Investment Trust- Thoughts (June 2024)
Investment Trust- Thoughts (June 2024)
For more information on Investment trusts visit:
Association of Investment Companies.
https://www.theaic.co.uk/
Free to sign up. On the site you can create portfolios, screen and compare Investment Trusts by Geographic region, Sector , Yield and more. A few Trusts who are not AIC members have limited data.
Jonathan Davies's website https://money-makers.co/.
You can also sign up(Paid membership) for insights on Investment Trusts from him and others. Weekly email and podcast .
Citywire do a daily Investment trust email. Free, does have sponsored content but keeps you up to-date with Investment Trust news.
https://citywire.com/investment-trust-insider
Trustnet have an Investment trust section. https://www.trustnet.com/
Plenty of performance data on that site.
Edison cover Investment Companies and do a monthly Investment trust round up. You can sign up for free.
https://www.edisongroup.com/equities/investment-companies/.
You can sign up for newsletters/fact sheets from most of the Investment Trusts on their websites.
For ETF's I use https://www.justetf.com/uk/. You can screen buy region, sector and see performance comparisons.
May 2024 Investment Trust monthly performance.
Equity invested only.
Top 10
Foresight Sustainable Forestry (LON:FSF) +44.3% received a bid
Oryx International Growth Fund (LON:OIG) +18.6%
Molten Ventures (LON:GROW) +18.6%
Rockwood Strategic (LON:RKW) +15.8%
Crystal Amber Fund (LON:CRS) +14%
Manchester And London Investment Trust (LON:MNL) +13.7%
Henderson Opportunities Trust (LON:HOT) +12.8%
Chelverton UK Dividend Trust (LON:SDV) +12%
Henderson Smaller Companies Investment Trust (LON:HSL) +11.8%
River and Mercantile UK Micro Cap Investment (LON:RMMC) +11%
Bottom 10
India Capital Growth Fund (LON:IGC) -8.8%
RIT Capital Partners (LON:RCP) -7%
Schiehallion Fund (LON:MNTN) -5.8%
Pacific Horizon Investment Trust (LON:PHI) -3.3%
Hipgnosis Songs Fund (LON:SONG) -3.3%
Blackrock Latin American Investment Trust (LON:BRLA) -3.2%
CC Japan Income and Growth Trust (LON:CCJI) -3.1%
Baillie Gifford Shin Nippon (LON:BGS) -3%
Jpmorgan Japan Small Cap Growth & Income (LON:JPSS) -2.6%
JPmorgan Emerging Markets Investment Trust (LON:JMG) .
All funds.
Top 5.
Foresight Sustainable Forestry (LON:FSF) +44.3%
Hydrogenone Capital Growth (LON:HGEN) +20.6%
NB Global Monthly Income Fund (LON:NBMI) +19.6%
Oryx International Growth Fund (LON:OIG) +18.6%
Molten Ventures (LON:GROW) +18.6%
Bottom 5
Life Science Reit (LON:LABS) -15.4%
Asian Energy Impact Trust (LON:AEIP) -14.7%
Syncona (LON:SYNC) -11.8%
VPC Specialty Lending Investments (LON:VSL) -9.1%
Aquila Energy Efficiency Trust (LON:AEET) -9.0%
As usual any issues let me know.
Disclaimer
This is not financial advice. Our content is intended to be used and must be used for information and education purposes only. Please read our disclaimer and terms and conditions to understand our obligations.
154 comments
Pleased to see you’ve discovered this thread Cricketfan. It’s getting more recognition but I guess there would be many more readers and contributors to it, if only they knew it existed.
There are some very useful links in the header article written by Charles Mitchell, including to Citywire a where it’s well worth registering to get their articles, including this excellent weekly one which includes the biggest weekly winners and losers and also a list of “cheap” Trusts where the discount widened and “expensive” Trusts where the discount narrowed. There are so many Trusts on undeserved too big discounts:-
https://citywire.com/investmen...
Hi Ken, You wrote:
There are some very useful links in the header article written by Charles Mitchell, including to Citywire a where it’s well worth registering to get their articles, including this excellent weekly one which includes the biggest weekly winners and losers and also a list of “cheap” Trusts where the discount widened and “expensive” Trusts where the discount narrowed. There are so many Trusts on undeserved too big discounts:-
https://citywire.com/investmen...
The Citywire article states:
"Just to recap, the Z-scores in our last two tables are a measure used by analysts to put discounts (when investment company shares trade below net asset value) and premiums (when they trade above NAV) into the context of the previous 12 months.
Essentially, they highlight when an investment company trades significantly outside its normal one-year range. An investment company with a Z-score of -2 or lower is considered ‘cheap’, while a score of 2 or more is viewed as ‘expensive’."
Is there any evidence that a policy of buying investment trusts with a Z-score of -2 or lower would have led to better than average performance in the past? I have been reading these Citywire articles for a long time, and I have the suspicion that many of the ITs they highlighted as being 'cheap' in their weekly lists have continued to do badly in their share prices in subsequent months. This is particularly the case for ITs that had been on premiums to NAV for many years and then go out of fashion, leading to the premiums gradually becoming large discounts; when their premiums start to reduce, Citywire would consider to be 'cheap' because their Z-scores would be negative, but their share prices would continue to decline as their premiums turn into discounts.
PKA- I ignore the Citywire tables .
pka
Like Charles I don’t take any notice of the Z scores. I just use those Citywire lists of weekly biggest winners and new list of cheap Trusts to check out if any I’m not already holding or monitoring might be worth checking out.
Charles, I came upon this really excellent thread by chance. This is just to say thank you and all posters for a fascinating read. I now need to do some homework to absorb all the info.
Thank you Cricket fan. Assuming you love cricket welcome- I am off to see England women v. New Zealand on Weds at Bristol. Hopefully better than End men in the world cup- though T20 is dubiously cricket but can be fun if you go with newbies to the sport.
Cricket fan.
Since you found the Investment Trust thread by accident and in case you or anyone else doesn’t know this; Charles starts a new Investment Trust thread at the start of a new month.
Here’s the link for that new July Investment Trust thread:-
https://www.stockopedia.com/co...
Oakley Capital Investments (LON:OCI) announced a disposal of a top 5 holding this morning:
"Oakley Capital Fund IV2 ("Fund IV") has reached an agreement to sell its stake in idealista, southern Europe's leading online real estate classifieds platform.
OCI's look-through share of proceeds is anticipated to be c.£70 million, reflecting its valuation as at 31 March 2024."
I looked back at how this has performed under Oakley Capital Investments (LON:OCI) ownership:
> Purchased for £43m in January 2021.
> Marked up by end of December 2021 to £58.3m, a bold 35% increase in first few months of ownership. Since then it has grown more slowly:
> December 2022 - £59.7m
> December 2023 - £67.8m
I don't quite see how they state this is a money multiple exit of 2.1x. Suspect that would be explained by the net impact of their performance fees.
Nonetheless, it is good to see that they can realise large positions at NAV. This is around 5.7% of NAV, but a much bigger proportion of the market capitalisation of 8% given the ongoing discount.
That will give them a decent chunk of additional capital to reinvest. At a time where some PE firms have struggled to turn over their portfolio (e.g. Harbourvest Global Private Equity (LON:HVPE) ) I have decent confidence in the board of Oakley.
I'm happy to be invested here.
Totally agree with you Old School. OCI is one of my longest held investments- I have top-sliced a couple of times. Not looked at the disposal figures yet but agree how can they say 2.1 based on the figures you mention.
Augmentum Fintech (LON:AUGM) (I hold) One image from the presentation summed up the opportunity in the Fintech space.
Regional REIT (LON:RGL) are having a rights issue of 15 new for every 7 held at 10p per new share. I have calculated that on my purchase price of 29p if I subscribe in full my new cost will be just over 16p. Or if I can sell the rights at 5p it would reduce my cost to just over 18p. I have not read the prospectus yet, but these are my rough workings and assume there will be a market for the rights. If my figures are wrong please do correct me.
I think your figures are correct Charles. A case for selling the rights ….but is this a rights issue or just an open offer? if unsure what to do just selling around 14p now might work best. . A risk with forthcoming share consolidation is that for a while, with indigestion following so many new shares in issue, that the share price soon falls below the consolidation price? And good chance the share could fall right now as why is it still nearly 15p?
I can’t fathom why the share price soared from 14p in March to 26p (far better than the much higher quality REITS I hold!) since it was so obvious that they couldn’t afford to pay the bond and it would be necessary to raise money.
Good luck to everyone holding with your decision making. I might be tempted to buy a few post the open offer if the share price falls significantly while the new shares are getting absorbed.
Thanks Ken, I took a bad punt. AJ bell appeared to say I would have rights- but I am not convinced. Plus the consolidation going on. Maybe the underwriter will end up with a large enough stake to just take it private at 5% below NAV. The dream end to this sorry saga.
Charles. Thanks. I’ve edited and added to my post after checking their update again. Hope your dream comes true…….it’s not impossible.
I do assume Steve Morgan has a plan- does not seem a casual investor https://bridgemere-group.co.uk...
Henderson Far East Income (LON:HFEL) Here is the link to the ShareSoc webinar on the Janus Henderson website. https://www.janushenderson.com...
Anyone here attending the investor meets company Augmentum Fintech (LON:AUGM) today at 2pm? If you are not and would like me to ask a question let me know. Thanks.
Thanks bsharman, Augmentum Fintech (LON:AUGM)
I'm unable to attend, but I would really like to hear more from management about their general plans for divestments of the existing portfolio. Whilst they have a good track record of disposing investments at above recorded NAV, there have only been 6 disposals over the life of the Trust (i think that's right!). There are more than 20 positions and it feels like there now ought to be an exodus of holdings, pruning of the tree to generate further growth !
They major on their record of disposing at above NAV, unlike Chrysalis Investments (LON:CHRY) which has a more chequered history. But are they are holding a number of duds within the portfolio that protects that record?
I would also like to know a bit more about the acquisition made yesterday, LoopFX. What interests me about this is that Augmentum Fintech (LON:AUGM) say they are the first institutional investor into this company. Is that a normal position for them (to be first in) or is there a particular reason. I have a large holding in Oakley Capital Investments (LON:OCI) and in my opinion one of their key advantages has been as a first institutional investor into a number of founder led businesses. Is this a change in strategy for Augmentum Fintech (LON:AUGM) ?
Bsharman- Enjoyed the Augmentum Fintech (LON:AUGM) presentation- Tim as usual came across well. I am considering increasing my holding.
Am currently looking at AVI Japan Opportunity Trust (LON:AJOT0), chart signal suggests short-term breakout to 140-144p....
Hi Turbo, It is trading on a small discount to NAV- so can see no reason it will increase in price other than following the market if it goes up.
"Two of Britain’s oldest investment trusts, Alliance Trust(Alliance Trust (LON:ATST) and Witan Investment Trust(Witan Investment Trust (LON:WTAN) , are to merge to create a £5 billion company. The deal, one of the biggest tie-ups between two trusts, involves Witan rolling its assets into Alliance to create a trust large enough to qualify for entry into the FTSE 100 index" Report in Times Business. https://www.thetimes.com/busin...
Warehouse Reit (LON:WHR) reported results this morning and looks interesting, some key metrics are
Discount to NAV of 35% with the offer price at 80.2p and NAV of 124.4p
Yield a touch under 8% but only covered 75% by EPRA earnings, that rises if you include cash from disposals as the company does but means it's unlikely to grow until fully covered
LTV 33.1%, higher than other REIT's but will decrease with net cash from disposals/acquisitions
Debt is 88% hedged, with no major refinancing needed until 2028
Attractions are
Significant growth in income from rents reversion
NAV growth of 1.5% with portfolio values up 2% on a LFL basis and that looks likely to continue, increasing the discount
Portfolio concentrated in industrials, which seems to be the best performing sector in property
I just came across it today, so don't hold but would be interested in any comments from holders (or others)
Daz3. I don’t hold Warehouse Reit (LON:WHR) and haven’t followed it as closely as the REITS I hold, and am only replying as no-one else has.
A negative is the uncovered dividend even if allowing for those disposals. They’ve bought Ventura Retail Park in Tamworth. There seem to be a lot of solid shops there and it’s near the town centre. Here’s a description and the list of shops there:-
http://www.visittamworth.co.uk...
I can’t fathom why they are referring to this as a Warehouse buy. It’s not. It’s a Retail Park!
Big discount to NAV is an obvious attraction, as is the near 8% dividend if they can maintain it.
