Henderson Diversified In... Share Discussion Threads

[essentialinvestor] 05/11/2021 15:53

Looking value again?, had a few earlier.

[brwo349] 27/10/2021 08:14

I paid 83.4p for these yesterday.
Even if interest rates rise I still get 5.5% return through dividends so they are going to have to rise a lot for this not be a good investment

[cc2014] 08/10/2021 10:54

And so it has come to pass that the recent jump in government bond yields has cascaded into the corporate bond market.

The NAV on this fund has fallen from around 93p to 91.5p in a couple of weeks. Bizarrely though and for completely inexplicable reasons the share price of it's largest holding has actually gone up completely against the flow of the market.

I see they have kicked off the share buyback at 85p which which so far has 576k shares in 3 days. Either a ready buyer to sell into if you are thinking of selling or significant support if you prefer to hold.

[cc2014] 29/9/2021 15:53

Agreed Hindsight, the gilt as you say suggest is only a vague proxy for the what happens with corporate bonds.

Good fortune with your position here. I'll be hanging around. I do like HDIV. I think frustratingly Intergrafin got in the way of my 90p

[hindsight] 29/9/2021 15:17

CC2014, point taken but there is yield curve and credit risk when talking corporate bonds. If a higher yield curve is because the economy is growing again then corporate default credit risk make drop. Not saying it is or is getting worse, but corporate paper more than just the yield curve

[cc2014] 29/9/2021 10:36

I really really don't like the 10 year gilt chart. It's moved up nearly 50 basis points in a month. I expected it to plod up far more slowly as the central banks did whatever it took to control the cost of lending.

The central bankers are starting to give out inconsistent messages too.

In the circumstances I'd rather have the cash and decide whether I'm going to re-enter when things are clearer

[brwo349] 29/9/2021 09:59

CC201410 Sep '21 - 10:27 - 191 of 197
0 0 0

Not sure what I think really. In one way I'm happy to sit in the trade to collect the dividends but on the other I'd be far more comfortable with the price above 90p where I'd probably keep about 75% of my holding and sell the rest.



lol

So what happened. Did you read something about inflation and suddenly freak out?

[hindsight] 24/9/2021 17:14

Got on board today for a few at 86.2p. Only few as cant decide if 6 years is a good place on the curve at present with all the inflation about.

[hindsight] 17/9/2021 13:52

Thank you for the detailed reply, CC2014. Maybe seller will get bored and more agressive then I will get some

[cwa1] 16/9/2021 17:30

16 September 2021

HENDERSON DIVERSIFIED INCOME TRUST PLC

Monthly Factsheet as at 31 August 2021

A copy of the above document has been submitted to the National Storage Mechanism and will shortly be available for inspection at:

The factsheet will shortly be available on the Company's website, www.hendersondiversifiedincome.com/factsheet

Had a quick glance but the monthly factsheet didn't appear to be there yet

[cc2014] 10/9/2021 11:29

It took about 2 months to shift 1% of the shares so at that rate another 8 months to shift the lot.

But, in the same period the share price has moved up about 2.5p!

Hard to say what process IntegraFin are working. They could be trying to shift so many a month and as demand outstrips supply the share price is edging up. Or it could be they are slicing their holding each time it moves up a bit or any number of other strategies

[hindsight] 10/9/2021 11:14

Quite like overhang situations. Can either of you advise how long I may have to wait if get on board ie how long did 1% take to shift ?

[cc2014] 10/9/2021 10:27

That's not a great RNS for us. It's taken 2 months to move from 5% to 4%. It seems to suggest IntegraFin aren't in a hurry to offload them but I agree it looks likely they will offload the lot.

Not sure what I think really. In one way I'm happy to sit in the trade to collect the dividends but on the other I'd be far more comfortable with the price above 90p where I'd probably keep about 75% of my holding and sell the rest.

[cwa1] 09/9/2021 17:24

IntegraFin dumped a percent. Still got 4% to go IF they plan to dispose of them all, which looks likely to me. That's a fairly substantial overhang:-



Being lazy here, how many shares are they authorised to buy back and could they make a lowball offer to Integra?

[cc2014] 08/9/2021 12:18

I see what Mr. MM is doing now. 2 trades just gone through at 88p timed 16:13 yesterday. Must be buys as the price has never gone near there.

The MM who has taken on the trade forces the price down in the closing auction to way below it's been for the last few weeks at 84.6p to make it look like the share price is in trouble as he needs to buy the stock in the market at below 88p.

