Share Name Share Symbol Market Type Share ISIN Share Description
Henderson Diversified Income Trust Plc LSE:HDIV London Ordinary Share GB00BF03YC36 ORD 1P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 66.60 379,750 08:05:00
Bid Price Offer Price High Price Low Price Open Price
64.60 66.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 10.05 8.84 4.61 14.4 127
Last Trade Time Trade Type Trade Size Trade Price Currency
15:10:24 O 95,000 64.50 GBX

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Date Time Title Posts
23/6/202217:59Henderson Diversified Income Limited294

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Henderson Diversified In... Daily Update: Henderson Diversified Income Trust Plc is listed in the Equity Investment Instruments sector of the London Stock Exchange with ticker HDIV. The last closing price for Henderson Diversified In... was 66.60p.
Henderson Diversified Income Trust Plc has a 4 week average price of 64p and a 12 week average price of 64p.
The 1 year high share price is 90p while the 1 year low share price is currently 64p.
There are currently 191,318,240 shares in issue and the average daily traded volume is 187,482 shares. The market capitalisation of Henderson Diversified Income Trust Plc is £127,417,947.84.
cc2014: That's a decent amount of shares and a very good price for that volume. One wonders where the share price would be without it? However, it looks to me like it's enough to scoop up the overhang and the share price seems to have bottomed, at least for the moment anyway.
cwa1: 22 June 2022 HENDERSON DIVERSIFIED INCOME TRUST PLC Market purchase by the Company of its own shares Notification is given that, pursuant to the authority granted at the Annual General Meeting of the Company held on 16 September 2021 to make market purchases of the Company's own shares of 1p, a market purchase of 965,000 ordinary shares in the capital of the Company was made today at a price of 67.49p per share to be held in treasury.
brwo349: hxxps:// Henderson Diversified Income Trust – Ahead of the curve 17 March 2022 Markets were already pricing in a number of interest rate rises this year as central bankers look to choke off inflation. As we explain in this note, the managers have positioned the trust’s conservative and quality-focused portfolio in anticipation of a swift end to this process. That could help trigger the next phase of outperformance by the trust, as bond yields compress and their price rises to reflect lower than expected interest rates. The trend towards a wider discount over the past year or so may reflect HDIV’s yield and short-term performance relative to its peer group. The recent further widening is likely a reflection of investors’ unease following the invasion of Ukraine. We feel that it is perverse that investors are not rewarding the conservative nature of HDIV’s portfolio in the current environment. However, if the managers’ expectation of a rapidly deteriorating economy and a swift end to rate rises plays out as they expect, the situation could change quite quickly. Each year, the directors ask shareholders for permission to allot new shares and buyback existing ones. At the Annual General Meeting (AGM) in September 2021, shareholders approved the issuance of up to 10% of HDIV’s then-issued share capital and the repurchase of up to 14.99% of its then-issued share capital. The managers say that it is not always easy to repurchase shares at times when the discount is wide. Nevertheless, HDIV has bought back almost 3m shares since our last note was published and it seems likely that repurchases will be made while the discount is as wide as it is. HDIV does have the option to hold shares that it buys back in treasury, and re-issue them at a later date. However, shares will only be issued at a premium to asset value.
brwo349: No it will go up if the share price goes down further. There is a dividend announcement due this week.
cc2014: Jeepers. Nav now at 77.5p. A share price of 70p doesn't look so ridiculous now.
peterbill: Central Banks raising interest rates to combat inflation should have an adverse effect on the corporate bond market ... won’t this have a negative impact on HDIV share price?
cc2014: But is it in the price already? Remember HDIV owns alot of long dated bonds. I will use an example. HDIV's largest holding is Nationwide CCDS. These are shares which pay a fixed interest rate of 10.25% in perpetuity (unless various things happen when they would pay zero instead). Today they are trading at 189p, giving a yield of 5.4%. Broadly, if the BOE base rate went to 3% then the actual yield would have to rise to 8.15% to keep things equal. And at 8.15% the share price would be around 125p. That would be a 34% capital loss. Of course, my example suggests BOE raise the interest rate to 3%. I've pulled that out of thin air and I don't think any of us think it's going that high any time soon but you can re-run the numbers for a 1% rise or 2% rise or whatever you feel appropriate. However, we should also consider just how puffed up valuations are by all the QE. In August 2018 when interest rates were last at 0.75%, which seems a likely position by late this year, this share was trading at about 165p. In Aug 2016 when the interest rate was last at 0.25%, this share was trading at around 132p. Of course Nationwide's balance sheet wasn't as strong then. Maybe valuations will remain puffed up, maybe they won't. I don't know. So, sure the discount to NAV is large, but if the NAV falls year on year as interest rates rise, that won't stop the share price falling too. There's not much point in collecting an annual dividend of 5.25% if the share price falls 5% in a year, regardless of the discount to NAV. It all depends really. Do we have stagflation? Will the central banks act to squash inflation? HDIV's Board believe inflation is transitory and have positioned the portfolio accordingly.
brwo349: According to google share price the 12 month changes are - BIPS -1.84% HDIV -11.5% NBMI +9.7% Does anyone else think HDIV has been clobbered too much and is the standout buy for 2022 in this investment trust sector?
cc2014: New paid for research note out from Quoted Data Link here 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"
cc2014: Hi CWA1. I guess it depends what you are looking for? I live off my investments and one of the biggest challenges I have is not accumulating too much high yield stuff. I have plenty of NCYF, AXI, NBMI for example. HDIV has nowhere near the risk or yield of the other 3 funds I've named above, so I'm deciding to accept a lower yield deliberately. HDIV is very well run fund and it's worth looking through what the investment managers write. I think they are one of the best in the sector. For a very long time they were invested in long duration bonds which gave them great capital gains. They are now reducing this but still the duration is much longer than NCYF for example. I'm not sure this they are reducing the duration fast enough for my liking but over the last 3 years they have called the situation far far better than me and I'm more than happy to invest in managers who have a great track record and just leave them to it. Having said that if the share price reaches 90p, which is where I think it should be I'll start slicing. Only a few months ago it was trading at 92p above NAV, until John Baron kind of tipped it as a sell (NCYF at the same time). Although I have a lump from around 85p, I've also got a lump sub 80p so I find it easier to run winners. NCYF has come all the way back and more yet HDIV still languishes, partly because everyone is focussed on yield not total returns. I'm more interested in total returns and a comparison shows AXI and HDIV have been the place to be over the last 3 years. That's not to say things won't change. My data is from the end of July. AXI has moved significantly since. AXI and NCYF have gone XD. AXI NAV 103.92p, buy price 92.86p, Discount to NAV 10.6%, Yield 6.5%, 3 year performance 8.1% pa HDIV NAV 93.2p, buy price 86.12, Discount to NAV 7.6%, Yield 5.1%, 3 year performance 8.1% pa BIPS NAV 195.49p, buy price 187.4p, Discount to NAV 4.2%, Yield 5.9%, 3 year perfomance 7.4% SMIF NAV 93.36p, buy price 96.88p, Premium to NAV 3.8%, Yield 6.3%, 3 year performance 7.3% pa NCYF NAV 51.23p, buy price 55.15, Premium to NAV 7.7%, Yield 8.1%, 3 year performance 5.7% pa Oh and finally HDIV have a discount control policy which they actually employ. They recently bought 1m shares at 85p so that puts a floor under the share price. (which means perhaps I cannot lose on this trade?)
Henderson Diversified In... share price data is direct from the London Stock Exchange
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