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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Shires Income Plc | SHRS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -0.44% | 224.00 | 16:35:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 228.00 | 224.00 | 229.00 | 224.00 | 225.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
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Posted at 05/9/2023 07:59 by citytilidie As Essential Investor said, we have now moved from an average discount of 2-3% to a discount of roughly 10% and have remained there since Aberdeen decided it was in “our” best interests to merge with ASCI. The Aberdeen board in my view have got a lot to answer for as they have increased the risk level and at the same time reduced the liquidity of the fund, without any approval from existing Shire Shareholders.I think it is really disgraceful, and can’t see how it was allowed solely to benefit the underperformance of another one of their own mismanaged shares. |
Posted at 04/6/2020 10:24 by bluemango Final dividend maintained at last year's level, 4.2p, giving 13.2p for full year. A good result for investors here given the uncertainties and suspended dividends from individual companies elsewhere. Intention also to stick to next three quarterly dividends of 3p, same as previous Q1 to Q3. |
Posted at 03/7/2017 14:50 by davebowler Winterfloods;On 29 June Ed Beal (EB), manager of Shires Income, provided an update on the fund, which is summarised below. Ed Beal is a member of Aberdeen AssetManagement's 16-strong Pan-European equity team. Performance Over the last five years the fund has delivered a NAV total return of 90%, significantly outperforming its benchmark, the FTSE All Share, which has delivered a total return of 65%. As can be seen in the table below, it has also outperformed over the last one and three years. In its latest financial year to 31 March the fund paid a total dividend of 12.75p per share, representing a yield of 5.1% on the current share price. This dividend was fully covered by revenue of 13.08p. Portfolio & Manager's Outlook The investment strategy is to invest primarily in equity securities alongside some higher yielding preference shares and a small option writing programme. The aim is to provide an above average yield from a diversified portfolio, with an emphasis on total return and the management of risk. A portfolio of UK equities comprised 74% of the fund at 31 March, with 26% allocated to preference shares to enhance income. The team also write short dated call and put options, which are typically between 5% and 10% out of the money, as another way to enhance income. In the latest financial year options generated 5.5% of income, while 60% came from dividends and 34.5% came from preference share, fixed and bank interest. Within the equity portfolio, income is also diversified across sectors, with the largest contribution coming from Oil & Gas at only 14% of dividend income (estimated for FY 2018). The preference shares are viewed as being more defensive than pure equities although the manager does not expect to see notable income or capital growth from this area of the portfolio. EB views gearing, currently equivalent to 20% of net assets, as being solely invested in the preference share portfolio, meaning that the fund is effectively ungeared into equities. Up to 10% of the fund is now permitted to be invested in Europe, with the allocation currently standing at around 2.5% and holdings including Novo Nordisk. The manager notes that performance benefitted in the wake of the 'Brexit' vote due to the significant overseas earnings element. EB believes that smaller companies are offering better growth opportunities at present. Small cap exposure is predominantly gained via the holding in Aberdeen Smaller Companies Income*, which the manager highlights provides diversification among smaller companies. New purchases over the last three years have had a mid and small cap bias, which EB notes have lower yields but greater potential for income growth. The smallest new addition is Manx Telecom (£200m market cap), the leading provider of telecommunications and broadband services on the Isle of Man. While the team's outlook for the UK economy and stock market is not particularly optimistic, with political uncertainty, high valuations and a likely slowdown in dividend growth cited as key concerns, they highlight that the focus is on good quality companies that are able to perform well even in difficult market conditions. In addition, they are more positive from an income perspective where key advantages include: Sterling weakness; positive underlying earnings growth; and a reduction in the risk of dividend cuts amongst the biggest UK payers. There is a significant emphasis on corporate governance and engagement with boards, with numerous meetings and AGMs attended each year. For example, the team met with Pearson's Remuneration Committee Chair in Q1 2017 to discuss a number of issues, including the restructuring programme and data issues. Murray Income Charles Luke, the manager of Murray Income Trust, also provided an update. This fund has delivered a NAV total return of 63%, broadly in line with the benchmark. There is a 56% overlap between its portfolio and Shires Income's equity portfolio and six companies are in both of the funds' top ten holdings. Key differentiating factors between the two funds are Shires Income's higher level of gearing (20% versus 2%) and preference share portfolio and Murray Income's higher international allocation (approximately 15% versus 2.5%). Winterflood View Shires Income has a good long-term performance record, with income from its relatively mainstream equity portfolio boosted by gearing, the preference share portfolio and option writing. The current dividend yield of 5.1% is notably higher than the UK Equity Income peer group weighted average of 3.4% and is supported by adjusted revenue reserves (14.9p) representing 1.2 years of the most recent full-year dividend. We view the preference share portfolio as a key differentiator from its peers and believe that the diversification of sources of income should help to allow the fund to maintain its attractive yield. However, its small size (£75m market cap) means that it is likely to be off the radar of many investors, which may partially explain its current discount level of 11%. |
