Abrdn Diversified Income And Growth Plc

0.00 (0.0%)
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
  0.00 0.0% 87.00 59,686 08:01:08
Bid Price Offer Price High Price Low Price Open Price
85.80 88.20
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Trusts 2.09 -0.71 - - 262.96
Last Trade Time Trade Type Trade Size Trade Price Currency
09:30:19 O 6,000 86.8685 GBX

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Date Time Title Posts
27/5/202314:09Aberdeen Diversified Income and Growth Trust plc 489

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Posted at 16/4/2023 22:01 by thrugelmir
RMMC has it's moments in the sun. If you are investing for the long term then the spread shouldn't be a concern. Lower the liquidity in a stock the greater the volatility in the share price. Not for the faint hearted I agree. Having said that many investors appear to love Private Equity on the basis of perceived discounts. Although the underlying portfolios are opaque in nature and the investment managers cream off high gees whatever the performance.
Posted at 12/4/2023 16:52 by thrugelmir
If you believe that the share price is too low. Then add to your holding. We are all the market.
Posted at 12/4/2023 16:18 by cc2014
Well I honestly do not know what to do. Last time I sold at 100p and whilst I'm sure it won't go back there in the current circumstances I struggle to see why the share price shouldn't begin with a 9.

Therefore if I listen to myself I should hold on and re-evaluate when it does begin with a 9. I suspect that's going to be an internal struggle because ADIG has been on a downtrend for so long.

Posted at 30/3/2023 20:25 by spectoacc
@Thrugelmir NAV down perhaps 1%, with a lot of esoteric/is-it-marked-to-market-properly stuff, and whilst they've been buying back shares. So no, I don't think the performance is too good.

As I said before I bought - and really should have listened to myself - ADIG is uncorrelated to the market because when the FTSE goes up, ADIG goes down, and when the FTSE goes down, ADIG goes down.

As an investment vehicle, it seems to serve no good purpose now that so many other, better ITs are at similar or greater yields.

I live in hope of a dcb.

Posted at 30/3/2023 14:33 by spectoacc
There's a certain embarrassment in being an ADIG shareholders (particularly a recent one). Like having a giant boil on your nose, or the local GP telling the pub about your piles.

Market goes down - ADIG ticks down. Market goes up - ADIG ticks down.

Posted at 02/3/2023 12:08 by cc2014
Well I'm completely puzzled. this stock isn't doing what I expected at all.

So, shortly before the continuation vote, the fund manager gets a kicking for not controlling the discount and some large holder(s) start selling out. Considerable volume goes through around 87-89p.

The continuation vote arrives and I'm surprised to discover it's resounding in favour of continuation.

So, now the share price is struggling again and more volume is going through 87-88p, which presumably means some don't like the outcome. Perhaps they bought trying to influence the vote and now have to unleverage. I don't know.

This is one of those stocks where I haven't bought because I don't like the long term prospects but honestly though the share price was a bit depressed and was due to bounce back to something beginning with a 9 at least in the short term.

Gilt yields aren't helping of course, but the market doesn't seem too bothered about that elsewhere. It's just certain stocks.

Posted at 01/3/2023 16:29 by tiltonboy
That looks more like total return.

Admittedly using different dates, since 1st March 2018 to 28th February 2023, NAV return is negative 7.2%, and positive 15.6% when dividends are included.

In share price terms, over the same period, there is a negative return of 27.2%, or negative 4.4% with dividends included.

Newcomers might do quite well from here, but long-suffering shareholders can attest to poor performance , especially if they were invested in other incarnations of the beast

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 16/2/2023 07:39 by spectoacc
ADIG do at least have the advantage of being relatively uncorrelated to the markes.

FTSE new highs - ADIG languishes
FTSE falls - ADIG languishes
FTSE stays stable - ADIG languishes


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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