Abrdn Diversified Income... Share Discussion Threads

[rich1952] 12/9/2019 17:15

Buying their own shares is almost daily ATM. Seems to be a disaster area. Can they carry on ad-infinitum?

[pherrom] 18/7/2019 09:26

I don't know about any limits but if BSET had stayed with the portfolio as it was, I reckon that the shares would be about 50% higher than now. Just idle speculation.

[rich1952] 16/7/2019 16:41

First F&C with British Assets Trust, then Blackmore now Aberdeen.It seems very difficult for any manager to get capital growth in this portfolio.How much longer can the company repurchase its shares? Is there any limit?

[8w] 31/5/2019 15:04

Well and truly, defensive quality gone walk about, hopefully wont go much beyond 10% discount.

Will consider a top up but will keep a watching brief for the moment

[essentialinvestor] 31/5/2019 11:15

Trap door opened.

[essentialinvestor] 30/5/2019 14:13

I'm surprised the discount has not widened before now to be fair.

Around a 10% NAV reduction offer the last 12 months, defensive?.
or indefensible!.

[8w] 30/5/2019 13:45

hxxps://aberdeen-asset.kulu.net/view/H8iBWgeuBeW?opendocument&utm_campaign=UK_IT_factsheet_April_2019&utm_medium=email&utm_source=Eloqua&utm_content=CAAML000000071002&utm_company=N%2FA&cn=Factsheets


Hopefully this is the link to presentation

[8w] 30/5/2019 13:31

I'm afraid it is a new low. The rise in share price was based on hope rather than performance. NAV is lower now than when Aberdeen took over. Hope, the cruellest emotion, is now ebbing away.

What's worse if this returns to the discount at change over (about 10%) we have further to drop.

Watched an ADIG webcast a while ago. From memory the underlying theme is that the portfolio is a work in progress and they are happy with the shape it is taking. They would say that wouldn't they.

[essentialinvestor] 30/5/2019 09:34

Is this a new low for the share price in it's current ADIG incarnation?.

[essentialinvestor] 30/5/2019 08:09

Just to clarify, I was not knocking Buford, just referencing ADIG's
knack of unfortunate timing, they appear to have bought right towards the top.

[8w] 30/5/2019 08:04

Don't know a lot about Buford. But cursory glance seems to indicate the company is heading in the right direction. Broker buy, share price rising, positive news flow. Could be a good investment for ADIG.

[essentialinvestor] 01/5/2019 16:22

ADIG recently bought in to Burford, oh my.
It may be their largest individual equity holding.

[essentialinvestor] 26/1/2019 22:10

Ah right thanks, so I was not too far off then.

[8w] 26/1/2019 18:57

hxxps://citywire.co.uk/investment-trust-insider/news/catco-crash-knocks-10m-off-aberdeen-diversified-income/a1193734?ref=investment_trust_insider_latest_news_list

Looking at HL it looks like NAV drawdown of about 9.5% from high point in early Jan to 31 Dec. 2018

Link to article, which warns possible more pain to come from Catco.

On a positive note we have had a small NAV bounce in the last couple of weeks

[essentialinvestor] 26/1/2019 14:02

8w, if the Cato write down is allowed for, NAV has fallen around 10%
during 2018?.

[8w] 23/1/2019 17:22

NAV taken a bit of a hit from large holding in Catco reinsurance. ADIG should be a good diversifier when the going gets tough....

[essentialinvestor] 23/1/2019 12:42

I think if markets really start to sell off, as per a bear market,
then ADIG should outperform, to an extent - meaning drop less.

Just reading the December 2018 factsheet, which has a very brief summary of
their 2018 performance, I'm not impressed fwiw. DYOR as always.

[mister md] 21/1/2019 09:22

nice director buy :

Price(s) and volume(s) Price(s) Volume(s)
----------
GBP1.15 100,000

[essentialinvestor] 29/10/2018 16:39

Hold a small amount
So many incarnations here I'm not sure what to think at this stage.

[speedsgh] 26/10/2018 16:22

Just over £63.5k aggregate purchase by NED Julian Sinclair...

Director/PDMR Shareholding -

25/10/18 Julian Sinclair (NED) bought 20,000 @ 120p = £24,000
25/10/18 Julian Sinclair (NED) bought 17,570 @ 119.5p = £20,996
26/10/18 Julian Sinclair (NED) bought 3,000 @ 119p = £3,570
26/10/18 Julian Sinclair (NED) bought 12,500 @ 119.5p = £14,937

[speedsgh] 15/6/2018 16:34

Half-Yearly Financial Report (cont'd)...

Outlook

As noted previously, this reporting period marks the end of the Company's first year following its new investment approach. Initially, activity focused on portfolio reorganisation, which largely took place over the spring and summer of 2017. Then also began the exercise of identifying and acquiring longer term investments which are central to the Company's investment proposition, namely to deliver attractive returns to shareholders, with low volatility, from a diverse range of asset classes. The table of commitments, in the Investment Manager's Report, highlights the progress that has been made in this regard and, in addition, further investments remain under consideration by the Board, which has recently approved an investment in a new economic infrastructure fund launched by Aberdeen Standard Investments.

The Company's Investment Manager continues to recycle capital out of investment areas that it considers to be expensive towards those that offer better value. This is also done to fund investment into longer term opportunities identified by the Investment Manager. In the current period, exposure to listed equities was thus reduced in favour of physical assets, mostly in infrastructure and property.

Although valuation levels tend to drive equity market returns over the medium to long term (3 to 10 years), in the short term (less than 12 months) macroeconomic conditions can be the more important driver. High equity market valuations, which have prevailed for some time, will eventually lead to low (and possibly negative) equity returns for a protracted period. For much of 2017, the favourable global economic backdrop benefited equities, but the first quarter of 2018 saw a return to pessimism, reflecting concerns over trade wars and the normalisation of monetary policy in the United States and elsewhere.

The Company's investment approach benefits from a broad opportunity set which requires fewer stark choices between high risk and low return asset classes. Hence it is easier for the Company's Investment Manager to reduce the portfolio's equity exposure, in the knowledge that the portfolio contains a range of other asset classes with the potential to generate attractive returns for shareholders over the medium term.