Half-year Report
17/02/2024 21:01
THE DIVERSE INCOME TRUST PLC
HALF-YEARLY FINANCIAL REPORT
The Directors present the Half-Yearly Financial Report of the Company for the
period to 30 November 2023.
RESULTS FOR THE HALF YEAR TO 30 NOVEMBER 2023
Summary of Results
As at 30 November 2023 As at 30 November 2022 As at 31 May 2023
NAV per ordinary share 1 85.61p 95.45p 88.87p
Ordinary share price 79.40p 91.20p 83.40p
(Discount) to NAV 1 (7.3%) (4.5%) (6.2%)
Ordinary shares in issue 318,540,642 355,870,647 318,540,642
Period to 30 November 2023 Period to 30 November 2022 Period to 31 May 2023
Revenue return per ordinary share 1 2.38p 2.23p 4.05p
Ordinary dividends per ordinary share 2.00p 1.90p 4.05p
Ongoing charges 1 2 1.14% 2 1.08% 1.09%
1 Alternative performance measure.
2 Estimated as at 30 November 2023. Ongoing charges are the Company's
annualised revenue and capitalised expenses (excluding finance costs and
certain non-recurring items) expressed as a percentage of the average monthly
net assets of the Company during the year.
CHAIRMAN'S STATEMENT
This report covers the half year to November 2023, a period of tightening
monetary policy, when inflationary pressures began to wane and investors
started to look forward to the end (or a part reversal) of the monetary
tightening cycle in 2024.
Half-year returns
The Trust's NAV total return was down 1.3% over the half year, in contrast
with the total return of the Deutsche Numis All-Share, Index, (dominated by
returns on the largest stocks) which rose by 1.6%, and that of the Peer Group
which rose 0.3%. The share price total return was -2.2%, owing to a slight
widening of the discount, from 6.2% at the end of May to 7.3% at the period
end.
The share prices of smaller companies and AIM stocks remained under pressure
owing to concerns about the risk of recession but also to the persistent
selling of UK equities by domestic investors. The Deutsche Numis, Smaller
Companies + AIM index ex ICs total return was -3.7%, well behind that of the
UK market as a whole.
The Trust's revenue earnings per share over the half year to November 2023
rose 6.7% to 2.38p, which compares with 2.23p last year. The Board has already
declared a first interim dividend of 1p per share for the current year which,
together with the second interim dividend of 1p declared with these results
represents a rise from 1.90p to 2.00p in respect of the period. It is
anticipated that, in combination, the four dividends for the current year will
at least match those paid in the previous year.
Returns since the Trust was first listed in April 2011
Whilst recent returns have been disappointing, they are atypical of
shareholders' experience since the Company listed in 2011. Over the twelve
years and seven-month period since issue, the Trust's NAV total return was
171.7%, and its share price total return 144.0%, which compares to 147.4% for
the peer group and 92.5% for the Deutsche Numis, All-Share Index.
Share Issuance and Redemptions
There are often fewer buyers of investment trusts when markets decline, in
addition to which regulatory and other factors have led to selling of
investment companies by some institutional investors in 2023. As a result, the
sector's average discount to NAV widened from close to zero in 2022 to over
15% for much of autumn 2023, a level not seen (other than for a few days at
the start of the pandemic) since the depths of the banking crisis in early
2009. Your Company's shares continued to trade at a relatively steady
discount, which averaged 7.4% across the half year. As the Trust's NAV started
to recover late in the half year (and beyond), its share price discount
narrowed slightly, to 7.3% at the end of November. Since launch, the trust has
traded close to its NAV, at an average discount of 1%.
As the Trust's daily share price reflects the balance of buyers and sellers,
when there is an imbalance the Trust's share price can diverge from its NAV.
In order to address any persistent imbalances between buyers and sellers, each
year the Trust offers shareholders a voluntary option to redeem their shares.
At the end of May 2023, 37.3m shares (10.5% of the issued share capital) were
redeemed at NAV. A further opportunity will be offered in May 2024.
Prospects
There is a well-known pictorial illusion which, depending upon the viewer's
perspective, can look like a duck or a rabbit (Google "duck or rabbit" to
see). For much of the second half of 2023 this was what faced investors.
Inflation rates were falling sharply, and interest rates had reached a
plateau, but was the reason that higher rates were leading economies towards a
recession (the hard landing fear) or that inflation had been more transitory
than was diagnosed in 2022 so that its elimination did not require a recession
and economies could rebound as it fell?
Either way, expectations have grown that interest rates have peaked in most
major economies and will begin to decline in 2024. At the time of writing, it
remains unclear whether this will occur to revive depressed economies or to
reward declines in inflation in economies experiencing modest or weak growth.
One scenario would argue for defensively hunkering down, the other in favour
of looking forward to better times. Our strategy is adaptable to either.
Diverse Income's manager aims to invest in well-managed, soundly financed
companies which prosper in normal times but are able to use their cash flows
and access to capital markets to gain strength in tougher conditions.
