Abrdn Diversified Income... Share Discussion Threads

[cc2014] 05/1/2023 08:17

Some more here on valuations on P/E holdings from Questor and Investec putting the boot in on RIT.

[thrugelmir] 04/1/2023 16:38

Market for offloading private companies is so very different than 12 months ago. The fall out is very visible on the Nasdaq. What's not yet visible is the stuff tucked away out of sight. I wouldn't blame the fund managers for being cautious. Leaves little room for manoeuvre if the liquid holdings are simply cashed in. A FM blaming another FM. Nothing new. Take your own decisions on the chin. Blame culture these days is depressingly boring.

[spectoacc] 04/1/2023 15:53

Some commentary on that here:

[tiltonboy] 04/1/2023 14:58

Neil Brierley from Investec was scathing of the board in his note yesterday!

[hohum1] 04/1/2023 14:50

I'm not sure that the cash build up signifies anything positive sadly. The November factsheet highlighted a big payout ($18m) from the sale of the I77 road project in the Global Infrastructure Fund. The manager also commented that the private fund commitments will be requiring ADIG to invest cash over the next few months. The Thai and Brazilian bond proceeds have probably been reinvested now that markets are reopening after the year end...

[thrugelmir] 03/1/2023 22:33

Americans are crass when it comes to the internet. Same old garbage.

[thrugelmir] 03/1/2023 17:23

Looks like more cash is on the way as well. Brazilian bond matured on 1/1/23.

There's a dividend to pay this month of course.

Still money available for further buy backs.

[thrugelmir] 03/1/2023 17:05

Had a £10 million Thai Government Bond mature in December. That added 278 bps to the existing cash position.

[hugepants] 03/1/2023 16:11

They've been selling stuff. Net cash is now 6.6%

[hohum1] 28/12/2022 19:46

If the directors are so confident they should buy some shares. One owns only 5000. Send her a message: vote against Anna Troup if she comes up for re-election….

[hohum1] 28/12/2022 16:51

@tiltonboy - it makes you wonder what level of persistent discount would be needed for the Board to think that they do have a problem. 30%? 40%?

[hindsight] 28/12/2022 16:46

Windup gets my vote, just need the chance to vote

[tiltonboy] 28/12/2022 15:56

I have already lobbied the board, and the broker about my wishes, but it looks unlikely to wind-up in the short-term, which was the only catalyst now the spineless directors have decided the DCM is no longer applicable!

[atlantic57] 28/12/2022 14:26

Tilton thank you I will correct my post but would welcome the bull case as I have a significant holding.

[tiltonboy] 28/12/2022 14:21

They have a large proportion in private markets not private companies. Infrastructure funds etc

Should still be wound-up though!

[atlantic57] 28/12/2022 13:39

Thrugelmir based on your summary I would say this was a strong sell.

You say that the market falls are a thing of the past .
You could be right , however many commentators are predicting big falls in the stock market in 2023.



Of course predictions are numerous and could be wrong.

The fact that they have a large portion in private markets in current market conditions does seem a major negative as you say they are highly illiquid investments.

What is the basis of the Bull case for Adig.

[thrugelmir] 28/12/2022 12:55

There's been a change of investment strategy in the past 6 years. Private markets are long term investments as highly illiquid. Always look under the bonnet before investing in a collective vehicle. .

[hohum1] 28/12/2022 07:10

The public / private strategy, which has been in place for 6 years, is not working. It should have been put into run-off.

[thrugelmir] 24/12/2022 17:58

With around 50% of the portfolio held in private markets. Further buybacks can only be at the expense of liquid quoted element. Reasonable dividend yield which is adequately covered. Given the portfolio is under going transformation. I'm happy to hold. Suspect the worst of the broader market falls are past. Selling now achieves little. Earnings reports are going to determine the future direction of individual shares.

[atlantic57] 23/12/2022 16:29

Agreed a lot of waffle not sure they are
Well placed as they claim to take advantage …

[hohum1] 23/12/2022 15:34

Shockingly complacent annual report. 20+% discount and they couldn’t give a hoot. Vote against Continuation and the Board…

[speedsgh] 21/12/2022 15:50

Annual Financial Report -