. Maybe you’ll get better and more informed replies from investors here who hold Warehouse Reit (LON:WHR) .
Separately it’s good to see Tritax EuroBox (LON:EBOX) back over 60p. Still waiting for further news on potential bid.
Thanks for the reply Ken, your comment on the retail park being described as industrial is a very good spot and highlights that management are not being totally honest, something which also applies to the claim that the dividend is 95% covered including proceeds from disposals, which is of course capital
I decided earlier in the week to take my money out of Augmentum Fintech (LON:AUGM) - I had been sitting on the fence for a while. Made a minuscule profit, but decided that I had too many blue-sky holdings across my PF and felt this one could come good one day, but the market continues to dislike it. I will stick with Chrysalis Investments (LON:CHRY) which hold similar blue-sky projects.
In the meantime I invested the cash into NextEnergy Solar Fund (LON:NESF). I had previously lost money here when not understanding the likely impact of interest rates fully when previously invested - doh. Although the dividend did provide some compensation. Luckily I got off the escalator before it hit the bottom.
Having watched the SP bottom out I took the plunge this week recognising that they a) continue to play a very strong dividend (nearly 11%) b) have embarked on an asset recycling programme which is providing a return greater than the assets are held on the books and c) undertaking share buy-backs.
Obviously nowhere near as exciting as Augmentum Fintech (LON:AUGM) , but I probably need less excitement in my PF and more steady performers.
Though agreeing with KevinS1 about the market continuing to dislike Augmentum Fintech (LON:AUGM) and with only 2p share price gain today to 115p despite excellent update. Don’t see it as risky bearing in mind the overall success story and stunning bargain price with share at an over 30% discount to now increased 167p NAV.
I posted this on the small cap bb just now:-
“Agree that Augmentum Fintech (LON:AUGM) is at a stunning bargain price, with the only obvious problem that investors, as is the case with too many Investment Trusts on big discounts to NAV, still don’t recognise this.
Note the first bit of their Portfolio highlights update today; their top 3 holdings plus cash covers almost all the current market cap with all the other often quality holdings doing well, in the share price for free.
Also all exits from the portfolio so far have all been above the last reported value and have realised £89.6 million proceeds compared with about £34 million originally invested in them.
AND NAV is up again to 167p, yet Augmentum Fintech (LON:AUGM) can be bought for just 115p. Don’t know how long before investors wake up or before it attracts a bid or amalgamation, but it looks a steal as a lockaway buy. I hold but only with modest 5% gain ….so far.
Portfolio highlights
Hi KevinS1, I hold both Chrysalis Investments (LON:CHRY) and Augmentum Fintech (LON:AUGM) in medium size positions to give me exposure to this part of the market. If I had to choose one, I would go for Augmentum Fintech (LON:AUGM) as the Investment Manager has a better track record. Chrysalis has featured a number of ups and downs, and some really poor investment outcomes, whilst Augmentum has been smoother thus far. I suspect that they will both return handsomely over the medium term.
It’s still worth considering Henderson Far East Income (LON:HFEL). See their comment on page 3 of their update last Friday including on dividends for reasons why. Henderson Far East Income (LON:HFEL) yield is still 10%).
https://cdn.janushenderson.com...
Also Augmentum Fintech (LON:AUGM) issues Results tomorrow followed by a Capital Markets day on Thursday. So far share price performance has been disappointing, and discount at 30% remains wide. A good chance that tomorrow could be another buy opportunity if, as is likely, Results reassure.
Here’s their most recent factsheet and include checking out the “Portfolio highlights” section on page 2.
https://augmentum.vc/wp-conten...
Augmentum features briefly in this Citywire article today:-
https://citywire.com/investmen...
I hold Augmentum Fintech (LON:AUGM) and Henderson Far East Income (LON:HFEL) .
Augmentum Fintech (LON:AUGM) I have bought earlier in the year, to go alongside similar position in Chrysalis Investments (LON:CHRY). I have been in and out and in again with Chrysalis Investments (LON:CHRY) , but have more hope with Augmentum Fintech (LON:AUGM). They have been more careful with their investments and not on such a roller coaster ride.
Tide, Grover, Zopa and Volt all look like they could grow strongly, interesting investment in Insurtech too. Company has cash as well I believe, and have always been reasonably impressed by Tim Levene.
Indonesian Issuers' Dollar Bond Spreads Widen
A note of caution re Asia ex Japan.
Dollar bonds of Indonesian state-owned issuers such as PT Perusahaan Listrik Negara (PLN) and PT Pertamina have been under pressure over the last two weeks due to growing concerns over the nation's debt. Bloomberg news reported that the President-elect Prabowo Subianto plans to raise the country’s debt ratio to fund his spending promises. This will likely raise refinancing costs for the nation’s corporate debt, as over $6bn of dollar debt is set to become due through to the end of 2025. “The tightness in credit spreads in general right now give little room for any rate volatility or adverse change in risk perception, while the weakness in rupiah is certainly bad for future external debt repayments,” said Ting Meng, senior Asia credit strategist at Australia & New Zealand Banking Group. Looking at z-spreads of PLN's 2050s and Pertamina's 2060s for example, we see that the bonds' spreads have widened by 30bp and 17bp since end-May to 239bp and 226bp respectively. Over this same period, Asia ex-Japan CDS spreads have widened by 7bp to 100bp.
Charles do you see this being a threat to Vietnam, specifically VNH which I invested in at the beginning of the year following your excellent article on this trust.
I do not- Vietnam has benefited far more from friend-shoring by US and move of manufacturing from China. Since I posted that bond yields have settled down as it happens. I am dithering with buying an Indonesian ETF HSBC MSCI Indonesia UCITS ETF USD (LON:HIDR) holding off for now, but there will be a time due to its large nickel and rare metal deposits.
I think I’ve commented before that all Indonesian ETFs are heavily weighted towards banks with very little exposure to metals and mining. The only way I can see to get that exposure is trading via an Indonesian bank.
SCI20: Correct regarding the the heavy weighting towards financial companies. Note that some Hong Kong brokers allow for the purchase of Indonesian stocks...e.g Boom for example.
iShares MSCI Mexico Capped UCITS ETF USD (Acc) (LON:CMX1) (I hold)
The Mexican peso strengthened following the release of economic data by INEGI and the announcement of the first six members of Claudia Sheinbaum's new cabinet. Industry experts highlighted that the appointment of Marcelo Ebrard as the New Minister of Economy shows an openness to business, reducing market concerns.
The current exchange rate puts the dollar at MX$18.26, 0.99% above the previous close. The appreciation of the peso has been linked to the publication of the Global Economic Activity Indicator by INEGI, which reported a monthly drop of 0.6%, but an annual growth of 0.9% in real terms. Monex analysts also noted that since Sheinbaum's cabinet appointments, market anxiety has diminished, placing the Mexican peso in a more favorable position.
Hi Carmensfella - is there any replay facility for these, pity us poor souls who have a day job !
Octopus Renewables Infrastructure Trust (LON:ORIT) Another reason I will avoid this one. I asked the question online at the IMC but it was not answered. Had an email "
Urban Logistics Reit (LON:SHED) Year End results out .
I hold , bought a few weeks ago, looks attractive to me at these price levels. Investor Meet Company today at 14.30 PM.
Chairman summary "
Outlook for the year ahead
With inflation falling and interest rates very likely to reduce through the current year, opportunities for Urban Logistics should emerge once again, and we are well placed to take advantage of them. We are considering increasing our LTV towards the lower end of our stated range in order to acquire properties with suitable asset management opportunities. At the same time, we will proactively recycle those assets where we have maximised returns.
The portfolio has performed well through the property cycle, and we are well set to grow earnings, allowing us to maintain and ultimately grow the dividend. We continue to believe that our shares trade at a value which does not reflect either the demand for the underlying real estate or the operational performance of the Company, and believe there is significant upside to be captured in the years ahead.
Nigel Rich CBE
Chairman
19 June 2024
NextEnergy Solar Fund (LON:NESF) has been discussed here, my concerns had been lack of progress on the sale of non core assets. They announced a smallish sale yesterday at a 15% premium to carrying value, to a third party. With proceeds announced a buyback, initially equivalent to about 5% of share capital. With shares on a wide discount and a seemingly sustainable dividend yield of 11%, these could now bounce back. I will continue to hold.
Two directors bought shares on the 19th at 77.6p, 43k between them
Here’s an interesting article from Roderick Snell, the Manager of Pacific Horizon Investment Trust (LON:PHI) on Vietnam:-
https://www.bailliegifford.com...
Pacific Horizon Investment Trust (LON:PHI) (the best performer in the Asia Pacific sector over 1, 5 and 10 years, now holds 9% in Vietnam.
I’ve held both VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH) for most of this Century. Both have more than quadrupled over the last 10 years. And for reasons posted several times on the Investment Trust threads here, there could well be further big share price gains to come. More recently VietNam Holding (LON:VNH) has way outperformed VinaCapital Vietnam Opportunity Fund (LON:VOF) which is now on (an undeserved imo) over 20% discount to NAV.
Ken, could I ask a favour? Could you repost your list of high dividend holdings here too as the post gets lost on daily updates. I have an FIC so am always looking for ideas of high dividend uk listed companies. Majority of my investments are in pref shares that at current prices pay 6.7% yield but their share prices are fairly static so it would be good to identify some shares that pay a high dividend and have a chance of increasing in value.
Barbara. Here’s the post you asked about (the one I posted on the small cap bb yesterday). Upside potential is likely to be bigger for the shares than most of the Investment Trusts.
So big are the dividend yields that even eventual 30% upside which could well be achieved for most of the Trusts in time, and perhaps much more than that for some of them as discounts narrow again, would give an excellent overall gain. Mining Trusts might see the biggest capital gains.
Perhaps the biggest potential share price winners in time will be:-
Abrdn (LON:ABDN) (LON:ABDN) …an awful investment for multiple years thanks to some terrible Management decisions but with the bad news now priced in.
Housebuilders . Tactic is to buy when they are out of favour as the share prices and dividends increase a lot during housing market up periods. So not just Persimmon (LON:PSN) and Barratt Developments (LON:BDEV) but most of the housebuilders are worth checking out.
Posters here might have different views on the likely biggest winners and might also disagree about some of the Trusts covered in this post and can suggest better alternatives.
“ken mitchell joined 2016 913 posts.
Yesterday 4:46 pm
News that NVIDIA (NSQ:NVDA) is now worth more than all the shares in the FTSE100 as also are Apple (NSQ:AAPL) and Microsoft (NSQ:MSFT)shows surely both how expensive these shares are but also the incredible value available on the UK market.
This value is reflected in the extraordinary number of shares and Investment Trusts that are paying exceptionally high dividends, and often not because that reflects the dividend being unsustainable but because they are so cheap. So much so that some are increasing their already big dividends year on year.
Yields at 10% and more sometimes give a respectable annual return even without any share price gain.
In case anyone wants to follow up on any of these, my portfolio, is now stuffed full of these big dividend paying bargain priced (some of the shares are so cheap that the PE ratio is lower than the dividend yield) to take full advantage before surely investors, including the big Pension Funds wake up to the incredible value still available here in the UK.
All the yields shown are the current yields.
SHARES:-
Abrdn (LON:ABDN) 10% dividend.
Aviva (LON:AV.) 7% dividend
Barratt Developments (LON:BDEV) only 6% for now but housebuilders pay big dividends in housing bull runs.
Legal & General (LON:LGEN) 9% dividend.
Jupiter Fund Management (LON:JUP) 8.6% dividend.
Liontrust Asset Management (LON:LIO) 9.5% dividend
M&G (LON:MNG) 9.6% divi
Polar Capital Holdings (LON:POLR) 8.2% dividend
Persimmon (LON:PSN) only 4.4% dividend …for now.
Reach (LON:RCH) 7.8% dividend
Smiths News (LON:SNWS) 7.9% dividend
TP Icap (LON:TCAP) 7% dividend
Chesnara (LON:CSN) 9.6% dividend and increased for multiple years but unlike many in this list also with so far lousy share price performance.
Phoenix group (LON:PHNX) 10.7% dividend ….and along with Chesnara the only ones down on my buy price. Both are down 10%.
Best winner of this lot is TP Icap (LON:TCAP) which has doubled so my dividend yield is now a very useful 14%.
INVESTMENT TRUSTS:-
Most of these are on big discounts to NAV.
