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ADIG Abrdn Diversified Income And Growth Plc

0.60 (0.75%)
20 May 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 Shares Traded Last Trade
  0.60 0.75% 81.00 471,565 14:03:04
Bid Price Offer Price High Price Low Price Open Price
80.80 81.00 81.00 81.00 81.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Trust,ex Ed,religious,charty 3.49M -299k -0.0010 -810.00 250.43M
Last Trade Time Trade Type Trade Size Trade Price Currency
16:35:05 UT 3,854 81.00 GBX

Abrdn Diversified Income... (ADIG) Latest News (1)

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Date Time Title Posts
15/5/202417:42Aberdeen Diversified Income and Growth Trust plc 846

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Posted at 20/5/2024 09:20 by Abrdn Diversified Income... Daily Update
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 80.40p.
Abrdn Diversified Income... currently has 309,177,359 shares in issue. The market capitalisation of Abrdn Diversified Income... is £250,433,661.
Abrdn Diversified Income... has a price to earnings ratio (PE ratio) of -810.00.
This morning ADIG shares opened at 81p
Posted at 09/4/2024 10:22 by sll
Attended AGM/GM 27/2/24 and spoke with a couple of ADIG Directors, after the formal parts, which I supported. Impressed on them that 'time is indeed money'. The sooner they liquidate positions, the lower the value that may be attainable. When they part with the easier to sell 'more liquid' holdings, as detailed to the meeting, the entirety of that circa 30% discount will (unless it re-rates) transfer to the 'less liquid' positions. So, If we have 106p? NAV now and an share price of (say) 74p (being 30% discounted) if (say) 24p (of undiscounted liquid assets) can be realised sooner, at close to par, then the NAV moves down to circa 82p and the post-capital redemption share price might move down to circa 50p? (74-24) taking it down to a 39% discount. There are ZERO guarantees here, but a future upwards re-rating may be entirely conceivable? as 'more time' is allowed for the less liquid off-market positions to mature, closer to (or even above stated NAV?)as the Board conceives 'may be possible'. So, I'd prefer to wait longer, rather than settle for less sooner, and privately expressed that view.
Posted at 21/3/2024 16:30 by chucko1
"Yes, but 46%?"

Isn't it 50% at 72.5p?

HP, perhaps, but I never said what I had assumed as a share price, nor the loss upon liquidation of initial phase assets!!

Anyway, I get 48.5% discount at a share price of 72.5p and with a zero loss upon sale. I had assumed 73p (offer) and 3% loss - as I had used when I first posted something on this board. In actual fact, I suspect it will be rather less than 3%.
Posted at 07/3/2024 15:29 by hugepants
You should tell the PE funds that because their share prices don't agree. Unfortunately ADIG has only about 10% PE. The PE funds have massively outperformed ADIG the last few years. They are up 40%ish whereas ADIG is down 30%+
Posted at 16/2/2024 16:03 by hugepants
Well EI if you can point to any other liquidating trusts that are debt free and paying a dividend that are on mid 30s discount I'll reassess.

Running some numbers. Shares to buy currently 77.25p versus NAV 109p

Dividend of 1.56p dividend at beginning of March
Then 38p capital repayment before end June. So shareholders get 39.5p in 4.5 months

Thereafter NAV becomes 69.5p
If full 39.5p comes off then new share price 37.75p which is a 45% discount to NAV. No way is that happening.
For a post cash return and your predicted 35% discount then new share price is 45p. Even that gives a 10% return from where we are now.
Posted at 12/1/2024 15:35 by davebowler
Mindset of the week
“Overall, we enter the new year with the mindset that we are continuing to travel towards the danger, rather than away from it, and we will not let a disappointing 2023 obscure what we see in front of us.” Ruffer (RICA) monthly investment report for December 2023 during which NAV/share price rose 2.1%/4.2% respectively.