Partly as a consequence of the long-term structural factors that have
contributed to the derating of the UK market, one particular feature of the
past year has been the opposite directions taken by the large-capitalisation
companies and the rest of the market, continuing the trend seen in 2022. In
late October 2023 the large caps were little changed, while the mid and
smaller capitalization stocks were down 5-10% and AIM stocks down almost 20%.
When a market sustains a prolonged period of disengagement by investors,
almost inevitably the less liquid parts suffer the most, a particular headwind
for our manager's investment approach, which by design invests across the size
spectrum. The consequence of recent shifts within the market is that the
valuation gap in favour of smaller companies is as significant as it has been
for many years.
More encouragingly, since late October, when there were tangible signs of the
UK's inflation performance improving (alleviating fears of a further series of
interest rate rises), the ensuing market recovery has been led by smaller and
mid-sized companies. If this trend continues, the Company's exposure to
smaller companies can be expected to become a tailwind and see better rewards
in the coming year, on the back of improved earnings performance (as the cost
and demand hurdles abate) and a greater willingness of investors to give
credit for the fundamental performance of smaller companies.
Andrew Bell
Chairman
13 February 2024
INVESTMENT MANAGER'S REPORT
Who are the fund managers that have day-to-day responsibility for the makeup
of the Trust's portfolio?
The daily portfolio management of the Trust is carried out by Gervais Williams
and Martin Turner.
Gervais Williams
Gervais joined Miton in March 2011 and is now Head of Equities in Premier
Miton. He has been an equity fund manager since 1985, including 17 years at
Gartmore. He was named Fund Manager of the Year by What Investment? in 2014.
Gervais is also a board member of the Quoted Companies Alliance and a member
of the AIM Advisory Council.
Martin Turner
Martin joined Miton in May 2011. Martin and Gervais have had a close working
relationship since 2004, with complementary expertise that has led them to
back a series of successful companies. Martin qualified as a Chartered
Accountant with Arthur Anderson and had senior roles and extensive experience
at Merrill Lynch and Collins Stewart.
These are the two managers who have managed the Trust since the launch, and
thus they are responsible for its outperformance since issue in April 2011.
The Investment Management Report is set out in three sections.
Section 1 - Why do we believe that a multicap income strategy has major
advantages over the longer-term?
Why was the Trust set up with an income strategy, given that over the last
three decades some of the best returns have been generated by capital growth
strategies?
Equity income strategies have delivered perfectly good returns over the three
decades of globalisation. Some regard these returns as disappointing however,
when viewed alongside those of various capital growth strategies where returns
have often been quite exceptional. During periods when global stock markets
appreciate well, it is usual for some capital growth strategies to generate
returns that outpace other market sectors.
But this outcome only tells half the story, because over long time periods the
global economy experiences a wider range of circumstances. There are periods
when inflationary pressures are persistent for example, and when the downside
risks of investing in assets funded with debt can have a disproportionate
downside.
In our view, one of the advantages of an equity income strategy is that it has
the potential to generate perfectly good returns across a wide range of equity
market conditions. We worry that many capital appreciation strategies don't
necessarily work as well through more unsettled economic conditions. Companies
with businesses that make consistent losses for example, can only succeed if
they raise additional capital regularly. When global stock markets rise
progressively, such issuance can occur at ever higher share prices, greatly
enhancing the returns of early shareholders. But when global stock markets are
weak, consistently loss-making stocks may be obliged to continue raising
capital, even at very distressed share prices, thereby greatly diluting the
returns of the early shareholders.
When global stock markets are unsettled, companies that continue to generate
surplus cash, such as equity income stocks, have a disproportionate advantage.
As businesses with excessive debt fail for example, well-funded businesses can
expand into the vacated markets, enhancing their prospects. At the same time,
well-funded businesses can also acquire over-leveraged but otherwise viable
companies, debt-free from the receiver, often for a nominal sum. Typically,
these acquisitions empower the acquired body of skilled staff to greatly
enhance the prospects of the combined business.
When the Diverse Income Trust was issued, its strategy proposed that it would
invest in equity income stocks. It is envisaged that the portfolio would have
scope to generate attractive returns both during globalisation as well as
through more unsettled stock market conditions.
Given that megacap stocks have delivered such excellent returns recently, why
was the Trust set up as a multicap strategy?
When mainstream stock markets deliver strong returns, a portfolio of larger
quoted companies can generate perfectly good returns. Furthermore, being
largecaps, these portfolios also have abundant market liquidity, so it is easy
for institutional investors to change their portfolio stance rapidly. When
global stock markets deliver strong returns for a number of decades, these
advantages often encourage investors to narrow their investment universe into
portfolios that comprise largecaps alone.