Amedeo Air Four Plus (LON:AA4) 20% dividend …but risk of capital loss depending on the terminal value of the planes they’ve leased to Emirates. As with all these a must obviously to check each one for negatives and plus points.
abrdn Equity Income Trust (LON:AEI) 7.6% dividend
Aew UK Reit (LON:AEWU) 8% dividend
European Assets Trust (LON:EAT) 6.7% dividend
Tritax EuroBox (LON:EBOX) 7% dividend and possible bid soon.
GCP Asset Backed Income Fund (LON:GABI) 9.2% dividend
Gore Street Energy Storage Fund (LON:GSF) 11.3% dividend
Henderson Far East Income (LON:HFEL) 10% dividend
CQS New City High Yield Fund (LON:NCYF) 8.7% dividend
Schroder European Real Estate Investment Trust (LON:SERE) 8% dividend
Schroder Real Estate Investment Trust (LON:SREI) 7.3% dividend
Twentyfour Select Monthly Income Fund (LON:SMIF) 8.8% dividend paid monthly.
Supermarket Income REIT (LON:SUPR) 8.5% dividend.
Foresight Solar Fund (LON:FSFL) 8.9% dividend.
Finally, it’s perhaps worth pointing this out too. It’s not the case that big dividends always mean limited share price gains.
e.g among the biggest winners in my portfolio are CQS Natural Resources Growth and Income (LON:CYN) now up 236% and though the current dividend yiekds is modest, it’s 11% at my buy price. BlackRock World Mining Trust (LON:BRWM) is up 120% and yield at the buy price is 14%….and that’s after a substantial cut. Big Mining sector boom ahead and big dividend increases as renewable demand and supply shortages due to lack of big new mining projects? That’s already happening with big increase in copper price. Good for copper producers like Antofagasta(LON:ANTO) .
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JPMorgan Indian Investment Trust (LON:JII) From Citywire today (I hold)
"The prospect of a likely 25% tender at net asset value in October 2025 is appealing to shareholders, 96% of whom voted to continue the trust at the February annual general meeting as the shares traded at a 19% discount.
The tender offer looks very likely to be triggered as the fund managers must deliver five-year portfolio returns beating the benchmark by 2.5%, or 0.5% each year. At 44% to date, they are exactly half the MSCI India index’s. The current Deutsche Numis Indian equity sector average over the same period is 64%."
https://citywire.com/investmen...
I also hold this one and I think I am right in saying it was the only Indian IT at the time (there might have been one other). Will have to take advantage of this and likely recycle into the Ashoka India trust which I have been nibbling at over the last year,
Shame I hold the JPM outside of an ISA wrapper.
I hold Ashoka India Equity Investment Trust (LON:AIE) and India Capital Growth Fund (LON:IGC) as well as JPM. The reaction to the election result seems to have gone better than initial market move suggested. Times of India has good business/ market coverage.
Octopus Renewables Infrastructure Trust (LON:ORIT) Just listened to the presentation online. To be frank I was not that impressed and will be avoiding.
Just a reminder...
Starts in 40 minutes
*FREE EVENT*
Register for FREE for the Mello Investment Trusts and Funds event on Tuesday 18th June 2024 at 1pm, hosted by Karin Schulte. The programme for the event is as follows:
1:00pm Andrew Hollingworth, Founder of Holland Advisors & Investment Manager of VT Holland Advisors equity fund
1:30pm Company presentation from JPMorgan European Growth & Income plc
2:00pm Company presentation from Nippon Active Value Fund
2:30pm Company presentation TBC
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David
The talk by Nippon Active Value Fund (LON:NAVF) was interesting. I hold but am considering buying more as a result. The currency weakness has been an issue- if it does strengthen then returns could be good.
I've just noticed that RIT Capital Partners (LON:RCP) has come down a long way and looks like it may be bottoming. It is meant to be a conservatively run wealth preservation vehicle. Current holdings:
Anyone know about this Trust over and above what is on the aic?
(EDIT : Also noticed that Ruffer Investment (LON:RICA) is having a tough time)
It has singularly failed in its objectives-(I hold). The issue is the unquoted/private equities. It will hopefully recover over the medium term. I only did not sell as historically they have performed well.
I had considered all three or four of these wealth preservation trusts, believing that my target of only 6% growth pa could be achieved over the longer term whilst removing much of the risk around capital depreciation.
However, after looking at their returns over the last couple of years I find that the label they are given could be claimed to be false.
Until I see a long period of recovery/stability I shall avoid and continue to look at other options, and accept greater volatility, but with hopefully a diversified PF then any drawdown should be limited and survivable.
Tommy H's comment below reminded me of the lack of communication from the board of Dunedin Enterprise Investment Trust (LON:DNE) . I have just emailed them asking either to declare a special dividend/capital repayment to shareholders- they are sitting on £20m of shareholders monies after future commitments of £7m are paid for. Or else find another trust to make an offer just below NAV.
Dear Charles
Firstly a thank you for doing this post, having mum's ISA (her pension) in income mode this has added a lot of ideas and thoughts over the last few months, and as I start to think about moving my own pension into income (5 years 9 months not that I am counting) but that view of what is income, growth and how that is balanced, do I continue working part-time (as I am now) or just do voluntary I have no idea.
I am starting to try and draw thoughts about companies in winddown mode.
I sold into market the remaining NB Global Monthly Income Fund (LON:NBMI) in mum and my portfolios. Whilst there remains a reasonable discount to asset value I am not sure about the whole liquidation and non-listed process. Happy to take a level of risk but didn't know enough to reinvest the proceeds of the last redemption and hold tight, so just sold the remaining holding. This was held through AJ Bell (ISA/SIPP respectively) so not sure how they stand either, other than giving the voting rights on liquidation.
I am awaiting the first stage redemptions on Blackstone Loan Financing (LON:BGLF) and GCP Asset Backed Income Fund (LON:GABI). Right now my thought is to follow the process that I did through NB Global Monthly Income Fund (LON:NBMI) and just keep reinvesting the return until it gets too small and delists.
The question remains over VPC Specialty Lending Investments (LON:VSL) I sold up and then rebought though a smaller stake. Obviously the first stage payout has happened, but a bit of a back and forward to how it was all done with the whole "B share" thing, still at what appears a very health discount and ongoing dividend, so not sure right now.
Sorry not a world of wisdom insight, but wanting to open that dialogue about patient investing in a winddown situation which there seems to be a few out there right now.
For mum I draw the dividend and reinvest the capital gain. For me dividends are reinvested and similar with capital.
Thank you
Tommy
Interesting Tommy. I know very little about these type of Income funds. Maybe another follower of this thread will have a better view.
CT UK High Income Trust (LON:CHI) Investor Meet Company Weds 19th June 10.00 am. Urban Logistics Reit (LON:SHED) on Thursday 20th June 14.30. https://www.investormeetcompan...
Nice to see the KITE portfolio again Ken. I hold a few of the trusts for the long term: BlackRock World Mining Trust (LON:BRWM), VietNam Holding (LON:VNH) and Caledonia Investments (LON:CLDN). And I have previously held a number of the others. Thinking about buying back into Supermarket Income REIT (LON:SUPR).
As per Charles, the AIC is holding it's annual showcase event in London in early October. Tickets are free. It's well worth attending.
https://www.theaic.co.uk/the-investment-company-showcase-2024#cta
I liked the VietNam Holding (LON:VNH) monthly update. The Vietnam market looks very positive. I hold VietNam Holding (LON:VNH) but not VinaCapital Vietnam Opportunity Fund (LON:VOF). The discount on the latter still doesn't look like closing.
https://tinyurl.com/y4s2nz9m
The following from Baillie Gifford was a good read I thought.
https://tinyurl.com/ycx2jvh9
I hold Schroder Oriental Income Fund (LON:SOI) for Asia income. But would like to increase my exposure to Asia. Was looking at Pacific Horizon Investment Trust (LON:PHI) (Baillie Gifford) and Pacific Assets Trust (LON:PAC) (Stewarts Investors). However, I'm wary of buying anything with too much exposure to China (the government are just not trustworthy for small private investors IMO) or India (which has been on a tear and is sits on high valuations).
I thought the following would be relevant to the question of Indian large versus small caps but CityWire Asia is now insisting upon a work email address, private email no longer accepted! I can see from the headlines the article favours large caps.
https://tinyurl.com/bdfdv5x5
Recent MoneyWeek article on Indian trusts and funds:
Top India Funds to Invest In
By Chris Sholto Heaton
28 May 2024
Are you thinking about investing in India funds? Tracker funds have earned excellent returns, but trusts that backed small-cap growth stocks did even better.
Investing in India has been popular with investors. Chris Sholto Heaton looks at how to you pick the right tracker funds to gain from its momentum right now.
I’m always cautious about using single-country funds for investing in emerging markets because many of them are heavily concentrated in few companies or sectors. Regional or global emerging-market funds are often a better way to get a well-diversified portfolio.
However, India is an exception, since it’s an unusually deep market. The MSCI India index – which is broader than older benchmarks such as the Nifty or the Sensex – has just 36% in its top ten holdings, which makes it less concentrated than the FTSE 100 (50%).
Sector diversification is good: financials are around 25%, with a range of others (consumer discretionary, energy, technology and industrials) around the 10% mark. The FTSE India holds more stocks (228 versus 136) and the weights of many of the larger holdings are a bit lower, making it even more diversified in terms of companies (sector weights are broadly similar).
That means a country tracker seems a sensible default option, with the two most popular being iShares MSCI India ETF (LSE: IIND) and Franklin FTSE India ETF (LSE: FRIN). The FTSE India index has a slightly better recent performance, probably on account of its greater exposure to mid-sized stocks. We can’t say if that will definitely continue but the Franklin fund also has a lower expense ratio (0.19% versus 0.65%), so that looks marginally the better choice.
What to look for when opting for Indian funds.
Alternatively, we have a choice of four India investment trusts: Abrdn New India (LSE: ANII), Ashoka India Equity (LSE: AIE), India Capital Growth (LSE: IGC) and JP Morgan Indian (LSE: JII). Ashoka has the strongest record over five years, followed by India Capital Growth.
Both have comfortably beaten the market, due in part to their heavy tilt toward smaller growth companies, as well as any value that the managers have added through stock selection (Ashoka has 43% in small caps, India Capital Growth has 50%).
Both New India and JP Morgan Indian have lagged the benchmark, which reflects a greater weight in large caps, plus perhaps a more conservative approach. Certainly, New India explicitly favours large-cap, high-quality stocks, and these tend to lag when markets are as exuberant as India is now.
Therein lies the tricky decision. Valuations for small growth stocks reflect that optimism: the MSCI India Small Cap is on a trailing price/ earnings ratio of 34 – albeit with high forecast earnings growth – while the MSCI India is on 26.
The trusts that have done well on the back of the small-cap boom are very popular with investors. Ashoka trades at a near -2% premium to net asset value (NAV), while India Capital Growth is on a fairly modest 6% discount. In contrast, Abrdn and JP Morgan are on a 17% discount. If you are very bullish the obvious choice is to hold Ashoka or India Capital Growth.
However, if you fear the market is a little frothy but want to back it for the long term, you might expect one of the ETFs to hold up better during pullbacks (see chart above) or favour New India, with its more conservative portfolio and wider discount.
https://tinyurl.com/2z9ha7tp
Any specific thoughts on India welcome.
SSB
Pleased to read your enthusiastic welcome for the KITE post I did the other day ShoeShineBoy, and as usual all the other interesting info in your latest post.
There haven’t been any follow up replies or critical comments or suggestions on that Investment Trust portfolio yet, so I’ll add a bit now.
3 areas missing from that portfolio are India, Latin America and Europe (except for 2 Europe REITS).
India was in the portfolio when I bought India Capital Growth Fund (LON:IGC) for it at 44p in May 2020 and I bought then too. I sold when it tripled and regret not keeping some as it would now have been another both in my portfolio and the KITE that could have been running for free. And the share price is a good bit higher still now.
BUT India PE ratio is now 24.8 and as pointed out on ShoeShineBoy’s post is in the 30s for smaller companies. So I’m not tempted to buy any India Trust now.
Note btw that China PE ratio is just 9 after the big market fall. I’m wary including for reasons covered in ShoeShineBoy’s latest post, but am tempted to buy Jpmorgan China Growth & Income (LON:JCGI) which is a recent KITE portfolio buy. Any investment in China should be modest in case they do something really to upset the apple cart and cause a big crisis too, like invading Taiwan. That seems unlikely ….but that’s what many thought about Putin invading Ukraine! Key thing if buying a China Trust is to get out AT ONCE on news like that. That’s my tactic for everything in my portfolio. Sell at once on surprise bad news, That tactic works.