Posted at 23/9/2013 17:00 by whiskeyinthejar Fund managers'seem more bullish, not sure his Sep report will be any better than his Aug report though."Fund managers' report (31st Aug) Equity markets declined during August, with larger companies performing most poorly. Emerging markets remained out of favour with investors as they continued to worry about slowing growth in many such economies. The likelihood of military action in Syria moved closer and unsurprisingly that drove the oil price higher. The UK and US economies showed further signs of improvement, this led investors to believe that in the US at least there is a growing likelihood of the withdrawal of some stimulus. This has manifested itself in the rising cost of borrowing for both countries with UK and US 10 year yields moving sharply higher. They are now at levels not seen since mid 2011. There was limited portfolio activity during the month. We sold call options on Wm. Morrison Supermarkets, and Provident Financial and put options on BHP Billiton, BG Group, Centrica and Pearson. Investors are beginning to price in the start of tapering. This should be good news as it reflects improving economies in many developed nations. US GDP has exceeded expectations, their housing market is recovering and unemployment is falling. In the UK, the PMI readings are positive and increasing indeed the latest services data was the strongest since 2006. Europe is improving with a surprise expansion of 0.3% in the second quarter, and even Spain is showing signs of stabilisation. It is unfortunate then that emerging markets seem to be slowing. However, it should be remembered how quickly the data from these regions can reverse. Brazil's second quarter GDP was materially better than analysts' expectations. Volatility is likely but a recovery in developed nations that led to a pick up in export led demand would be very beneficial for the developing nations. In the meantime companies, the miners aside, are generally experiencing reasonable trading conditions and as we progress further through 2013 there seems to be an improving likelihood that earnings expectations will be achieved." |
Posted at 08/7/2010 16:40 by aleman Ambrose has been a scaremongering pratt through this credit crunch, seemingly using lines fed to him by vested interests but that doesn't mean he doesn't occasionally get bits right. The US is in a mess and may be the world's weakest economy. GDP recovery there has been flattered by collapsing imports which is hardly a sign of internal strength. It is showing some sign of recovery but its bond market will collapse if money markets realise that it can't raise base rates any time soon while other countries are already raising. The media has a strong US bias and keeps trying to hide the problem by overblowing every bit of bad news outside the US to stop investors taking their money elsewhere and keep it in US treasuries that don't pay a decent return. If they stop buying, The Fed may resort to Q.E. again. Meanwhile, the global economy is still doing nicely, thank you.IMF raises global growth forecast - again. |
Posted at 27/1/2010 11:30 by aleman January 2010December was a fairly quiet month. Macroeconomic news flow was mixed. The markets chose to focus on the positives and equities generated further positive returns. The FTSE All-Share Index returned 4.3% and large companies outperformed their smaller counterparts with the FTSE 100 Index rising 4.4%. This ensured that the major indices ended 2009 at their year highs. There was positive news when it was announced that Dubai World would receive a US$10bn bail out from neighbouring Abu Dhabi. This removed the fear that the Emirate's problems would trigger further difficulties in the global economy. The potential for further negative shocks was demonstrated by the decision to downgrade Greece's credit rating and to revise Spain's downwards. In both the UK and US, employment data was better than had been expected though in the UK at least it was the more volatile part-time rather than full-time jobs that boosted the overall numbers in employment. The Bank of England made no changes either to interest rates or the programme of quantitative easing. One new holding was added to the portfolio during the month. Cobham, which operates in the aerospace and defence industry. It is focused in a number of niches that are critical to the development of many major future platforms. It combines a high level of long-term recurring income, significant intellectual property backing and a strong balance sheet. Features which appear to be being largely ignored by the market as it focuses on the uncertainty surrounding future levels of defence spending. Markets continue to rise, appetite for risk is at above-average levels and negative news flow appears to have an impact only in the short term. However, it is the case that the highly stimulatory conditions currently being experienced globally will have to be withdrawn eventually. In the UK there is a clear need for very significant fiscal tightening, monetary policy may be able to accommodate some of this but the outlook is difficult. Investors would seem to be pricing in future positive news flow, and the reaction to announcements that companies expect to exceed market expectations are often muted at best. It is unclear if we face the threat of inflation, deflation or neither, but it is clear that the potential for disappointment to cause a set back in the markets is real. We will continue to focus on investing in good quality companies with sound balance where we regard the valuations to be attractive in the long term. |
Posted at 26/3/2009 18:39 by aleman It is 7% below NAV. You can't ignore cash. The shares drop when they go ex-dividend. If you buy a business that has cash in the bank, the sellers would take kindly to you telling them the cash didn't matter. A report in the FT last week said many income trusts were trading at premia now as investors scramble around for a decent income. |
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