To optimise shareholder value
Annual Report from abrdn Diversified Income & Growth (ADIG). Chair Davina Walter had this to say: “…our Investment Manager has continued to pursue its strategy of seeking to provide income and capital appreciation over the long term from a genuinely diversified portfolio, providing access to a wide selection of asset classes, an attractive and dependable level of income and defensive characteristics relative to the volatility of equity markets. Despite the Board's confidence in the investment strategy, the persistent and entrenched discount to Net Asset Value…led the Directors to commence a strategic review in June 2023 to consider how the Company could best restore and deliver value to shareholders.” And as the Chair explains: “In the light of the feedback received and the persistent discount to net asset value…at which the Company's shares continued to trade, the Board concluded that it was in the best interests of shareholders as a whole to put forward proposals for a managed wind-down of the Company.”

As for how the fund performed over the year, the investment managers reported: “…a total NAV return of 0.4% with 3.6% volatility, a good risk adjusted return per unit of risk taken. This compared with a 13.2% return in equities as measured by the FTSE All-Share Index with 11.6% volatility, and -0.6% in government bonds as measured by the ICE BofA UK Gilt Index with a volatility of 11.5.” Back to the Chair for the outlook: “Global markets continue to be volatile, and, whilst there are some positive signs of recovery as inflation abates, the medium-term outlook for UK equity markets remains subdued, especially in terms of the investment trust sector. This is likely to continue to weigh on ADIG's valuation relative to NAV, hence the proposals we are putting forward for an orderly Managed Wind Down which seeks to optimise shareholder value.”

Comment from Winterflood: “Under the managed wind-down announced in December 2023 (subject to shareholder approval at 27 February AGM), the Board expects that £115m will be returned to shareholders in H1 2024 at, or close to, NAV. Further returns of cash will follow as value is realised from the private markets portfolio (58.4% of 30 September NAV). c.£107.3m (valuation as at 30 November 2023) of private holdings expected to mature by 2027. Remaining £81.5m expected to mature between 2029 and 3033, and opportunistic secondary sales would be considered. The fund will cease to make new investments but will fund existing commitments. Outstanding debt (£16.1m of secured bonds with 6.25% coupon maturing in 2031) will be repaid in 2024.”

Challenge of the week
“The challenge for central bankers from here is to thread the needle of holding rates high enough to keep inflationary pressures at bay and bring inflation back to target while at the same time, not tipping economies into recession. The US appears to be treading this path well, while data in the UK and Europe is suggestive of a more imminent downturn.” abrdn Diversified Income & Growth (ADIG) Investment Manager’s Report.
Posted at 19/12/2023 14:02 by skinnypope
[First time poster, hello everyone]

I’ve held ADIG for about 3 years now, mostly for a passive income. The underlying portfolio is I suppose “eclectic̶1; but nothing that seemed uninvestable. With the heavy discount to NAV that the market has imposed on the share price, an orderly wind down seems the right strategy.

I see the wind down in its simplest form as three discrete cashflows:

1. £115m due in H1 from the sale of the liquid bonds and listed equities. I have looked through the portfolio and all of the holdings are straight forward to sell. I have high confidence in this part of the portfolio being sold at NAV, I assume payment on 30Jun24.
2. Private assets Tranche 1. I will assume that all undrawn commitments will draw (£17.8m from my calcs), but then all assets will redeem at current NAV + new cash i.e. cashflow of £125.1m. I will use a worst case scenario on the cashflow date of 31Dec27.
3. Private assets Tranche 2. Again assume a full draw, grossing up to £104.8m. The unknowns here are the sale date and the discount to sell the assets. I assume a 30% discount to current NAV + new cashflow, and cashflow date of 31Dec28.

As an ex-fixed income market maker and investor, this now looks like a bond! So I have the three cashflows and dates, so it’s easy to discount back to today and compare to current share price.

Using a price of 83p (current offer as I type) then those cashflows yield 8.6% per annum

This is I believe very much a low ball estimate due to:

a) If you assume some dividend income, this is clearly additive over and above this yield.
b) I also have assumed that all cash and working capital gets used up and not returned to the shareholders, which may also top up the yield if this is untrue.
c) Less conservative assumptions on the private assets would also improve the return e.g. dropping the discount on cashflow 3 e.g. a 20% discount improves the return to 9.7%
d) I have used the longest dates for the cashflows, in practice they should crystallise much earlier.
Posted at 29/10/2023 20:32 by hugepants
I disagree with the general tenor of above posts. IMO the enhanced distribution programme is pretty significant. And it's on top of the current 5.68p annual dividend payout (7.5% yield).