Another KITE omission is Latin America because it’s such an unstable Continent. But for any prepared to accept that risk Blackrock Latin American Investment Trust (LON:BRLA) is well worth checking out.
And Europe is missing from KITE portfolio too.. That’s been a mistake as European Trusts have done well recently. I hold European Assets Trust (LON:EAT) ….not a good decision! I bought attracted by the big dividend but it has way underperformed.
Finally though agreeing that for now VietNam Holding (LON:VNH) looks the better choice for up and coming Vietnam, I’m confident that in time
that big VinaCapital Vietnam Opportunity Fund (LON:VOF) 22% discount will narrow and now looks a very good buy opportunity if happy to lock it away.
Again thoughts on any of this are very welcome.
Good post Ken, thanks for reverting. Always enjoyed looking at the KITE portfolio every Fri pm/Sat pm. It forced me to think about other trusts and the macro outlook. Plus you have always been good at picking up bargains ie: a wide margin of safety. I work for a bank and every buy or sell has to be approved by my line manager AND Compliance, a process that takes several hours. Result is long term investing is fine but quick decisions are impossible if I want to stay employed!
Bargains (trusts trading at good discounts where there is a decent chance of that discount closing in time), long-term high yielding shares (I'm still digesting the news from M&G (LON:MNG) this week) and genuine growth opportunities (usually on the basis of macro trends such as copper or Vietnam's young and well educated population) are my preferred options these days. It works slowly but it works. And I sleep at night.
I will read up on India and especially India Capital Growth Fund (LON:IGC) . But agreed, the market is frothy. I understand that comes from Indian retail investors and not foreign buyers who apparently, are net sellers at the moment.
China is a 'no' for me. Not because of Taiwan but because the ruling Communist party changed the education laws overnight and effectively made all private education companies in China worthless. If they have done that sort of thing once then they can easily do it again.
I think I'm happy to add to VietNam Holding (LON:VNH) on the basis it will shortly join the FTSE Small Cap Index (thanks for the post Charles).
I have more reading to do but I'm inclined to add to my positions in Caledonia Investments (LON:CLDN) and AVI Global Trust (LON:AGT). I view these as solid, long-term holdings with exposure to areas of the market that I don't necessarily understand in detail.
I'm also going to make the effort to read the latest documentation on Herald Investment Trust (LON:HRI) and Rockwood Strategic (LON:RKW). Aberforth Smaller Companies Trust (LON:ASL) has done well for me and UK small caps are undervalued, the rest of the world is waking up to that now.
I notice Marcus Phayre-Mudge is interviewed in the most recent Money Makers podcast so that is an opportunity to understand more on REITs. If I were to put more into that area of the market then I would probably go for Tritax Big Box REIT (LON:BBOX) as a safe (and boring) long term option even through the discount is smaller than many others.
Additional note: 15 minutes to add to this post so I had better be quick! I have just updated my Excel spreadsheet for the week. No buys or sells to add. Some modest dividends. Market has reacted badly to what I thought was a decent RNS from Legal & General (LON:LGEN) this week. Agree with the sentiments on the SCVR this week, looks like a top-up opportunity. And Tesco (LON:TSCO) issued a decent statement. With dividends, I'm almost 50% up on my Tesco (LON:TSCO) holding bought back in 2021/22. The most boring share I have ever bought :-) A million miles from Torotrak!
SSB
I remain medium term bullish on the Indian stock market. Read. this over the weekend from Times of India "The India Vix, a measure of market fear, dropped to a 6-week ..
Read more at:
http://timesofindia.indiatimes.com/articleshow/110982695.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Hi Charles, Any thoughts on a country specific Brazil trust / fund? Possibly Argentina as well considering the noises the new Gov is making ?
Have been in India long time with very small % of portfolio am happy with India as a small % and have scope to increase my existing 5.
Blackrock Latin American Investment Trust (LON:BRLA) has 35% or so in Brazil. Otherwise there is a ETF iShares MSCI Brazil ETF (PCQ:EWZ) or for small companies in Brazil iShares MSCI Brazil Small-Cap ETF (NMQ:EWZS) . I am keen on Latin America but bought BRLA too early, down 7%. I have an ETF invested inMexico. Was doing ok until the currency fell sharply.
*FREE EVENT*
Register for FREE for the Mello Investment Trusts and Funds event on Tuesday 18th June 2024 at 1pm, hosted by Karin Schulte. The programme for the event is as follows:
1:00pm Andrew Hollingworth, Founder of Holland Advisors & Investment Manager of VT Holland Advisors equity fund
1:30pm Company presentation from JPMorgan European Growth & Income plc
2:00pm Company presentation from Nippon Active Value Fund
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David
Interesting table from Sunday Times to-day. Suggests should be opportunities in Storage, Solar and Wind.
The AIC has a sector for renewable Energy Infrastructure-some big discounts around, but needs careful analysis as they tend to be quite highly geared. https://www.theaic.co.uk/inves... I hold Gresham House Energy Storage Fund (LON:GRID) ,Bluefield Solar Income Fund (LON:BSIF) , Hydrogenone Capital Growth (LON:HGEN) -I will be looking to add some further trusts.
From the AIC- to attend virtually you book and indicate on form you want to attend virtually.
The Investment Company Showcase is back!
Now in its third year, this event has an exciting new location at 133 Houndsditch, which is close to London's Liverpool Street station. We will be bringing together over 30 investment trust managers including the managers of Alliance Trust, Law Debenture, Scottish Oriental Smaller Companies, JPMorgan Indian, Foresight Solar, Allianz Technology Trust, Baillie Gifford US Growth and many, many more.
There will be panels discussing the full gamut of topics, including income, UK equities, dividends, technology and infrastructure (see full agenda).
Even better, attendance is completely free for Compass readers when you book with the promotional code COMP1.
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This might (or might not!) be useful and interesting for a few readers and investors keen on Investment Trusts. It’s an Investment Trust portfolio we started in 2016 on Mike Walters bulletin board, and continued to run there until Mike closed his site at the end of last year. (Mike was Deputy City Editor of the Daily Mail and a friend of small investors. His site was exceptionally user friendly. He’s now well in to his 80s and in more recent years favoured blue sky shares).
I selected a lot of the investments for this portfolio, but also sometimes after suggestions from posters there. A few are now posting on this thread too.
A poster , number33 (who subscribes here but unfortunately doesn’t yet post (he’s a very perceptive poster) presented it in a brilliant way every Friday without fail, and he is continuing to update it.
Here’s the most recent June 7th update. I’ll explain a lot more underneath it:-
It’s a virtual Investment Trust portfolio but run exactly the same as we do our own portfolios. I.e with dealing charges and stamp duty and with the buy and sell prices being the most recent buy or sell trade price, found either via a dummy trade or where that’s not possible with a sell, at the price sell trades were going through at the time of the post.
The idea was for it to be a conservatively run Investment Trust portfolio suitable for cautious investors. Stake sizes started at £2500 in 2016 and where the stake size is lower it’s because of top slicing or selling enough to run the rest for free. e.g Fidelity China Special Situations (LON:FCSS) and BlackRock World Mining Trust (LON:BRWM). Later stake sizes were often £2000.
As you can see there’s a wealth of facts and figures brilliantly presented there. The final profit and loss column includes dividends. The portfolio has gained 90% since inception. It did reach a tad over 100% gain in late 2021 and again in 2022 before the current very weak spell for Investment Trusts and ever widening discounts to NAV. So after just 6 years it had been possible to take out the original stake and then run the whole portfolio for free.
Note too how dividends sometimes give performance a big boost. e.g the capital gain for my favourite REIT Aew UK Reit (LON:AEWU) is modest after big share price fall from the peak, but the overall gain thanks to the 13% dividend yield at the 62p buy price is now a very useful 100%. I bought my AEWU stake then and also have that 100% gain. The dividend yields for each Trust as shown by number33 are the yields at the current share price.
Also note VinaCapital Vietnam Opportunity Fund (LON:VOF) bought in 2020 an underperforming VietNam Holding (LON:VNH) ( also in the portfolio ) now. It too is up almost 100%. Both are likely to prove great long term lockaways with promotion from Frontiers Market to Emerging Market status ahead. That should see far more investing in the 3 Vietnam Trusts.
As can be seen from the “relative value from launch” chart this portfolio has managed to outperform the FTSE100, 250 and AIM indexes, except over the last 12 months. There was a period of significant outperformance in 2021 and 2022 but since then the for so long unloved FTSE100 has woken up whereas this portfolio decided to disappoint!
(Note too the dire performance from the AIM index but with signs at last that recovery has started. That would be good news for followers of by far the most popular thread here, the daily small company updates and superb analysis from Paul Scott and Graham Neary).
On the “total return” chart, the blue is the profit and the black shows the dividends. Red shows the loss…..but fortunately red is only a small loss for just 2of the holdings. The “value change this week” in blue near the top shows the weekly gain or loss for each Investment Trust.
Note too near the bottom left of the portfolio , the weekly %age gain or loss for the FTSE100 and near the top in blue the weekly cash gain or loss and percentage weekly loss for this portfolio.
Overall performance is NOT eye catching. That reflects the inevitable poor investment buy decisions but also that at times I tended to neglect this Investment Trust portfolio when I became arguably too obsessed with finding and posting on and buying bombed out UK value shares instead. e.g shares like Legal & General (LON:LGEN) , M&G (LON:MNG) , Aviva (LON:AV.) and plenty of others where the still very big dividends reflect how cheap the share STILL is.
More recently this portfolio did get full attention but the performance of buys over the last year or so have disappointed…..so far! Some still look excellent value and fwiw I’m happy with every holding in this portfolio.
Comments including criticisms and suggestions very welcome.
Thanks Ken- I hold many in your list. Still undecided about China- might take a small position in an ETF shortly. Fidelity China Special Situations (LON:FCSS) lost me money a couple of years ago -bad timing to buy by me, but on my list.
Another high yield infrastructure fund tipped HICL Infrastructure (LON:HICL) https://citywire.com/investmen...
A Japanese investment trust I do not hold- but am looking at buying AVI Japan Opportunity Trust (LON:AJOT). Latest newsletter (may) is here https://www.assetvalueinvestor...
Times article today on Fidelity China Special Situations (LON:FCSS) . https://www.thetimes.com/artic... Suggests a contrarian buy. (Might behind pay wall)
Update from TR Property Investment Trust (LON:TRY) (I hold) https://www.trproperty.com/ma-...
Reposted from March Thread (Wasn't aware of the monthly updates)
Great thread. I thought I would share my experience of building a high yield/high discount IT portfolio.
I had been following the deep discounts mentioned in some of the Stockopedia posts and then screened for trailing yields, plus Stock Rank and Value Rank. I then looked at Market Cap > £200M (though 2 were chosen below that), followed by a look through all their recent news and their latest filings. At this point I rejected any REITs as I really don't like the prospects for property and don't understand it. I am pretty familiar with credit so had no issues with understanding some of the structured credit trusts. I was particularly interested in Trusts that might actively seek to reduce their discount including by winding up. I came up with an initial list of 8 stocks. On 25 March 2024 I bought (roughly) equal weights of:
Tufton Oceanic Assets (LON:SHIP)
Taylor Maritime Investments (LON:TMI)
Riverstone Credit Opportunities Income (LON:RCOI)
Atrato Onsite Energy (LON:ROOF)
Foresight Solar Fund (LON:FSFL)
Blackstone Loan Financing (LON:BGLF)
SDCL Energy Efficiency Income Trust (LON:SEIT)
GCP Infrastructure Investments (LON:GCP)
On 31 May, I added
Tritax EuroBox (LON:BOXE)
Gore Street Energy Storage Fund (LON:GSF)
EBOX/BOXE being added following press coverage.
So far, the portfolio has generated about 2% in dividends (some declared but not yet paid) and about 4% capital growth. BGLF has announced a partial redemption (5.6% of assets at NAV, representing a 50% premium to share price. EBOX/BOXE is the target of a takeover bid. GCP has committed to returning an additional £50M through a capital reduction exercise. FSFL continue to buy back shares regularly. SEIT sold assets equivalent to about 10% of their NAV.
If people are interested then I will continue to post the performance and developments.
Best of luck searching for hidden treasure in this sector.
Interesting Alex- I hold a few of your list. After a Times article to-day I am going to look at NextEnergy Solar Fund (LON:NESF) . I had previously thought div cover was weak- but the article implies it i safe. Here is the link but might be behind a paywall https://www.thetimes.com/busin...
