Standard Life Investment... Share Discussion Threads

[caradog] 03/8/2020 07:35

40% cut in dividend with about one third of industrial and office rents not paid on time. NAV down 4.3%.

In a general sense, this bit is interesting, and worrying:

“Several tenants have chosen not to pay and not to engage and they are generally tenants that can afford to pay but are using the current Government protection designed for tenants that cannot pay to delay making any payment. We will continue to chase these companies with vigour.”

[hugepants] 31/7/2020 10:42

A dividend declaration and Q2 update looks likely next week.

[cousin jack] 22/7/2020 18:19

(Duplicate)

[cousin jack] 22/7/2020 18:19

My sale (post 344) would have been well timed if only I’d then bought back a few days later !

[essentialinvestor] 22/7/2020 16:17

Hopefully a move back in to the 60's on the cards.

Very nice move off last week's lows

[dragonsteeth] 20/7/2020 13:48

Back in today for half of previous , will watch with view to further top up.

[dr biotech] 17/7/2020 13:00

Over a 2-3 year view this should give a decent return. Whilst we can't be sure where the bottom is, at least I definitely sold near the top which is unusual for me.

[hugepants] 17/7/2020 12:23

yes perking up a bit here finally

[essentialinvestor] 17/7/2020 12:15

Nice result.

[essentialinvestor] 17/7/2020 11:30

That looks a Yes.

[essentialinvestor] 16/7/2020 13:14

May have put in a low?.

[skyship] 15/7/2020 12:31

Sleepy - so sorry re those ZDP stats - did a cut & paste of an incorrect earlier post. DOH!

Now rectified...

[hugepants] 15/7/2020 10:38

They wrote down the portfolio by 4.9% since start of year which would equate to knocking say 11% off offices and retail (assuming industrial unchanged)
I cant see any mention of a Travelodge. "Other" comprises 7% of the portfolio which includes gyms etc but also a Data Centre (prob unaffected) which is about 30% of "Other".

[essentialinvestor] 15/7/2020 09:58

Jason also indicates (AGM presentation) the June rental quarter may be more challenging for payments.

[essentialinvestor] 15/7/2020 08:59

Had a listen to the AGM presentation last night and Jason Baggaley mentions
their sale of Bourne House, Staines in 2019.

He goes on to say that property may now sell for 10-15% Less
given the current SE market.

There are also 3 gyms and one Travelodge in the SLI portfolio.


So allowing for a possible 20% valuation fall looks reasonable(ish) IMV,
particularly so given the gearing in the Trust?.

[sleepy] 14/7/2020 23:22

Sky - why is there such a difference in the price of the two NB ZDPs when they both redeem on the same date?

[dragonsteeth] 14/7/2020 16:54

High on my watchlist, held until late February. It does seem to be underperforming other property companies of late, and I’m not sure why . It certainly seems to be close to “bargain “ territory, but these of course are strange times .

[essentialinvestor] 14/7/2020 16:04

Dr, IVI worth a look fwiw, at least in the UK equity income space. Decent portfolio
there. Obvs it takes a hit on wider UKX weakness.

SLI is doing an SREI.


I've added here today and yesterday, but it's very much a case of DYOR. Around 50 pence
(unless accompanied with some worse than expected news) discounts a lot imv.

Unless we are headed for something armageddon like in 2021

[dr biotech] 14/7/2020 16:00

Its been quite some drop over the last few weeks. Pretty much halved since feb too. Its priced for worse case scenario. I may take another bite at some point, but wary of a falling knife. Fortunately I don't need to go chasing yields, although my income this year will be down quite a bit as my dividends have pretty much collapsed across the board. Fortunately I'm still working.

[essentialinvestor] 14/7/2020 15:12

On SLI - the end of June NAV update is due over the next few weeks. Announced in early August last year.

[skyship] 14/7/2020 14:48

CJ - like many of us ....."In search of income"

I am most certainly in that category as I rely on my income from an 8%pa drawdown from my SIPP, a large proportion of my savings.

To fill what I believe to be a secure corner & as you may have read on my JDT thread, I now hold a mini-portfolio of 4 Zero Dividend Prefs:

# Acorn Income ZDPs (AIFZ) – 156p – Redeem at 167.2p on 28/02/2022 – GRY = 4.36%
# Inland Homes ZDPs – 152.2p (inc SD) – Redeem at 201.40p on 10/04/2024 – GRY = 7.78%
# NB Private Equity ZDPs – 114.4p – Redeem at 126.74p on 30/09/2022 – GRY = 4.75%
# NB Private Equity ZDPs – 105.1p – Redeem at 130.63p on 30/10/2024 – GRY = 5.19%

Average Gross Redemption Yield = 5.52%pa

Basically one has to research then take a view on the survivability of these companies. The most secure must be the NB Private Equity ZDPs with their 11x cover.

Anyway, ZDPs represent one way to secure yield…..

[essentialinvestor] 13/7/2020 19:22

That 20% downside is a guessestimate scenario.
Prefer to look at potential downsides first,
before considering upsides. As you say, it may not happen. Or could develop differently.

[dr biotech] 13/7/2020 19:16

"If you allow for a further 20% fall". You could just as easily allow "prices to recover to precovid levels". Whilst I think downward pressure is more likely there is no certainty that it will and you have to look at prices today. With all the money printing there may even be inflation - we are in so much debt we probably need some - in which case asset back companies will be the place to be.

But for me its just a bit of diversification. All my commercial property holding make up less than 5% of my total holding.

[essentialinvestor] 13/7/2020 13:25

I have the March plunge low here circa 49 pence?.

As with SREI, a complete lack of any recent BOD purchases.

[essentialinvestor] 13/7/2020 13:21

Offices not the issue with LAND, BLND, its retail and
both very highly paid BOD's arguably should have been more aware
of the rapidly changing environment and acted sooner to cut retail exposure.

Note the beautifully timed share sales by the outgoing LAND CEO late last year.