Special dividend of £1.65p (goes ex this week) = £4.97M
Therefore tender offer next year of £27.5M.
If tender at the suggested 15% discount then tender price = 94.5p (29M shares)

Therefore tender for 9.5% of your shareholding at a 25% premium to current price next year.

As the tender date nears the share price discount the tender price is bound to narrow. No way will it be 25% higher as it is now. The other thing is you will be able to tender all your shares. You wont get filled but eg. the last 2 tenders I participated were GOT and ARTL. Both last year and only 31% and 9% of shares were tendered in each case. So good chance you will get significantly more than 9.6% accepted.

But the above is only the first year.

"...further enhanced returns of value, including special dividends, are envisaged during 2025 and 2026 as a substantial part of the Company's private markets portfolio matures.

...Approximately 33 per cent. of the Company's current NAV, comprising existing private market investments, is expected to mature by the end of 2026. "

And comments regarding the current market cap;

"...58.5 per cent. of the Company's existing portfolio is invested in private markets with the balance being held in listed investments and bonds (as at 30 September 2023). The Investment Manager believes that ADIG's listed and private portfolio has a much greater intrinsic value than that currently reflected in the share price.."

This is a better investment IMO than most other investment trust type vehicles IMO. It has net cash and is well diversifed.
Posted at 07/6/2023 08:58 by hugepants

...However, the Company's share price total return (which assumes dividends are reinvested) was -6.5% with the share price discount to NAV widening from 23.7% to 29.8% at 31 March 2023. The drop in the share price appears to be driven predominantly by the stock market currently applying a substantial discount to private equity assets, reflecting uncertainties over asset valuations. Although your Company has under 12% of its assets in private equity investments, this substantial discount appears to have been applied to all the Company's private market assets, even to sectors such as infrastructure (comprising 16% of the Company's assets), which typically trades on a tighter discount.

The Board appreciates the frustration of shareholders at this share price performance. To address the issue, the Board and Manager continue to communicate to the market the quality of the Company's portfolio and the steady NAV returns it has generated.
Posted at 28/2/2023 22:02 by wunderbar
Re HOME REIT. In the full year report y/e 30 Sep 2022, ADIG's holding was worth £1.449m. According to ADIG's Portfolio Holding Summary for Nov 2022 [downloaded from company website] the value had plummeted to £807k [ADIG held 1.6m shares]. Note there was no mention of HOME REIT being a significant holding in the Interim report therefore we can deduce ADIG acquired majority of stock between 1 Apr and 30 Sep 2022, likely paying between 100-120p a share before bailing out in Dec 2022 around 34-50p. I reckon ADIG has lost between £800k and £1.38m on this investment. I'm sure Nalaka De Silva will be very keen to sweep this one under the carpet.

I'll say very quickly I strongly disagree with winding up the trust. I simply can't understand the mentality of anyone voting this way. Today's AGM result showed overwhelming support for the continuation of the company [almost 92% of votes]. What's to be gained from closing the trust? More than half of ADIG's investments are now in Private Markets, these investments typically take 5-10 years to mature. At present we're only 2.5 years into the new investment strategy. Patience is required here. If anyone on this bb doesn't want to play the long wait or simply hates ADIG [and there seems to be quite a few here] then simply sell your shares and move on to pastures new rather than repeating the same mantra of winding up the company. In the meantime I'm quite content to sit tight and collect the generous quarterly dividend.

I think the current share price circa 88p is very attractive entry point, offering a yield of 6.38%. So much so I've been buying up more stock in recent days and will continue should it dip further. In general this is a very boring and reliable stock. Sure, the share price performance in past few months has been disappointing but hopefully it can start grinding its way back up just as it did post Covid crash. It is still my intention to sell up to 50% of my holding around 98-100p purely because I'm top heavy in ADIG [too many eggs in one basket].