I bought NextEnergy Solar Fund (LON:NESF) again at 74p today after that prompt from the Tempus column. I had sold NESF last October at 88p and took a modest loss then. The increasing dividend and it’s more than covered and over 11% yield looks too good to miss.
And NextEnergy Solar Fund (LON:NESF) is yet another Investment Trust trading at a wide discount to NAV. Discount is nearly 30%!
Here’s the full Times Tempus column text on NextEnergy Solar Fund (LON:NESF) :-
“London’s renewable energy infrastructure trusts are on sale, with big discounts and big yields almost everywhere you turn. Few, though, rival the 11 per cent dividend yield at NextEnergy Solar Fund, which, after Vodafone announced its dividend cut last month, is now the highest-yielding stock in the FTSE 350.
The £435 million renewable energy company was listed a decade ago and since then it has invested in solar farms throughout the UK, recently passing the one-gigawatt mark, generating enough energy to power about 750,000 homes.
The fund’s official objective is to provide shareholders with attractive returns, mostly via the paying of regular dividends, through its solar energy infrastructure assets and some other technologies, such as energy storage. Since listing, it has done a decent job at delivering this, with total returns (that is returns with dividends reinvested) of 38 per cent over the past decade.
Portfolio by installed capacity*
Megawatt peak (MWp), the max power output of a solar panel system
0-5 MWp
57%10 MWp">>10
MWp
24%6-10
MWp
19%*As a percentage of assets. As of 31 Dec 2023. Chart: The Times Source: Company report.
The stock has taken a hit in the past couple of years, as rising interest rates have made both alternative and income assets less attractive, as well as increasing the cost of capital for solar farms. Nevertheless, dividends have kept on growing and investors are beginning to speculate that the prospect of rate cuts later in the year could feed into some capital gains.
So how does NextEnergy Solar Fund make money? It owns 99 solar farms, with 860 megawatts of assets in the UK and 35MW of solar panels in Italy. About half of the company’s revenues are made up of inflation-linked, government-backed subsidies such as renewable obligation certificates and feed-in tariffs. These contracts are linked with inflation, which protects it from volatility in power prices and supports dividend growth. The rest of the fund’s revenue comes from the sale of budgeted power generation into the market. The trust has an energy sales desk that manages its power price contracting strategy.
Advice Buy
Why Share price weak, but generous and reliable dividend.”
I’m definitely interested in you continuing to post on that very interesting list of Trusts Alex. I hold Foresight Solar Fund (LON:FSFL) and GCP Infrastructure Investments (LON:GCP) as well as Tritax EuroBox (LON:EBOX). I prefer Tritax EuroBox (LON:EBOX) to Tritax EuroBox (LON:BOXE) because the latter is traded in Euros.
Thanks for posting this. I’d be interested to hear your further thoughts on the credit trusts above. What do you see as the differences/risks/opportunities across the different credit funds listed? Thanks
Fidelity Emerging Markets (LON:FEML) have a Citywire virtual talk on June 18th at 11.00 Not a trust I hold- but an area I am interested in. https://citywire.zoom.us/webin...
I hold Utilico Emerging Markets Trust (LON:UEM) , BlackRock Frontiers Investment Trust (LON:BRFI) and BlackRock Frontiers Investment Trust (LON:BRFI) as well as a couple of the Vietnam trusts VietNam Holding (LON:VNH) and VinaCapital Vietnam Opportunity Fund (LON:VOF) .
VietNam Holding (LON:VNH) has been promoted to FTSE Small Cap Index and will be a constituent of the FTSE All Share from June 24th. Monthly report is here.
I’m wondering whether to buy Middlefield Canadian Income PCC (LON:MCT) or Canadian General Investments (LON:CGI) which is on a bigger discount, again.
This and similar recent articles make part of the investment case:-
https://citywire.com/investmen...
I’m still as keen on VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH) and have held both for a good while. VinaCapital Vietnam Opportunity Fund (LON:VOF) has continued to underperform VietNam Holding (LON:VNH) at up 8% year to date and 6% 1 year compared with VNH up 26% ytd and 47% 1 year, , but that’s partly because of the continuing VOF big 18.5% discount to NAV.
https://www.theaic.co.uk/aic/f...
Also though no longer such a screaming buy, that 10% Henderson Far East Income (LON:HFEL) and signs now that change of Manager and new investment policy might be working with improving NAV.
https://www.theaic.co.uk/aic/f...
btw….I also gave up on Investors Chronicle over a year ago. It’s a pale shadow of what it used to be.
Ken- I bought Canadian General Investments (LON:CGI) recently. Part of my interest is they hold Shopify. I used to work with Shopify as a partner supplying printers etc on their POS side in UK and Ireland- 10 years or so. Stopped recently as they were too busy and I am trying to take work a bit easier in. my mid 60's. Buying Shopify directly does not appeal for me- though has done well over the last 10 years, but an exposure is attractive. Shopify could be the next Amazon- they way they are developing is quite exciting. But I could be wrong-hence not bought direct but through a fund.
The portfolio seems pretty well managed and whilst returns have not been great recently I am confident for the next few years.
Ken. I'm liking the look of Middlefield Canadian Income PCC (LON:MCT) because of it's exposure to the energy sector and to LNG in particular. I can invisage strength here come 2025 when their LNG plant comes online and starts to export to Asia. Even Pantheon Resources (mentioned many times on the old MW site) is enjoying this move - on the 5/6 it announced a deal to supply 500m cubic feet per day to the Alaskan Gasoline Development Corp.
More from Citywire
https://citywire.com/investmen...
Gresham House Energy Storage Fund (LON:GRID) is up 20 over the last week after the Octopus announcement. Ironic no yield but my wife's Isa holding in GRID is now in profit- we bought Feb 23rd this year for the yield !
City wire have this on GRID https://citywire.com/investmen...
Basically as I mentioned Octopus could potentially be interested in acquiring this fund or others in the battery storage field. GRIS still trades at a huge discount and divs should be restored soonish.
That looks to be right up my 'high yield/deep discount' alley. I will look at it. Thanks
AUGMENTUM FINTECH PLC will be holding a Final Results meeting on 26th Jun 2024 at 2:00pm BST.
Please click on the button below to accept the meeting invitation.
Thanks Charles - that reminds me to update my holdings in IMC. Ive done it on Research Tree but forgot IMC.
I hold Augmentum Fintech (LON:AUGM) and fwiw feel it’s far too cheap and there could be a bounce if the Results on 25th June reassure, and there’s a good chance they will.
Here’s their most recent factsheet.
https://augmentum.vc/wp-conten...
And note this bit from it:-
”The sum value of the Top3 holdings in Tide, Grover and Zoila plus current cash was above the Company’s market cap at the (Match 2024) period end.”
And “These 3 are Fintech market leaders, growing revenues by an average of 1200% since the Company’s investment and are either profitable or capitalised until projected profitability.”
Augmentum Fintech (LON:AUGM) is on a wide 35% discount too.
TR PROPERTY INVESTMENT TRUST PLC will be holding a Brief overview of FY results plus insights into stock positioning for the rest of 2024 meeting on 25th Jun 2024 at 10:30am BST.
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I haven't looked at this thread for a week or so. Been busy with work etc. Some really good posts here so thanks to all who are contributing.
fwiw, one or two weekend thoughts....
Really like the 10 year historical info table near the top of the Edinburgh Investment Trust (LON:EDIN) annual financial report. I don't see many trusts doing this. Edinburgh Investment Trust (LON:EDIN) is a solid hold for me but the management is changing hands so I will keep an open mind.
https://tinyurl.com/3p369ers
Don't like the format of the Schroder Real Estate Investment Trust (LON:SREI) annual results RNS. Too much waffle and no super simple table showing the year on year numbers for both assets AND liabilities.
https://tinyurl.com/5h5cfvpw
Trying to make sense of the numbers....
# NAV declined by 4%. Further down the RNS, this is attributed to "unrealised net decrease in the valuations of the direct real estate portfolio" and "capital expenditure". I assume the former is related to the effect of higher interest rates on the value of the asset. The RNS tells me the latter should drive capital growth and rental increases in the future. Ok, I think I now understand that. Further down still, the mgt commentary says 61% of the NAV is in warehouses (both retail and non-retail) plus they have disposed of offices.
# Loan to Value of 37% and looking to reduce this further by selling some properties.
# Loan maturity of 9 years with interest cost of 3.5%.
# Rental income growth of 4%. Further down it says average unexpired lease term of 5 years.
# 99% of rent collected for the year.
# £8m of disposals in the year at slightly more than reported NAV.
# Unoccupied space is 11%, which is unchanged over the year.
The AIC web site says the company has 7 years of dividend cover. Not sure if that is up to date though.
There is a useful table comparing the assets as of Mar-24 versus Mar-23 but in my view, it's too far down the RNS and there are no liability numbers.
So why does this trade on a 30% discount to NAV ? I can only guess it's because the trust pays a dividend of 7% and the market doesn't believe that is sustainable. At the same time, the market probably doesn't understand the dividend cover / revenue reserves and the trust doesn't help itself by not stating this clearly higher up the RNS.
There is also the issue of the 11% unoccupied space which has remained static over the last year. I would like to hear from the mgt of Schroder Real Estate Investment Trust (LON:SREI) to understand what they are doing to reduce the unoccupied space, hopefully they will send a video by email of the recent shareholder presentations.
I will keep it in my portfolio but I don't think I will add to it. I'm more likely to buy Tritax Big Box REIT (LON:BBOX) which trades on a 10% discount to NAV but only offers a yield of 4.5%. I will wait for the updated numbers post consolidation of UKCM but I like the almost constant director buys. Thoughts welcome.
Ken, you could well be right on sector consolidation involving Schroder Real Estate Investment Trust (LON:SREI) except that the Schroders name is behind this trust. There are easier targets to choose from (many in your excellent post dated Tue 4 Jun) for larger REITs looking to gobble up smaller targets. There is almost certainly more activity to come in the sector.
Fwiw, I also agree with you on Supermarket Income REIT (LON:SUPR). I sold as interest rates were rising. The ex-Goldmans managers also buy a lot of shares in this trust. I'm a little of date, the only downside to this trust that I could see is that they really hadn't done any of the 'value add' stuff they were once talking about ie: putting spare land to use etc.
Fwiw, in my opinion, it is too late to buy Tritax EuroBox (LON:EBOX) now. If the acquisition doesn't go through the SP will fall and it will take some time to make that up through dividend payments. I prefer to be safe rather than sorry these days.
Several posters have mentioned NextEnergy Solar Fund (LON:NESF). I used to hold, the dividends were good, the SP suffered as interest rates increased. I sold and I'm not tempted to buy back again. Why ? Because they have a high loan to value percentage. They wanted to bring it down but ended selling one of their best assets ie: a non-subsidy solar farm, instead of a subsidy related solar farm! That's moving in the wrong direction for me and I'm not tempted to buy back again.
SSB
ShoeShineBoy
Just a few points to n response to your latest must read post.
1. Re Schroder Real Estate Investment Trust (LON:SREI) II’m not sure there’s any evidence that a dividend cut is likely. The dividend is fully covered and they’ve increased it by 2% too. Doesn’t the big discount reflectsthe extreme good value of Schroder Real Estate Investment Trust (LON:SREI) ? Just as the even bigger discount on Tritax EuroBox did(LON:EBOX) before the bid approach?
Here’s the relevant section on the Schroder Real Estate Investment Trust (LON:SREI) dividend from their Results commentary:-
sreitfy24results.
“Earnings growth underpins fully covered dividend; increased exposure to high growth sectors underpins portfolio valuation resilience; sector-leading low cost, long term debt profile
Audited net asset value ('NAV') declined by 4.4% to £287.4 million, or 58.8 pence per share ('pps') (31 March 2023: £300.7 million, or 61.5 pps), largely driven by an underlying portfolio value decline of 2.8% (MSCI Benchmark: -5.7%), which remained unchanged over the most recent quarter to 31 March 2024 (MSCI Benchmark: -0.6%)
- 4% increase in dividends paid during the financial year to £16.4 million, or 3.34 pps (31 March 2023: £15.8 million, or 3.22 pps), fully covered by EPRA earnings
- Positive NAV total return of 1.1% (31 March 2023: -15.1%)
- Long debt maturity profile of 9.7 years and a low average interest cost of 3.5%, with 91% either fixed or hedged against movements in interest rates
- Loan to value, net of all cash, of 37.1% (31 March 2023: 36.0%), with programme of non-core disposals underway to reduce to within 25-35% target range
- Further 2% increase in the quarterly dividend to 0.853 pps for the quarter ended 31 March 2024, to be paid in June, reflecting a yield of 7.9% based on the share price of 43.4 pps at close on 5 June 2024.
