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ADIG Abrdn Diversified Income And Growth Plc

-0.20 (-0.26%)
04 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Abrdn Diversified Income And Growth Plc LSE:ADIG London Ordinary Share GB0001297562 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.20 -0.26% 76.60 76.60 77.00 77.60 76.40 77.60 437,424 16:35:20
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 3.49M -299k -0.0010 -764.00 236.21M
Abrdn Diversified Income And Growth Plc is listed in the Trust,ex Ed,religious,charty sector of the London Stock Exchange with ticker ADIG. The last closing price for Abrdn Diversified Income... was 76.80p. Over the last year, Abrdn Diversified Income... shares have traded in a share price range of 72.40p to 89.80p.

Abrdn Diversified Income... currently has 309,177,359 shares in issue. The market capitalisation of Abrdn Diversified Income... is £236.21 million. Abrdn Diversified Income... has a price to earnings ratio (PE ratio) of -764.00.

Abrdn Diversified Income... Share Discussion Threads

Showing 601 to 623 of 750 messages
Chat Pages: 30  29  28  27  26  25  24  23  22  21  20  19  Older
Post #600: "They won't make 2026 without another review IMO, let alone 2032." Wasn't expecting it this fast tho :/)
Excellent news
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;"

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

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?

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.

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

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


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


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.

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.

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.”

I used to hold this in the past. At 75p this looks interesting again.
Thanks speedsgh - very useful!
Some commentary on the ADIG situation in the latest Money Makers podcast...

From 37m31s to 41m57s

Doesn't really matter what the wider market thinks. The reality of the situation is what it is at the current time. Anybody investing in private assets that aren't traded on public markets should be aware of the illiquidity risk involved. Share investing after all is a long term activity. Though in recent times there's been much speculative activity. Sure way of eventually getting your fingers burnt.
HP, with the greatest of respect you appear to consistently give ADIG the
benefit of any doubt - the wider market no longer does.

I can't get excited by the current situation. Appreciate sentiment in the sector is dire but the Board talked up the prospects from the review only to serve up some very thin gruel.

Noticed this is one of the trusts Saba now has on its books. Can't see this placating them unless it's a small position in a basket picked up from a keen seller.

spec where does it say "..that [private markets] it would be worth very significantly less than NAV if disposed of earlier"

The rns actually says;

"...the Board concluded that the early disposal of private market investments in current market conditions would necessitate a substantial discount to their long term realisable values"

Big difference imo.

And they are clearly correct. Selling anything now is likely the worst option. Even the listed stuff eg. RHM was bought out at a 66% premium to its then share price.

@HP - after a long review, they're chucking us 1.65p (not £1.65 - I wish) and a fairly poxy tender.

The shocker (for me) is that it's end-2026 for "..A substantial portion.." of the private stuff to mature, later clarified as 33%, & that it would be worth very significantly less than NAV if disposed of earlier.

"As noted above, approximately 33 per cent. of the Company's current NAV, comprising existing private market investments, is expected to mature by the end of 2026. The remainder of the private markets portfolio is expected to mature between 2029 and 2032.."

They won't make 2026 without another review IMO, let alone 2032. They ought to have rolled into another fund, and offered a cash exit (at a discount) to shareholders wanting out.

Between divis & tenders, they're going to eventually shrink to an inefficient/uninvestable size, and be increasingly skewed towards the private holdings.

Chat Pages: 30  29  28  27  26  25  24  23  22  21  20  19  Older

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