Abrdn Diversified Income... Share Discussion Threads

[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.

[hugepants] 20/1/2022 14:52

Seems to have found a perch at this level. At 102.5p the discount to NAV is 15% and yield is 5.45%.

[neilyb675] 10/1/2022 12:04

Closing the gap to NAV (about time).

[cousinit] 09/12/2021 22:28

I hate to think what the discount might be without the formal policy of targeting less than 5%... Probably needs a performance related conditional tender type policy, say 25% of NAV can be elected into a run-off pool every 3/5 years instead of immediate cash tender given illiquids

[speedsgh] 09/12/2021 20:19

Annual Financial Report -

[excerpt]

Earnings and Dividend

A major component of the proposition to investors remains a dependable and regular dividend. Total dividends paid during the year represented a yield of 5.5% based on the year end share price of 100.0 pence. The Board confirmed, as part of the strategic review, its intention to continue to pay at least the current level of dividend. In addition, to cover the period before the new Private Markets' investments start to make distributions, the Board is prepared to use its revenue reserves, which have been built up by the Company over many years, to support the dividend policy as required, which also provides shareholders with a level of comfort regarding regular income payments.

Three interim dividends of 1.38 pence per share were paid to shareholders in March, July and October 2021. The Board is declaring a fourth interim dividend of 1.38 pence per share to be paid on 20 January 2022 to shareholders on the register on 24 December 2021. The ex-dividend date is 23 December 2021. Total dividends for the year are 5.52 pence per share, 1.5% higher than the 5.44 pence per share paid in respect of the year ended 30 September 2020. After the payment of dividends during the year, £1.1m was drawn down from the Company's revenue reserves.

For the year to 30 September 2022, the Board currently intends to declare four quarterly dividends of 1.40 pence per share or 5.60p per share in total, which will be the equivalent of an increase of 1.4% on the 5.52p paid for the year under review. As in previous years, the Board intends to put to shareholders at the Annual General Meeting ("AGM") on 22 February 2022 a resolution in respect of its current policy to declare four interim dividends each year.

Discount and Treasury share policy

During the year ended 30 September 2021, the shares performed broadly in line with the NAV return. The Company's discount (calculated with debt at fair value) narrowed from 19.3% at 30 September 2020 to 17.9% at 30 September 2021. The Board is fully aware that this level of discount is inconsistent with the previously stated policy which is to seek to maintain the Company's share price discount to NAV (excluding income, with debt at fair value) at less than 5%, subject to normal market conditions. Whilst the past year cannot be described as 'normal', it does not fully excuse the wide discount that prevailed at the year end.

Throughout the year, the Company continued to buy back shares and a total of 8.0 million shares were repurchased at a cost of £7.7 million. The Board, however, feels that in order for the share buy-back to be truly effective performance improvement from the portfolio is an absolute priority, so it will continue to make some allowances for both market conditions and the changes to the portfolio that are set out in this Report. The Board will continue to monitor the discount on a daily basis and buy-back shares into treasury, or undertake share issuance if required, when it believes it is in the best interests of shareholders to do so, while also having regard to the prevailing gearing level and the composition of the Company's portfolio.

[continues]

[hugepants] 08/12/2021 12:44

Should be 10% higher imo. Results and Divi this month

[cc2014] 02/12/2021 14:10

1. The long term perfromance of the trust over the last 5-7 years has been poor
2. It now contains an increasing amount of private equity which markets value at a discount as it's so oblique.

There are other minor things. The management fee needs to be cut a bit, Aberdeen are out of favour. Also, it's a difficult trust to understand. It has about 600 holdings

[krowelet] 02/12/2021 13:38

Can anyone explain why ADIG permanently trades about 20% below NAV like no other trust that I know of.

[neilyb675] 24/11/2021 13:17

Aberdeen Diversified Income and Growth Excluding 122.04p Ordinary
Trust Undiluted Income
Aberdeen Diversified Income and Growth Including 123.69p Ordinary
Trust Undiluted Income
Aberdeen Diversified Income and Growth Excluding 120.23p Ordinary
Trust with Debt at Fair Value Income
Aberdeen Diversified Income and Growth Including 121.89p Ordinary
Trust with Debt at Fair Value Income

[hugepants] 10/11/2021 17:46

The latest factsheet.

[rcturner2] 22/10/2021 17:00

I bought in yesterday. I'm happy with the risk/reward here and I tend to buy trusts like this with a view to holding for a long time simply for the dividend.

[cc2014] 22/10/2021 16:42

I've sold out over the last couple of days.

I can't actually give a good reason other than the market generally feels a bit high and is making me feel excessively nervous. Additionally the rise in yield is nagging away at me too.

GLA. I honestly think the discount to NAV should be lower but it's had a very long time to adjust and it just isn't happenning.

[speedsgh] 22/9/2021 09:13

In case anyone missed it...

Third Interim Dividend -

The Board of Aberdeen Diversified Income and Growth Trust plc (the "Company") announces that it is declaring a third interim dividend in respect of the year to 30 September 2021 of 1.38 pence per share on the Ordinary shares of the Company in relation to the quarter ended 30 June 2021.

The third interim dividend will be paid on 28 October 2021 to shareholders on the register on 1 October 2021. The ex-dividend date is 30 September 2021...

[scallywagkid] 22/9/2021 08:46

101 bid ... now that is a sight for sore eyes

[cc2014] 17/9/2021 11:11

The NAV makes 122p which is nice.

[krowelet] 17/9/2021 09:15

yes announced 1Sept.xd24Sept.The latest divi. to be paid was announced 10June xd 17June.

[hugepants] 15/9/2021 13:45

Q3 dividend announcement due. It was beginning of sept last year.