The steep discount to NAV remains a big problem and I do agree with comments about ADIG management being accountable for letting this discount persist, it's simply unacceptable, more so given the discount has now widened to 25%, a far cry from the now defunct target of 5%.

Whilst I've said patience is required here I would still be critical of the trusts performance with regards to the almost negligible growth rate in NAV. At year end it was 117.6p, five months later it's barely changed. Given we're just a month away from Interim cut off point of 31 March [half year report published three months later] it's looking odds on for another period of non-growth. Note two years ago [Sep 2020], around the time ADIG changed investment strategy, NAV was 113.4p. Since then little progress has been made, NAV increasing just over 4p [3.57%] during this period [very poor considering the market has bounced back strongly from Covid lows]. I’d like to see both Nalaka De Silva and chairman Davina Walter acknowledge this sluggish progress rather than pulling the wool over investors eyes with manipulated data. The double digit growth rate they quote is merely attributable to the inclusion of the healthy dividend income. Strip this out and the key stats reveal a pretty unspectacular performance this past 12 months with share price down 13.66% and NAV barely changed. Forget about Private Markets for a moment, why aren't Equities or Credit Income having a positive impact on NAV? For these reasons it’s easy to understand why many shareholders are dissatisfied at present.
Posted at 28/9/2022 18:50 by wunderbar
I previously described ADIG as the rock of my portfolio given its low volatility in previous market turmoil. And up until mid-August it was doing what it is does best, plodding along in its usual boring fashion. Unfortunately it has succumbed to the latest market mayhem which has seen the stock plummet 6% in the space of a week and 8% over the month [sp closed at 90.8p, intraday low 88p]. The timing of this fall couldn’t have come at a worse time for ADIG’s management team noting financial year end is 30 September. In essence ADIG’s yearly performance has been derailed at the last minute and unless the share price rebounds sharply in next couple of days then results for 2022 will read as very poor, showing a share price decline of 9% over the year [vs 100p, y/e 2021], discount to NAV widening to over 20% [17.9%] and NAV falling to c.116p [122p].

Since portfolio manager Nalaka De Silva's investment strategy was implemented 18 months ago [c.98p] the share price has fallen 7%. Prior to recent falls the share price had spent most of the year bobbling between 98-101p, not really gaining any traction. The large discount to NAV continues to be a major problem despite buybacks. The board have stated they are targeting a discount of less than 5% [subject to normal market conditions] but this currently stands at over 20% [vs 12 month average 16.85%]. As for the NAV, there's been no sign of any growth in past 12 months which goes against the trust's objective. As ever I can’t complain re dividend income but I am getting increasingly impatient with the ongoing discount to NAV and general lack of growth in asset values.

On announcing his new strategy in Feb 2021, De Silva said “Private Equity/Market investments won’t yield/bring instant rewards, I’d expect these to start bringing in a generous income/return on equity within 3-5 years”. All being well these investments will start bearing fruit within the next couple of years, and in doing so should considerably narrow the steep discount to NAV. However, if there's no real progress come the end of his five year plan then both Nalaka De Silva and chairman Davina Walter will have a lot of explaining to do. Bottom line is both NAV and shareprice need to significantly improve or I'd expect heads to roll.

On a final note, this decline will be particularly frustrating for shareholders as we are now back to where we were almost two years ago. I topped up at 90p hoping the market sees sense in due course. Whilst ADIG is now my biggest holding I'm looking to cut my stake by 50% around the 100p mark. In fact I’m looking to divest 50% of my portfolio in the next 12-24 months simply as a de-risk measure. With the BOE base rate predicted to rise to 5.5% by next summer I suspect many investors will start moving funds into fixed rate savings offering returns equal to [if not better than] typical dividend yields [current FTSE100 average yield is 4.18%], all without the stress or worry of incurring significant capital losses as demonstrated by many stocks this year.
Abrdn Diversified Income... share price data is direct from the London Stock Exchange

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