Shires Income Share Chat (SHRS)

Share Name	Share Symbol	Market	Type	Share ISIN	Share Description
Shires Income	LSE:SHRS	London	Ordinary Share	GB0008052507	ORD 50P

	Price Change	% Change	Share Price	Bid Price	Offer Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.75p	-0.30%	251.25p	249.75p	252.75p	251.00p	250.00p	251.00p	49,480	16:35:01

Industry Sector	Turnover (m)	Profit (m)	EPS - Basic	PE Ratio	Market Cap (m)
Equity Investment Instruments	0.0	3.9	13.1	19.2	75.37

Shires Income Share Discussion Threads

Showing 376 to 399 of 400 messages

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Date	Subject	Author	Discuss
03/7/2017 20:57	Thanks for the update. I think this looks a very solid fund, and the preference shares and the asci holding (itself on a very wide discount) help it stand out from the rest of the crowd. Not too worried about the discount - if it narrows great, otherwise you're getting a very attractive but sustainable yield.	riverman77	Read Full Thread Reply
03/7/2017 14:50	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%.	davebowler	Read Full Thread Reply
16/5/2017 12:37	15 May NAV Shires Income Trust PLC Undiluted Including Income 282.40p	davebowler	Read Full Thread Reply
02/5/2017 12:13	27 Apr NAV Shires Income Trust PLC Undiluted Including Income 274.84p	davebowler	Read Full Thread Reply
24/4/2017 15:55	Still cheap IMO, happy holder here. ASCI (7% of SHRS) also popped back to new highs.	spectoacc	Read Full Thread Reply
24/4/2017 15:48	Shires you little beauty.	rcturner2	Read Full Thread Reply
12/4/2017 16:44	Hoping to add back some SHRS lower down, easier in theory than practice though.	essentialinvestor	Read Full Thread Reply
11/4/2017 12:52	7 Apr NAV Shires Income Trust PLC Undiluted Including Income 271.30p	davebowler	Read Full Thread Reply
06/4/2017 10:27	XD, bought back a few sold higher up at under 238.5.	essentialinvestor	Read Full Thread Reply
05/4/2017 10:40	Sold a few more this AM over 2.43, keeping the rest.	essentialinvestor	Read Full Thread Reply
01/4/2017 20:42	nice chart	croney mingler	Read Full Thread Reply
01/4/2017 20:23	Hi Tim, reliant on some dividend income so need to stay mainly invested.	essentialinvestor	Read Full Thread Reply
01/4/2017 18:21	Similar to me EI. Problem is money earning nothing when out of the market and the risk that there is more upside to really rub it in. Doing research everything I like the chart looks horribly overbought so find it difficult/risky to buy. Like you I do expect a drop in the summer though.	tim 3	Read Full Thread Reply
01/4/2017 14:30	TBH no. Positioning, or at least trying to, for some downside in markets going in to the Summer. 34% cash atm, that is the max level I will go to.	essentialinvestor	Read Full Thread Reply
01/4/2017 13:51	EI, Why are you selling, do you have a better place for the money.	11_percent	Read Full Thread Reply
01/4/2017 12:41	Sold a chunk at 2.45 yesterday, looked like a decent price for now imv.	essentialinvestor	Read Full Thread Reply
30/3/2017 15:52	Sold a few at just over 2.48.	essentialinvestor	Read Full Thread Reply
30/3/2017 15:02	Here we go, overdue.	essentialinvestor	Read Full Thread Reply
29/3/2017 09:48	Should have added a few more perhaps, due a move.	essentialinvestor	Read Full Thread Reply
27/3/2017 14:23	Added a few under 2.38, XD only a few weeks away now.	essentialinvestor	Read Full Thread Reply
16/3/2017 10:54	Agree, also some astute positioning by the Manger. Hoping for an increase the the Q4 dividend, another divi next month, lovely!!!.	essentialinvestor	Read Full Thread Reply
16/3/2017 10:00	A rising tide.	spectoacc	Read Full Thread Reply
16/3/2017 09:37	We may have a new high NAV today. Another dividend a month away.	essentialinvestor	Read Full Thread Reply
09/3/2017 12:37	That NAV figures is just below the high hit back in May 2015.	essentialinvestor	Read Full Thread Reply

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