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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Acorn Income Fund Ld | LSE:AIF | London | Ordinary Share | GB0004829437 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 367.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAIF
Acorn Income Fund Ld
03 October 2017
London, UK, 3 October 2017
Edison issues review on Acorn Income Fund (AIF)
Acorn Income Fund (AIF) targets a high income and the opportunity for capital growth by investing the majority of its assets in smaller quoted UK companies, with up to 30% in a portfolio of higher-yielding securities such as bonds, preference shares, investment companies and structured notes. Its long-term performance record is compelling, with 10-year share price and NAV total returns of c 270-280%, and it also ranks second or first in its peer group (AIC UK Equity & Bond Income) for NAV total returns over one, three and five years. The fund is structurally geared using zero-dividend preference shares (ZDPs), which were refinanced in early 2017, extending their life until 2022 at a much lower gross redemption yield of 3.85% (previously 6.5%), meaning ordinary shareholders feel the benefit of gearing more quickly in a rising market. Hedging may be used to reduce risk in either portfolio, and AIF's ordinary shares currently yield c 4%.
At 2 October, AIF's ordinary shares traded at a 5.4% discount to cum-income net asset value, while the ZDPs stood at a 3.2% premium. The ordinary share discount has been relatively stable in recent months at c 4-6%, having experienced a period of greater volatility since early 2016, and has the potential to narrow further given the exceptional long-term performance record. AIF has a dividend yield of c 4%, which compares favourably with its closest AIC sector peer.
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All reports published by Edison are available to download free of charge from its website
www.edisoninvestmentresearch.com
About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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Sarah Godfrey, +44 (0)20 3681 2519
Mel Jenner, +44 (0)20 3077 5720
investmenttrusts@edisongroup.com
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October 03, 2017 07:05 ET (11:05 GMT)
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