Simon Thompson wrote a positive update after the Results. It can only be read by Investors Chronicle subscribers but here’s the first bit of it:-
https://www.investorschronicle...
I agree about NextEnergy Solar Fund (LON:NESF) and sold it and bought Foresight Solar Fund (LON:FSFL) instead. Hope you don’t find similar negatives with that one!
Also agree AVI Global Trust (LON:AGT) looks good but don’t hold because of my need to focus on big dividend paying shares and Trusts for now .
Fair enough Ken. I've always liked your glass half full approach. I'm sticking with Schroder Real Estate Investment Trust (LON:SREI) for now. As you say, the dividend looks safe(ish), let's see if they can reduce the empty space & get that let out or sold.
Funny you should mention the IC, I actually cancelled my subscription yesterday, the magazine is so thin now and there are other sources. I now prefer reading the RNS statements and annual reports myself rather than reading about them second hand. Having said that, Simon Thompson has a very decent record.
Hope the health issues are on the mend.
SSB
Hi SSB,
Great comments from you and Ken as usual. I too cancelled my subscription to IC on Friday - they put their prices up by about 30% and I felt this wasn't good VFM. There are so many other great sources of information I felt I might as well go without IC and if I really wanted more info I'd try one of the other sources after a few months.
I've got my eye on a couple of other IT's currently as well, but struggling to find what to sell to create funds. I like the look of AVI Global Trust (LON:AGT) and I also noticed that Jpmorgan Global Growth & Income (LON:JGGI) moved last week to a tiny discount from its very small premium. I would like some more of this in my SIPP.
I've got a couple of very small holdings sat not really adding a lot to the PF so might consider selling these; Scottish Mortgage Investment Trust (LON:SMT) which has done well for the last few months, but I can't see where the growth is going to come from, Polar Capital Global Healthcare Trust (LON:PCGH) which has risen nicely but now flatlining - plus it didn't hold Novo Nordisk which has not helped. Supermarket Income REIT (LON:SUPR) doesn't seem to be doing a lot and I think there might be better plays and finally Augmentum Fintech (LON:AUGM) which appears to be a bit of a lame duck and always a jam tomorrow trust.
Kevin, AUGM have a IMC on 26th June-14.00. I hold and am going to attend. My patience is running out with it as well.
Spot on KevinS1! Although I must admit I hadn't realised the price increase for the IC was as much as +30%. End of an era but there is so much else to read and listen to.
I liked the inaugural episode of the Kepler monthly round up on investment trusts. 16 minutes so an easy listen. Along with the Money Makers podcast and a number of others, this gets downloaded onto my iPhone automatically every time a new episode is available.
https://tinyurl.com/pspne87s
The latest AVI Global Trust (LON:AGT) monthly update was released today with the trust manager saying he still sees lots of value in the market.
https://tinyurl.com/5n88hvb9
And I heard Nick Greenwood say on the latest Money Makers podcast the Migo Opportunities Trust (LON:MIGO) trust is now geared as he lots of opportunities in the market. AIC web site confirms this to be 10%. Such a shame the trust mkt cap is not growing, I would almost certainly buy it then.
https://tinyurl.com/48ufddrd
And he also addressed the current state of the Indian market, saying that small caps had gotten a bit frothy but larger caps should still benefit from the exit of global businesses out of China (listen from 28 minutes). Vietnam and Mexico should also benefit.
https://tinyurl.com/mt8eaxyn
SSB
SSB I do like AVI- they are taking a punt on the out of favour Entain- which I understand. Hope Mexico is going to recover- the ETF I hold took a beating with the currency fall iShares MSCI Mexico Capped UCITS ETF USD (Acc) (LON:CMX1)
Hargreaves Lansdown are at it again! Amedeo Air Four Plus (LON:AA4) is in my wife’s ISA and she received this email from them yesterday. Why doesn’t this nonsense get tackled? And this from Hargreaves …the outfit that advised investors to buy Woodford’s disastrous Fund until the very day it was suspended.
“Dealing restrictions have been applied to one of your holdings
Dear
Authorised fund managers are required to provide an annual fair price and value assessment for each of their investment funds.
We need assurance that this assessment has been completed to ensure the investments we offer are achieving good outcomes and delivering value for investors. We collect this from third-party providers.
The assessment for Amedeo Air Four Plus Ltd ORD NPV has not been made available to us from the third-party provider for the required period and so we’re removing the option to buy any more of the investment until it’s been received.
What this means for you
This means you can continue to hold it and sell at any time, but you’re currently unable to buy any more of the investment through us.
If, however, you have an existing income reinvestment or regular saving instruction into the investment, it will currently continue.
What happens next
We’re continuing to actively monitor this and will look to reopen the investment for investors to buy, if appropriate, when this information is made available to us. We’ll provide an update on the purchase status of your investment as soon as we can, but can’t guarantee at this stage when this will be.
If you have any questions about this, please contact us by replying to this message or call our helpdesk on 0117 900 9000.
This isn’t personal advice. If you’re unsure if an investment is right for you, please seek advice.
Meeting the needs of all our clients
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Thank Yours sincerely
Ken-AJ Bell seem to have sorted this issue which seems to be due to a 3rd party analysis. HL seem to be slow, slightly concerning as bought recently Hargreaves Lansdown (LON:HL.) in the hope the bid will be forthcoming.
Hi Ken, again I am through AJ Bell and IWeb, AJ Bell sent a load of announcements especially to my mum, got the shares wrong, got the statements wrong, lifted stuff, restricted stuff and now seem to pretty much have removed it all, but I could be wrong, will go look again tonight. We are protecting the wrong people, surely a simple test of >10% of investments and held the account less than 5 years, ask for a written disclaimer. Tommy
AJ Bell - restricted stuff - not sure if this is what you mean but I heard they employed outside box tickers to do suitability reviews on some investment trusts which meant they were pulled for new purchases (sales of existing stock ok). Believe cordiant digital infrastructure was one. This has been reversed in some cases. Source = the Moneymakers podcast often referenced on the monthly IT thread.
Henderson Far East Income (LON:HFEL) (I hold) just issued a short note on China- https://www.janushenderson.com... One of the larger holdings in wife's ISA due to Yield and potential capital growth. The re-organisation of the portfolio seems to be working-showing a 9.7% and still yielding just over 10%.
Sad news about the sudden. death of Andy Ho at just 52 who was instrumental in setting up VinaCapital Vietnam Opportunity Fund (LON:VOF).
More here:-
https://www.stockopedia.com/sh...
Just returning back to Stockopedia (2week free trial) & as well as share picking i have half of my Pf in etfs & trusts.
One of the disappointments with stocko in comparison with sharepad is the lack of detailed information in trusts funds & etfs. ie... top ten holdings/sectors countries etc or even links to the latest factsheets.
Any thoughts or plans to bring anything like this onboard in the future Ed?
Must also add, Thank you Charles for this excellent page/article
Jonny rotten
Agree that Stockopedia Investment Trust stock pages are very poor and full of irrelevant figures and missing the must know ones. But wouldn’t it better for Stockopedia to focus on their core offering and improving that where appropriate rather than something they do badly? . I think Stockopedia only started their poor Investment Trust stock pages in the first place because of subscriber pressure to do so.
There are excellent sites for Investment Trusts like the trade body for them aic and Trustnet.
e.g here’s the aic link for Global Investment Trusts:-
https://www.theaic.co.uk/aic/f...
And here, as you’ve pointed out, there is a very good Investment Trust thread updated monthly by Charles.
Hi Jonny- I have asked Stockopedia if we could have an Investment trust section- they said they would look at it- a while back now. The thing I would like most is the daily NAV plotted against shareprice, but again not happening yet- I know a rival of Stocko does show this. I use Justetf for ETF/ETC info.
Stocko and Investment trusts cover
I have mentioned this every time I have seen Ed at Mello. He promised he would do it. apparently cost is an issue here.
I have been told the same in writing. All they need to do is sort Tags out and give us an area-hardly expensive and they would not need an employee to write stuff.
I have sold European Smaller Companies Trust (LON:ESCT) and invested the proceeds into Montanaro European Smaller Companies Trust (LON:MTE) . ESCT did well- I was up 22% but it is trading 2 points below its 5 year average discount, whilst MTE is trading at nearly double its 5 year average discount. ESCT has performed significantly better than MTE over 12 months -NAV up 18% against MTE 2% and price movement is ESCT +24% v. MTE 1.69%. I am obviously hoping the performance of MTE will pick up significantly. I still feel the smaller company space in Europe offers the best value- the sector trades at a significant discount to the larger cap European sector- historically smaller companies have traded at a premium.
Charles do you have a view on JPMorgan European Discovery Trust (LON:JEDT) ? I'm interested in a little geographic diversification and considering swapping out of range bound, excellent Divi payer Legal & General (LON:LGEN) for something with a little more momentum. Like European Smaller Companies Trust (LON:ESCT) too so your swap to Montanero a useful prompt to look wider.
My preference is to back those generating best growth currently as I see these as more likely to continue their momentum. Perhaps more in tune with the markets? Both the above still offer 10% disc to navigate so there is some insurance there. Take your point about Montanero being at greater than average discount.
Getting a similar performance from US Smaller Co, Fund rather than IT, via my professional advisers holdings. Artemis US Sml Co up 20% over the last 6 months and 23.6% on the year. Let's see if they can maintain that given the latest economic news from the US where it's starting to look like probably only one rate cut before their elections.
Hi Sevenccc Not looked at JEDT in depth.As you. said I went for MTE due to weak performance recently and discount being higher than average. 10 year performance for JEDT not been great compared to others- so did not interest me to look into further. They do say the right thinhs looking at the website-will look into it further one day. Thanks for mentioning it.
Gresham House Energy Storage Fund (LON:GRID) have announced a supply deal with Octopus https://newsfile.refinitiv.com...
Citywire have mentioned the deal https://citywire.com/investmen....
Hopefully Octopus will just take GRID over at near NAV sometime.
Urban Logistics Reit (LON:SHED) share price has not done a lot in the last 6 months. Results are to be announced on June 20th and i have bought back in. Yield of over 6% and gives exposure to "last mile" logistics properties. Tenants include the like of DHL, Tuffnells, Unipart (NHS) and Theo Muller. Last presentation was confident and I am hoping the figures when announced will be positive. The discount of around 25% looks excessive.
Indian election seems to not be panning out as exit polls suggested. I am not going to sell Ashoka India Equity Investment Trust (LON:AIE) or India Capital Growth Fund (LON:IGC) as I find trying to make a call on elections tricky- learnt that when Thatcher won her first election as PM and market fell sharply , but then recovered.
My thoughts/hopes are the same. Markets don’t like the unexpected, and the lack of landslide is unexpected. I’m not picking up on anything in the reporting that makes me longer-term worried; it seems a return to normal India politics after an unusual majority so hope markets will feel the same. I’m holding India Capital Growth Fund (LON:IGC) for now but watching with interest.
Hi Charles,
I thought the following was a good listen re: India elections. 10 minutes long so an easy listen.
https://tinyurl.com/3525e5c4
If you don't mind me asking, what is your preference re: India, to hold large or small caps or just to get some exposure to the country's economic prospects for the long term ? When I think about how Japan has developed, the large caps are more or less fully valued now but there is still real value available in Japanese small caps with large cash holdings on numerous balance sheets. Wondering if you have noticed something similar in India small caps ?
SSB
I'm a long term holder of Geiger Counter (LON:GCL), which recently carried out a fully subscribed Subscription Rights issue at 37.74p. This has resulted in a further 12.3m shares being admitted to trading giving it a £77m Market Cap. I'm at a loss to explain why Geiger should be trading at a 27% discount (53p offer price on a 72.54p NAV, announced yesterday) except that there must be quite a few sellers who bought recently at 37.74p. When this indigestion clears, I would be surprised if the wide discount which Geiger Counter (LON:GCL) is currently trading on doesn't close usefully. It was trading at close to par earlier this year. It consistently traded at a premium as recently as 2022.
I cannot see how we're going to get anywhere near Net Zero unless there are a great deal more nuclear power stations being built over the next decade or two - hydro, wind and solar only generate intermittently. The Chinese are commissioning four new stations a year at present. Additionally, the supply of uranium could be more precarious thanks to Kazakhstan having 43% of global production (World Nuclear Association 2022 figures) and it may become more closely aligned with Russia, witness Tokayev's visit to Moscow in November 2022. It was reported yesterday on Bloomberg News that Russia is keen to take over French-owned mines in Niger, a state which has been forging closer links with Russia after the July 2023 military coup.
