Invesco Income Growth Share Discussion Threads

[essentialinvestor] 12/3/2020 09:48

Fantastic trading on the market risks here by the Manager, keeping testing ultra low.

If this is wound up its s travesty.

[gilesy] 03/2/2020 14:20

topped up at 3.02
good yield , wide discount , and possibility of winding up though I would not vote in favour

[davebowler] 03/2/2020 08:20

Invesco Income: a two-way bet?
Invesco Income Growth (IVI) doesn’t appear on this week’s list of big risers (next slide) but its announcement on Monday that it would hold a continuation vote in September did lift the shares.

The offer of a vote was the board’s response to the chronically wide discount on the Ciaran Mallon managed trust, which like the funds of his boss Mark Barnett, trails the FTSE All-Share and the UK Equity Income sector over five years.

The announcement had the desired effect, however, narrowing the discount to just under 11% compared to its 12-month average of 15%. Although not a great performer, the shares could offer a two-way bet. On the one hand a revival of UK domestic stocks could improve performance and boost returns by narrowing the discount. If not, the trust may well be wound down and investors will get a chance to exit near NAV, which after costs could give them an uplift of about 9%.

Next: Leaf blazes into history

[topvest] 30/1/2020 21:18

This trust has 20 year dividend record and has delivered sound performance. I support it continuing.

[tiltonboy] 29/1/2020 15:17

In the last year, three of my trusts have or are in the process of being wound up. MCP, JGCI, and HAST have just announced they are doing so. All had been on long-term discounts, and unable to grow. MCP made the decision themselves, but JGCI and HAST faced shareholder pressures and succumbed.

I lunched with Ciaron a few months ago and asked him if he felt under pressure, and he bravely admitted he was, and looked very much resigned. Of course, performance has improved, and the board are backing him, but this vote would not have been proposed if there was unequivocal support. Now for the dilemma, I rate him as a manager, but the uplift on a wind-up may be too good to turn down.

Without doubt, a trend has started, and further funds will follow. ALAI with a market cap of £45m needs to be put out of it's misery for one.

[essentialinvestor] 29/1/2020 15:00

It was nearly 18% just a few months ago.

[hugepants] 29/1/2020 14:58

Discount is still over 10% so its only closed by a few %. Anyone know when is the windup vote?

[davebowler] 29/1/2020 14:05

I'll be voting for it to get the uplift from the decrease in discount.
There are a few similar precedents. Lazard World Trust for instance.JP Morgan Convertibles recently.Both were from shareholders tired of the persistent discount to NAV.

[frazboy] 29/1/2020 13:59

Is there any chance the wind up vote will be successful? Any historical precedents?

[essentialinvestor] 29/1/2020 13:37

There's the NAV closure I thought was on the cards, as mentioned a couple
of times previously.
Think they are fair value now rather than bargain territory.

[davebowler] 29/1/2020 13:25

As at close of business on 28-January-2020

NAV per Ordinary share (unaudited) with Debt at Par & Fair Value


INCLUDING current year revenue 341.37p

[davebowler] 27/1/2020 16:30

hTTps://www.ftadviser.com/investments/2020/01/27/underperforming-invesco-trust-could-be-shut/?utm_campaign=FTAdviser%20news&utm_source=emailCampaign&utm_medium=email&utm_content=

[gilesy] 24/1/2020 15:27

bought more at 300p as good yield and wide discount is appealing

[wskill] 20/1/2020 10:06

Discount still seems high over 13% again

[essentialinvestor] 23/12/2019 12:18

Discount is approx 13% now, it was out to 18% earlier this year.

[hugepants] 23/12/2019 11:50

Perking up a bit here. Not sure the discount to NAV is actually closing much though.

[davebowler] 18/12/2019 13:38

As at close of business on 17-December-2019

NAV per Ordinary share (unaudited) with Debt at Par & Fair Value


INCLUDING current year revenue 340.42p

[davebowler] 16/12/2019 13:31

As at close of business on 13-December-2019

NAV per Ordinary share

INCLUDING current year income 332.34p

[wskill] 16/12/2019 08:43

Seems to be lagging behind this rally but not a problem it lets us pick up a few more present discount must be past 14% when buying at 283 got 4 lots this morning already.

[hugepants] 13/12/2019 15:45

SSE and Severn Trent both +8.5%
National Grid +4%

[hugepants] 13/12/2019 15:40

Seems like quite a muted rise here considering. Just looking at a few of the larger holdings

Pennon +9%
Legal & General +6.6%
Whitbread +7%
Next +4%

I'm guessing the utilities are well up today

[essentialinvestor] 13/12/2019 11:37

That's the 2.80 I mentioned.

[essentialinvestor] 08/12/2019 16:06

NAV discount beginning to close a little. Hoping for 2.80 within the next week.

[gilesy] 04/12/2019 16:22

topped up today at 2.73
like the portfolio balance and the solid yield and the wide discount to NAV

[essentialinvestor] 04/12/2019 09:55

Added before yesterday's close, pleased with the update.