Then he gets up in the morning and loads fake orders on the sell side of the book. There's currently a 25k sitting at 87p and another at 87.6p which are both ridiculous as if you really wanted to shift that sort of volume you'd not declare it to the market but break it up into smaller chuncks.

And the final clue is that I can get a quote to sell 50k of stock well within the spread.


I wonder if the buyer is the same buyer who bought £3m stock on NCYF declared to the market at 16:21 yesterday. Possibly he's on BIPS too where far too much sell volume is going through witin the spread for it not to be being absorbed by someone with a trade we haven't seen yet.

I have to hand it to this MM. He's really good. I think he might be after stock on NBMI too. Playing a different game over there to get his fills by opening up the spread. I don't think he dare put any fake orders on that one for fear of getting filled.


I will consider letting Mr. MM have some of my stock when the share price begins with a 9 ;-)

[cc2014] 25/8/2021 10:58

I'm not sure why I'm pondering it really but these days we see so many cancelled trades which you can't easily see on ADVFN as they don't show the negative volume instead reporting it as positive in a way that only ADVFN can. It makes me question everything. Also, there is one MM that is blantantly putting trades through at the wrong price and cancelling them later, not on HDIV but generally.

There's an interesting run of the same 10k trades as sells on MGCI, although not the same volume. It looks a bit like someone is repositioning their portfolio a bit.


All in all a good start to the day here on HDIV and not before time. It would have been nice to see just a few more 10k's to see whether that would have taken out the offer. I'm being quoted 87.19 for 10k so it seems the MM's are getting closer to running out of stock at this price.

Also the pattern has changed with the price being quoted no longer in reversion and a kind of more normal bid/offer spread which makes me hopeful.

[jonwig] 25/8/2021 10:56

CWA - when a trade is marked 'O' it's generally a straight buy or sell through a market maker, and in this case I'd guess a buy.

However, a lot of trades are now marked 'O' which used to be marked differently, eg. 'B' - a trade between two brokers acting for different clients at a pre-agreed price. If this is the case here, the trades go through without upsetting the MMs' books, so the quoted price doesn't move.

So they are, of course, for real but not straightforwardly so.

[cwa1] 25/8/2021 10:33

Not quite sure what you mean by "are they for real"? I'm probably being dense here...but what else could they be?

Cheers

[cc2014] 25/8/2021 10:05

Are these 10k trades for real? I can't see how they are not.

We could do with a few more.

[cwa1] 24/8/2021 16:57

24 August 2021

HENDERSON DIVERSIFIED INCOME TRUST PLC

DECLARES FIRST INTERIM DIVIDEND

FOR THE YEAR ENDING 30 APRIL 2022

Henderson Diversified Income Trust plc (the "Company") has declared a first interim dividend of 1.10p per ordinary share, in respect of the year ending 30 April 2022, payable on 30 September 2021 to shareholders registered at the close of business on 3 September 2021. The Company's shares will go ex-dividend on 2 September 2021. This dividend is to be paid as an interest distribution for UK tax purposes from the Company's revenue account.

[cc2014] 18/8/2021 12:31

There must be one big sell order out there being filled as the MM's appear to be in chaos with the price in reversion for the last day and a half now.

I'd love to know which MM is sitting on the sell order. L2 is telling me nothing about that.

[cc2014] 17/8/2021 21:53

Someone bought 200k at 88p. Getting there... slowly...

[cc2014] 17/8/2021 12:59

New paid for research note out from Quoted Data



As long as they keep buying back I would have though the share price has a floor.

"Over the 12 months ended 31 July 2021, HDIV’s discount moved within a range of a discount of 9.2% to a premium of 1.0% and averaged a discount of 4.2%. At 12 August 2021, HDIV was trading at a discount of 9.6%.HDIV has been buying back stock to help address the widening discount. Since we last published, HDIV has bought back 1.7m shares. Unusually, the repurchased shares have been cancelled rather than being held in treasury. At the annual general meeting (AGM)on 15 September 2020, shareholders approved the issuance of up to 10% of HDIV’s then-issued share capital (19,131,824 shares) and the repurchaseof up to 14.99% of its then-issued share capital (28,678,604 shares).Shares will only be issued at a premium to NAV and bought back at a discount"

[patrolt] 13/8/2021 12:01

Thanks for the research and comments here. This has been on my watchlist since May after a good write up by Max King in moneyweek. I've also just taken a position as it offers a bit of diversification to my portfolio and looks like a good entry price / discount to NAV.