Geiger Counter (LON:GCL) is my longest and biggest holding. I was too early, but have managed to successfully trade it over the years. I understand the reasons for the price momentum of the spot price but many of the equities and (especially) GCL have been treading water since February. I subscribe to Uranium Insider and he is worth following on 'X' and youtube. I thought the Russian ban would have a big immediate impact on the market but this doesn't seem to have happened so far. I am just patiently holding now and awaiting an upward correction for the equities - however I'm not sure Geiger Counter (LON:GCL) will ever trade at a premium again due to the competition from ETFs / physical funds such as Yellow Cake (LON:YCA) etc. I think Donald Pond who posts here occasionally recently met with one of the managers of Geiger Counter (LON:GCL) and I'm hopeful he will write something up.
I have been looking at Sprott Uranium Miners UCITS ETF Acc (LON:URNP) but not bought yet. Down 10% over the last few months. I also follow Yellow Cake (LON:YCA) but again not invested. I see the case, but recent weakness in the price has deterred me.
bsharman
Hope you end up doing very well with Geiger Counter (LON:GCL. It was my best ever winner just ahead of the terrible tsunami when the warrants/subscription shares that I had bought for 0.85p soared to the mid 40s in just a few months. I only held 15% when it reached that price on my safety first rule of top slicing any of my holdings when they become a too large proportion of my portfolio, but the gain on that remaining 15% was 59 times!
I’ve been in and out of Geiger Counter (LON:GCL) several times since then, but never with much success as each time a big uranium price gain looks likely it then peters out. The current discount looks too wide and will surely narrow when as AGRW has just pointed out, the current indigestion thanks to the subscription shares being exercised, is over. Might be time for another look perhaps.
No detail in this post, beyond a few figures, and very brief info, in case anyone wants to follow any of these up. Nearly all are paying big dividends while waiting for share price recovery or bids etc. That big and regular income can finance new buys!
EUROPE COMMERCIAL PROPERTY SECTOR:-
abrdn European Logistics Income (LON:ASLI) 62p. 20% discount and 5.9% dividend. This Trust is in a Managed wind down that should see a return of around 15% in around a year.
Schroder European Real Estate Investment Trust (LON:SERE) 63.5p. Discount 40% and 9.1% dividend. Another one that could attract a bidder? Meanwhile there’s that excellent yield. I’ve held since 2020. Disappointing share price performance since then but am well up if including dividends and special dividends.
UK COMMERCIAL PROPERTY SECTOR.
abrdn Property Income Trust (LON:API) 62p 20% discount and 7.7% dividend. Another disposing their portfolio. This could well see a return of 20% in the next year. I bought recently.
Aew UK Reit (LON:AEWU) 88p 11% discount. 9.1% dividend. I bought at 63p in 2020. As with all these the share is well down from the peak but even so if factoring in the 13% a year dividend the gain is almost 100%.
Alternative Income REIT (LON:AIRE) 67p 16% discount and 8.8% dividend. Another I’ve held since 2020.A small Trust that could easily get snapped up.
Schroder Real Estate Investment Trust (LON:SREI) 43p. 32% discount and 7.6% dividend. Another that could well feature in sector consolidation. I’ve held for about a year and very dull…..so far.
Supermarket Income REIT (LON:SUPR) 77p 14% discount and 7.9% dividend. Less likely to feature in sector consolidation but renting properties to big safe supermarkets along with that big dividend is the big plus with SUPR.
INFRASTRUCTURE
Another tempting sector. I haven’t checked them all out as no funds for more investments but bought GCP Infrastructure Investments (LON:GCP) recently. 79p 26% discount and 8.8% dividend,
Thoughts on any of these are very welcome, especially so any obvious big plus points or negatives.
I own GCP Infrastructure Investments (LON:GCP) - I think the ongoing divs are very useful and appears to be low risk.
I also own Tritax EuroBox (LON:EBOX) but was considering using the rise to move onto NextEnergy Solar Fund (LON:NESF) which has a useful 11% yield, although haven't made the move yet.
One trust I'd like to hear opinion on is Marwyn Value Investors (LON:MVI) which strikes me as being an almost perfect play on divs and momentum with no charges too. Don't seem to have uncovered lots of info yet as been uber busy.
Viz, I followed MVI for about 6 months 18 months or so ago and decided against it- wrong call obviously !. It was the holdings in other Marwyn funds that deterred me as well as the different classes of shares- to much work to get to the bottom of its exposure. But big discount and good yield. I will re-look at it, thanks for mentioning.
Viz- rembered my other concern- large investment in Le Chameau , the boot company, through Silvercloud holdings.
Yes I have been looking at the boots. They seem impressive do some dog products too. Type of company that the clientele aren’t price sensitive? Again needs more digging.
Ken, I think the abrdn Property Income Trust (LON:API) price/discount are different to your figures nearer 53p/30%. My hope is there’s therefore north of a 40% gain on offer here if they can get close to NAV but even if you discount that a bit, it’s still worthwhile - with a modicum of income thrown in along the way to boot. A key unknown though is the timeframe and I wouldn’t be interested if I thought it was going to be protracted.
I’m comforted by the non exec director buy announced on Monday - the guy has been on the board for more than two years and chooses now for his first buy, just before it’s about to wind up.
Also, I think if you compare and contrast the different trusts you’ve listed (and others), aside from gearing levels et al, although there are some anomalies, there is to my eye some correlation between the discount size with the amount of office type property on the books. abrdn Property Income Trust (LON:API) has not so much office property (sub 15%), it’s mainly industrial/commercial so I’m hopeful they stand a fighting chance of exiting their investments a) at pace and b) close to NAV. Their recent commentary, admittedly on selective asset sales, seems to support that.
In terms of timeframes, it can’t but help that there seems to be a whole lot of potential buyers sniffing around all the various abrdn property trusts. The commentary in the abrdn European Logistics Income (LON:ASLI) winddown decision explanation RNS had quite a lot of colour on this, and I think there’s probably read across from that.
M48.
Yes; the abrdn Property Income Trust (LON:API) discount is 30% as shown here and my 20% was either a typo or a mistake!
https://www.theaic.co.uk/aic/f...
Also I agree with your conclusions on abrdn Property Income Trust (LON:API. My 20% figure was hopefully by this time next year, but there could well be 40% or even more in time, but as you said, if it’s a long time scale is it worth waiting?
As for Tritax EuroBox (LON:EBOX) it’s a potential cash bid. I’m confident that Blackfield or an alternative bidder won’t want to pay full NAV but a 10% discount would likely succeed. I.e a share price a bit over 70p.
Not sure though that it’s only the REITs with office focus that were and sometimes still are at big discounts. E.g when Tritax EuroBox (LON:EBOX) was a stunning buy as pointed out on the Investment Trust threads here at the time, at under 50p, the discount was around 40% and their focus is not office. Discounts have now narrowed from the extreme lows but are still very high for some, and that could well lead to further sector consolidation. Cash bids are the best option for that not least because the reward is faster than managed wind downs, and more financially rewarding than mergers.
And the big extra plus while we wait for either bids or Commercial Property revival and significantly higher NAV and share prices when that happens, is that there are fabulous dividend yields while we wait!
Hi Ken
Worth parking any spare cash in Tritax EuroBox (LON:EBOX) for a c15% gain if you're right on the c70p likely bid? Brookfield don't tend to walk away once they've revealed their interest - certainly didn't for Homeserve and I'm sure I've seen them crop up as acquirers before. Possibly even worth a dabble in BROOKFIELD ASSET MANAGEMENT (NYQ:BAM) themselves? Up nicely over the last 12 months and hoovering up quality assets/outfits at fair prices, IMO. I believe it is a Berkshire Hathaway holding.
Hi sevenccc
Good to know that you check out posts on this thread from time to time.
The big question with Tritax EuroBox (LON:EBOX) is whether Brookfield will bid or walk away. The share price is now down to just 58p whereas I had assumed it would settle in mid 60s until further news. Do insiders know something we don’t? So buying now risks further share price fall to as low as high 40s if Brookfield walk away. That’s the price to buy Tritax EuroBox (LON:EBOX) with confidence that downside is limited.
The hotter than expected US job figures reducing the chances of a Fed interest rate cut is a definite negative for the REITs. And it’s concerning that shipping rates are rising fast again too. So inflation might well pick up again later this year snookering interest rate cuts altogether.
I’m happy to continue holding my REITS as there are now signs the sector has bottomed, but it could be a longer wait than previously expected for significant share price recoveries. BUT there are those big quarterly dividends while we wait.
I think it could be a bit of a wait for Tritax EuroBox (LON:EBOX) but it is too risky/costly to keep jumping in and out of things currently.
If you believe there is a chance of a takeover, and/or interest rates will come down over the medium term then it is a fair bet to probably park some cash here and give it 12 months. You are also getting paid a good return to wait for the outcome.
I've wasted too much time/effort holding companies without a dividend to find they have never moved. I think Tritax EuroBox (LON:EBOX) has a pretty good chance of being much higher in 12 months time - whether through a TO or a reduced interest rate.
KevinS1
I agree with most of your post. Have doubts now though about interest rate cuts ahead as there are clear signs (e.g much higher shipping costs and likely energy price rises again later this year) of higher inflation later this year if not before. Is that the key reason why Sunak called the Election now instead of November? But even with those potential interest rate negatives the Commercial Property sector should recover strongly again in time. Meanwhile we’ve got those very big dividends coming in quarterly.
I hold Tritax EuroBox (LON:EBOX) and unless there’s surprise bad news have no intention of selling. And the same applies to my other REIT holdings. And there’s still a good chance that Brookfield will bid. We should know more on that as soon as next week. So there’s that tantalisingly close 70p or a bit more share price if they do bid.
But the point I was making in reply to sevenccc was that buying now after a spike on a potential bid approach risks seeing the share price fall back again and as much as 20% if there’s no bid. So it’s riskier buying now after the spike on the bid approach than it was buying before it. And the reward is less and the dividend yield is lower too. Hence my preference for and tactic of buying quality shares and Trusts when most are saying sell. It works ….with Tritax EuroBox (LON:EBOX) just one of so many examples!
Hi Ken
Fyi I check the posts here at least weekly as it's always good to see what the Mitchell brothers are up to! Have been reviewing my own holdings as lagging the spectacular performance ytd of Paul Scott, Graham and Cockney Rebel. I'm pretty much in line with the All Share so not complaining and probably a little more risk averse and definitely less knowledgeable than they are.
In my analysis I was interested to see the outperformance of several Smaller Co Trusts and Funds across the UK, EU and US. Impressed by 25%+returns in 12 months from Aberforth Smaller Companies Trust (LON:ASL) and Jpmorgan Uk Small Cap Growth & Income (LON:JUGI) with 5-10% discounts and 2.7-5% yields.
Paul Hill posted a useful chart on the average, current and historical range of prices for large and small caps across all 3 geographies. It echoes what the professionals have been showing me recently. EU and UK small caps looking particularly good value. I was surprised to see the US small caps delivering similar returns but Artemis and New Capital seem to be doing just that.
Your comments about the risk on Tritax EuroBox (LON:EBOX) duly notes but I'd be surprised if BROOKFIELD ASSET MANAGEMENT (NYQ:BAM) don't at least make an offer. They don't tend to go hostile though may use the PUSU facility a couple of times whilst endeavouring to reach agreement. I'm sure you've seen the push for the new Special Opportunities REIT talking up the possibilities in the commercial property arena. It seems that existing REITS are not able to raise funds to take advantage of the potential turning point in the market due to the wide discounts to NAV most of them are currently standing at.
This was reiterated by Schroder Real Estate Investment Trust (LON:SREI) in their IMC pres this week. I'm not keen to buy the new player at launch and with no discount but it could be well timed. Also makes me think the likes of BROOKFIELD ASSET MANAGEMENT (NYQ:BAM) might be good investments if they have the firepower to sweep up a number of these comparatively small REITS. Presumably there are other potential consolidators out there.
I'm prepared to take the risk of a drop in Tritax EuroBox (LON:EBOX) if they do walk away as I see this sector as a one way ticket over the next 12 months. Rates may come down more slowly than we may wish but the EU, Canada and Sweden have kicked off the process. In 12 months time I'd expect rates to be around 1% lower than now.
