2012 14:21

Acorn , AIF ,has jumped today, to about a 10% discount to NAV , so I hope this rerates too.

[aleman] 14/2/2012 13:11

DIscount finally crept back under 20%.

[aleman] 02/2/2012 13:35

Discount still loooks to be just over 20% despite the recent jump.

[aleman] 01/2/2012 10:24

We have action! Looks like that discount is finally closing.

[glentimon] 19/1/2012 17:13

But why is it lagging behind DNDL and BRSC with fairly similar portfolios?
One could lose patience here, and I have large holdings across the family accounts. I can answer that question by looking at dividend & turnover growth over the last few years, this one has dramatically reversed, whilst DNDL and BRSC are storming ahead!

[davebowler] 19/1/2012 16:03

Yes this certainly is a bargain.

[aleman] 19/1/2012 16:02

Discount must be nearly 25% today. Midcap shares are having a strong run again and Smallcaps are storming ahead.