Shires Income Share Discussion Threads

[davebowler] 29/1/2021 15:40

An update from our investment manager, Iain Pyle - 18 January 2021 December drew to a close one of the most volatile and challenging years any of us can remember, for investing as well as for our day to day lives. As we enter 2021 the current situation remains difficult. The level of cases of Covid-19 in many countries is reaching new highs and restrictions on personal mobility are increasing again. Despite that, the roll out of vaccination programs offer a hope that this will be a temporary impact and that the new year will be one of recovery. Markets are clearly taking this view, with a strong finish to 2020 followed by a stronger start to 2021. There are good reasons for this optimism. Global macroeconomic policy is as consistently expansionary as it has ever been. Massive stimulus and low interest rates should allow an increase in government and corporate spending, while the rise in consumer savings rates means people have more money in their pockets to spend. Of course, for this to come through in higher economic activity relies on them having the ability to get out there and spend it. If restrictions are lifted by the end of the year, however, we should expect to exit the year in a recovery scenario, with consumer demand coming back, corporate investment increasing and low inventory levels driving a period of restocking across sector to meet demand. The path from here to there remains uncertain, as highlighted by the new variations of the coronavirus appearing at the moment. And while vaccines are highly likely to work against these variations it is not a certainty, so some caution is warranted. Shires has attempted to strike a balance between value and growth in our investments in the last year, while sticking to our preference for quality companies that can be winners over the long term. The approach will continue to be based on bottom up stock picking rather than trying to predict macro trends. However, the outlook of a cyclical recovery combined with dividend resumption for many companies provides many opportunities to find attractive sources of income and capital growth in 2021.

[davebowler] 18/1/2021 09:37

NAV as at close of business on 14 January 2021. Unless otherwise disclosed, the NAVs have been calculated in accordance with the recommendations of the Association of Investment Companies. Shires Income Trust PLC Undiluted Including 263.42p Ordinary Income Shires Income Trust PLC with Debt Including 263.41p Ordinary at Fair Value Income

[bluemango] 26/11/2020 11:26

Q2 dividend maintained at 3p, plus the next Q3. Final div amount to be decided when assessing full year results. Company notes good level of reserves and cautiously optimistic outlook for income stocks.

[bluemango] 04/6/2020 10:24

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.

[speedsgh] 21/11/2019 09:58

Half-Year Report - HTTPS://www.investegate.co.uk/shires-income-plc--shrs-/rns/half-year-report/201911210700051165U/

[davebowler] 30/10/2019 13:00

28 Oct NAV Shires Income Trust PLC with Debt at Fair Value Including 269.87p

[spectoacc] 21/6/2019 15:28

Down over 5yrs in a bull market, may pass!

[davebowler] 21/6/2019 15:01

IVI's discount is the highest its been this year. See this halfway down- hTTps://www.trustnet.com/factsheets/t/bw13/invesco-income-growth-trust-plc

[davebowler] 19/6/2019 14:27

Yes when you see that its sister fund ASCI is trading about 10%+ below NAV the premium is surprising, so I've swapped.

[davebowler] 23/5/2019 12:17

hTTp://www.aberdeen-asset.co/static_files/documents/99611565-05a2-49cd-8690-a10fb35a5d38/32/90016-cd-121036838_itfct_shires.pdf

[spectoacc] 30/4/2019 16:52

Been largely wrong on this one, long since out, but find it extraordinary that it can trade at a premium (let alone par).

[davebowler] 25/4/2019 15:49

hTTp://www.aberdeen-asset.co/static_files/documents/99611565-05a2-49cd-8690-a10fb35a5d38/31/87823-cd-121036602_itfct_shires.pdf

[davebowler] 30/8/2018 10:50

hTTps://citywire.co.uk/investment-trust-insider/news/a-century-s-old-pedigree/a1145898?dclid=CKKZoPm_lN0CFcsD0wod6pwMnA

[essentialinvestor] 27/8/2018 16:12

I took a small turn on my last lot and not holding atm, Ed Beal is no longer the manager here, he was responsible in large part for a transformation of their holdings. I was out of the market during the financial crisis, but did read back some of the old annual reports before buying, and it was very significant gearing to preference shares that killed performance. With net gearing at around 20% currently, it's too high for my liking late in a bull market.

[topvest] 27/8/2018 15:28

Yes, interesting that. Long term record is poor. They got caught out with excessive gearing of about 50% in a bear market when run by Glasgow Investment Managers. Happy to have a small holding with Aberdeen running it.

[andyj] 27/8/2018 13:59

Its now the same price as it was 28 years ago. Why would anyone buy this?

[essentialinvestor] 28/3/2018 20:53

Bought some back today, well under NAV atm. Pref shares largely recovered.

[cwa1] 26/3/2018 15:22

LOL, thanks topvest, though today's "great Price" often looks like a " bought way too soon" price in a few week's time! Time will tell......

[topvest] 26/3/2018 14:48

I've added some as well, but not at your great price of 242p!

[cwa1] 23/3/2018 10:51

FWIW LG, I took a handful at 242 earlier, respectably inside the spread at the time. No problem getting them at that point. Agreed that the wider market malaise will probably go some way to cancelling out any "pref bump" though!

[lord gnome] 23/3/2018 10:45

Yes, that's what I was looking at, CWA1. Could have been a smart way to play it. Problem is that any advance due to the re-rating of prefs has been wiped out by the general market decline. Can't even get a quote at 244p. Haven't got L2, so I can't see what the market is looking like.

[cwa1] 23/3/2018 09:44

Possible bounce in NAVs now that Aviva have caved on prefs issue?

[spectoacc] 12/3/2018 15:23

Big NAV fall thanks to prefs - they must average it? Was expecting that sort of figure in Friday's RNS. ELLA's bounced at least - not so much the others. Can't seem to short SHRS anywhere for lack of borrow.

[davebowler] 09/3/2018 20:27

8/3/2018 NAV Shires Income Trust PLC with Debt at Fair Value Including Income 274.42p

[aleman] 02/1/2018 16:58

Not a holder but it's probably up due to today's 0.08% rise in the 30-year gilt yield, which might be interpreted as good for banks and financials. However, the 2-year yield rose 0.06%, so the yield curve only steepened marginally and still indicates likely sluggish growth. I presume it is strong PMIs from many countries today, especially in Europe, that pushed bond yields up.