Regardless of the outcome of our Election the economy is picking up and most people will have above inflation rises in wages and benefits this year to boost it further. When Taylor Swift and Glastonbury can fill venues at prices that bring tears to your eyes in no time flat the Cost of Living Crisis is clearly not a factor for a significant majority. The BBC would of course have us believe otherwise.... Looking forward to strong results from the holiday companies to reinforce this. Always acknowledging that we are among the more fortunate.
Hi sevenccc
Agreed with most of your post except that it looks best to give the new Investment Trust REIT a miss. Imo it’s likely to go to a significant discount just like established REITs have, so why pay the full £1 launch price?
Bizarrely the Telegraph Questor column said buy at launch despite forecasting it starting at a 5% discount.
The Times had a much more sober assessment of it by Alistair Osborn. Plenty in it to put investors off. Here’s that article:-
“SPECIAL PROSPECTUS NEEDS PUTTING REIT.
An IPO prospectus is typically a time for full disclosure. So, you can’t help wondering if there’s not a bit missing from the 161-page missive for Special Opportunities Reit — a new property company aiming to raise £500 million from the City.
It’s the latest venture from Simon Lee, Freddie Brooks and John White, the team behind LXI Reit — the outfit sold to LondonMetric Property. Once again, Lee is in the chief executive role, with Brooks the numbers man. And, who yet knows if their Special idea will stack up.
It plans to “capitalise on the recent dislocation in UK real estate capital markets”, aiming to snap up the likes of student digs, industrial assets, data centres, retail parks and budget hotels at “bottom of the market” prices or from “distressed” sellers. Don’t lots of property companies try that sort of
Whatever, putative investors deserve to know a little bit more about the trio’s background, and notably that of Lee, than turns up in the prospectus — because all three have connections to Alvarium, the investment firm now part of US-listed AlTi Global, that brought us the scandal-plagued Home Reit.
Maybe space was tight. But you have to get to page 121 of Special’s prospectus, amid a long list of previous directorships, to find that first Lee and then the other two were all former directors of Social Housing Income Advisors (SHIA). What that? The firm that advised the Home Long Income Fund (HLIF), the private company launched by Alvarium in August 2018, two years before it brought us its public market version: the housing for the homeless basket case, Home Reit, that’s now being crawled over by regulators and sued by investors.
AlTi still owns HLIF and disclosed in its latest quarterly report that aside from its performance having “declined significantly”, the Financial Conduct Authority has since February been investigating the “historic management” of the fund — as it is also doing with Home Reit. Yes, Companies House filings show that both Lee and White quit as SHIA directors in July 2020, alongside one of the main two Alvarium investment advisers to Home Reit, Jamie Beale. Yet Brooks was listed as a SHIA director from HLIF’s launch up to January 2023.
It’s Lee’s role that is most intriguing, though. Public filings show he was head of “public real estate” at Alvarium, the owner of the firm that managed LXI. Lee has long maintained that, for legal reasons, LXI and Home Reit had to be run entirely separately. And that he had nothing to do with the (mis)management of Home Reit under Beale and its other key ex-adviser Gareth Jones: a duo who have maintained radio silence amid allegations that they bought rundown properties at inflated prices from people to whom they were connected.
Lee’s protestations don’t quite tally, though, with the view of other former senior Alvarium personnel. Last year, its former co-chairman, ex-Lazard banker Ken Costa, told The Times that Beale and Jones were “reporting to Simon Lee”, who “is the one person who could answer all your questions”.
Lee says that is wrong. So how does he explain an email he sent to “Alvarium Partners and Supervisory Board” in September 2021? There he wrote: “I’m delighted to report that Home Reit has successfully closed an over-subscribed second capital raise” — of £377 million — giving a “huge thank you and all credit due” to a team including “Jamie” and “Gareth”. He said it would “allow Home to acquire high quality accommodation for a further 4,000 homeless people”, before outlining the £10 million fees Alvarium would earn on the extra capital.
Why was he writing that email if he wasn’t involved in Home Reit? Sadly, Special’s prospectus doesn’t help answer that.”
Ken I wasn't keen on the new Special Reit at launch and with no discount but you've definitely put it in the bargepole category for me now with that eulogy to the principals! Will make sure it is on my avoid list in perpetuity. Enough choice around without encouraging that kind of corporate indulgence.
And staggering response to a flat US inflation figure this pm. It barely moved the chains on their year on year figures and yet we're off to the races. Whereas UK has a flat GDP print for April and Rachel Reeves declares it the end of the world. Both gross overstatements imo but happy to ride the US inspired bounce.
Tritax EuroBox (LON:EBOX) to what do we aftribute the muted response today, pulling back from 6% up (on top of 10% yesterday) to almost flat this lunchtime?
Pure guess on my part…. that the story will prove ultimately similar to the situation at abrdn European Logistics Income (LON:ASLI) in the cash offer ultimately being too low ball/opportunistic vs the theoretical value on offer to shareholders by liquidating the company.
There’s quite a tally of “managed wind-downs” now happening in the investment trust space. Having watched the NB Global Monthly Income Fund (LON:NBMI) wind-down sceptically thinking they would not get close to realising the full NAV, and being proven quite wrong, I’m paying more attention to the current crop.
Good point. Although I think that if Brookfield want to get hold of the assets they must realise that they need to pay NAV. Have you been following the wind down of Downing Strategic Micro-Cap Investment Trust (LON:DSM) ?
Yes but another I chose to steer clear of on account of one or two eclectic holdings in its portfolio - although it seems to have turned a corner recently.
My interest is mainly currently piqued by
GCP Asset Backed Income Fund (LON:GABI) - once the capital returns actually start it’s easier I think to see light at the end of the tunnel ; and
abrdn Property Income Trust (LON:API). For a relatively conventional commercial property trust, it’s still on a quite big discount. The “….rather than via a sale of the whole portfolio, which is also a possibility.” comment in the General Meeting result RNS hints at a chance liquidation could happen at a reasonable pace.
I wish I could say I’d already twigged when I posted yesterday that the Tritax managers are 60% owned by abrdn. So it may just be that Tritax EuroBox (LON:EBOX) is seen as fair game being I think the last remaining abrdn linked property trust to court any M&A type action. In reality for the others, the outcome has I think either been a merger without a massive bid premium (e.g. UK Commercial Property REIT (LON:UKCM^E24) or a vote for a winddown which is more a gradual process to unlock value.
Hi, I'm a holder of Tritax EuroBox (LON:EBOX) and was pleased to hear the news yesterday that Brookfield are looking to make an all cash offer.
This got me thinking about other sector trusts and abrdn European Logistics Income (LON:ASLI) - It is not one that I have any knowledge of but it could do well with the sector consolidation or the last trust standing in European logistics ? Thoughts ?
bsharman
abrdn European Logistics Income (LON:ASLI) are winding down. That should give a useful 10% to 20% return over the next year or so. Not sure the discount is wide enough to tempt a bidder.
Here’s an aic page for the 4 European Commercial Property Trusts:-
https://www.theaic.co.uk/aic/f...
I don’t hold abrdn European Logistics Income (LON:ASLI) as prefer Schroder European Real Estate Investment Trust (LON:SERE) which I’ve held since 2020 covid falls. A big plus is the near 40% discount which might tempt a bidder AND a dividend yield of 9.1% which is a decent annual return on its own.
I also bought Phoenix Spree Deutschland (LON:PSDL) recently but that one is a punt on the hope that they will fulfil their promise to sell some of their Berlin properties. Until that recent news Phoenix Spree Deutschland (LON:PSDL) was a definite avoid.
As for Tritax EuroBox (LON:EBOX) which I’ve held for a while and believed was far too cheap, now that the share price is up to 61p the best of the gain from the oversold price before the bid news has probably been had. I can’t see a bidder wanting to pay more than a 10% discount which equates to a bit over 70p.
I posted tis comment on Tritax EuroBox (LON:EBOX) just yesterday:-
“I’m still keen on Tritax EuroBox (LON:EBOX) and see the fall back towards the lows as another buy opportunity. A good chance that EBOX could feature in sector consolidation, and anyway the discount looks too wide. AND lower interest rates soon in Europe not factored in either.”
Today the share price finished up 11% at 59p on news that Brookfield Asset Management are considering a cash bid.
Tritax EuroBox (LON:EBOX) latest NAV is a bit over 80p, so if this potential bid is to succeed it will probably mean Brookfield needing to offer (possibly well) north of 70p.
Here’s the Brookfield RNS ….issued at 4.26p.m today:-
https://www.stockopedia.com/sh...
and here is the response from Tritax EuroBox (LON:EBOX) :-
https://www.stockopedia.com/sh...
Also today GCP Asset Backed Income Fund (LON:GABI) updated on the compulsory partial redemption of their shares.. It was going to apply to 22.5% of our holdings but today they’ve upped it to 37.5%. AND the partial redemption is at 89.67p compared with 79p today. Record date is June 10th.
Here’s the announcement on this:-
https://www.stockopedia.com/sh...
I added on the original news and added more today.
What are people's thoughts on AVI Global Trust (LON:AGT)? All points, good and bad, welcome. It looks like useful diversification - family-owned holding companies, closed-ended funds and Japan. Looking at the original IT post, I saw that a few people commenting were holders.
I found it while looking for a global trust excluding USA (didn't succeed), because in the global arena I have a couple of ITs (Bankers Investment Trust (LON:BNKR), Monks Investment Trust (LON:MNKS) ) and a global tracker (Vanguard FTSE Global All Cap) and pensions, so I'm already exposed to the big USA companies.
Thanks, Charles, for keeping the IT community together with your monthly posts.
Can’t help on AVI Global Trust (LON:AGT) beyond posting this Kepler summary:-
https://www.trustintelligence....
There are so many good Trusts to choose from in the Global sector with AVI Global Trust (LON:AGT) being one of them. Hope you get a more helpful reply Indie.
Thanks, ken, much appreciated. I have re-read the Kepler summary on AVI Global Trust (LON:AGT) - the bull and bear points are useful. I also listened to an Investors Chronicle podcast from March when IC were questioning the Hipgnosis holding. Given the jump up in price on April's takeover bid, I guess AVI will be feeling vindicated!
I have taken a starting position in it. The charges are a bit higher than I usually aim for, but the dividends should counteract those.
Any holders out there, or people who looked but didn't bite?
At some stage I am going to rebalance my portfolio and would include AVI alongside some of the other decent global performers, along with a fair few regional and specialist plays.
I bought some shares in AVI Global Trust nine months ago and I'm happy so far with the approximately 20% increase in their price since my purchase.
Hi Indie,
I hold AVI Global Trust (LON:AGT) and have posted about it previously - see past threads set up by Charles. I like it because it focuses on pure value with 3 themes: 1.) family owned businesses 2.) Japanese small caps that have lots of cash on the balance sheet and 3.) private equity investment trusts trading at substantial discounts to NAV. Joe Bauernfreund's commentary is always clear and well argued.
I also read the Kepler article, it's an ok summary. But it's worth have a good look at the AVI Global Trust web site.
https://tinyurl.com/mr4awcj9
And the latest announcement provided some good reading on the top contributors and detractors to the AVI Global Trust (LON:AGT) NAV.
https://tinyurl.com/yncxdw5
I think we're super lucky to be able to invest in trusts trading at a discount to a NAV which is globally invested. And hold that investment in a UK ISA!
SSB
Big thanks, ken mitchell, littledavesab, pka and ShoeShineBoy for your replies on AVI Global Trust (LON:AGT).
Looking forward to July's discussions.
Tritax EuroBox (LON:EBOX) Possible offer-have until July 1st to make an offer. Still yields 7.9% after to-days price rise.
Yellow Cake (LON:YCA) Whilst not a trust it is a company to give exposure to Uranium. Just read this :
"Russia is aiming to acquire uranium assets in Niger held by the French company Orano SA, sources say.
According to analysts, mining and energy stocks that have been outperforming are poised for further growth, buoyed by favorable conditions for commodity prices and demand, which are expected to bolster earnings."
I had a poor month with the Trusts I hold- nothing drastic, but Japan and India were not great. Sold Hipgnosis Songs Fund (LON:SONG) and Molten Ventures (LON:GROW) - GROW was just because I got the shares through the takeover of the disaster that was Forward Partners. Not sure why the shares performed so well last month- glad to be out of the poor investment I had made. At least Hydrogenone Capital Growth (LON:HGEN) has picked up- one of my favourite funds for personal reasons rather than making money. It would be nice though to get back to break even one day !
Molten Ventures is up 10% today!
Good final results and I watched the CEO interview on CNBC this morning. Worth another look.