With globalisation, the returns on mainstream stock market indices have been
so good for so long that an increasingly large percentage of investors have
chosen to invest passively, with portfolio weightings determined solely by the
scale of the individual stocks in an index. Within index funds the largest
sums of capital are invested into the largest quoted companies, which tends to
enhance the returns of the very largest megacap stocks. Meanwhile, as actively
managed strategies lose market share and withdraw capital from a broad capital
universe, this leads to persistent selling of numerous smallcaps that
typically depresses their valuations. These factors have amplified the
divergence between megacap and smallcap returns.
Whilst the globalisation trend may have been in place for some decades, the
pattern of the global economy does vary considerably over time. Specifically
larger quoted companies might have outperformed over recent years, but this is
not usual. Over the longer-term, smaller quoted company outperformance is the
prevailing trend. Academics refer to it as the `smallcap effect', where the
return of a quoted company is inversely related to its market capitalisation.
The returns of megacaps are outpaced by largecaps, that themselves are
outpaced by those of smallcaps.
Hence, when the Diverse Income Trust was issued, its strategy included
smallcap equity income stocks alongside large, given our ambition to generate
attractive returns through unsettled economic conditions, as well as during
the recent period of globalisation.
Given that the returns of the UK stock market have been outpaced by nearly all
other global stock markets over recent decades, does a Trust principally
investing in UK equities really have the potential to outperform global stock
markets?
Whilst we acknowledge that mainstream technology stocks have delivered strong
returns over recent years, we also highlight that at other times the
advantages often lie with portfolios invested in equity income stocks,
especially those that invest in both smallcaps as well as largecaps.
In our view, the essential advantages of the UK stock exchange lies in its
contrasting investment universe. Specifically in the past, the UK stock market
has greatly outperformed overseas exchanges, including that of the US.
Furthermore, during these years the best performing part of the UK stock
market was the UK smallcap sector.
So, the real advantage of the Trust's strategy is that it has the potential to
generate attractive returns across a wide range of market conditions.
Furthermore, a strategy investing in the UK can outperform global stock
markets. That is why the Diverse Income Trust was launched as a multicap,
equity income Trust principally investing in the UK equities.
Section 2 - Why have the Trust's returns been somewhat disappointing since
April 2021, including over the half year period?
What were the principal stock detractors and contributors to portfolio returns
over the half year?
Even when an investment portfolio is outperforming, the prospects of some
portfolio holdings deteriorate. When the longer-term prospects of the Trust's
holdings are significantly impaired, we have a policy of selling them. We aim
to keep the portfolio fully invested in stocks that have the potential to
generate abundant cash surpluses in future.
As UK smallcap share prices have been weak since April 2021, the share prices
of many smallcaps have not risen as much as might have been expected when they
have announced success. Meanwhile, the share prices of companies that have
failed to hit their targets, have typically suffered more adversely as well.
The outcome is that the returns on many of the smallcap income stocks in the
Trust's portfolio have been much weaker than anticipated.
This pattern persisted over the half year to November, with the Trust's three
worst detractors being I3 Energy, CMC Markets and Vanquis. The Trust invested
in I3 Energy at 5p in August 2020, and its share price subsequently
appreciated to 30p in early 2022 as the energy price rose. Whilst substantial
profits were taken, with the energy price declining, I3 Energy's share price
has fallen back to 10.3p at the end of November. This holding detracted 1.0%
from the portfolio return over the half year. In the case of CMC Markets, it
too had previously delivered very substantial capital appreciation to the
portfolio, but subsequently stepped up its rate of investment, whilst its
profitability fell due to lower market volatility. The holding in CMC Markets
has also detracted 1.0% over the half year. In the case of Vanquis, we
anticipate that the company is set for a major recovery after it scaled back
its lending activities. The portfolio invested in anticipation of this
recovery, although it has taken longer to come through than we anticipated.
The Vanquis holding detracted 0.8% in the six months to November. Although the
share prices of all three companies have been weak, we do not believe that
their longer-term prospects have significantly deteriorated. Therefore, these
stocks remain a part of the portfolio, as we expect their share prices to
fully recover in time.
With the adverse sentiment towards smallcaps, some companies have agreed a
premium takeover. Generally, we are not enthusiastic, because in our view the
share prices of the companies being acquired could be considerably higher in
the coming years, if they become more fairly valued by investors. A good
example is DWF Group, where its share price had fallen back due to uncertainty
about the outlook for legal businesses. Although it continued to hit the
targets we anticipated, its board decided to recommend a takeover at a share
price that, while higher than earlier this year, was no higher than the share
price at which the Trust originally invested. Nevertheless, the deal has been
accepted by shareholders, and the Trust's holding added 0.7% to total returns
over the half year.
The cash generation of XPS Pensions and Galliford both exceeded our
expectations over the half year. In the case of XPS, the company sold its
National Pensions Trust subsidiary to SEI, thereby creating the market leader
in the sector. XPS will be paid up to £42.5m for the disposal but will still
continue to earn fees for administering what will now be a market leader. In
the case of Galliford, a dispute on a past contract was resolved, and the cash
received funded a special dividend, a share buyback and a small acquisition.
Together these two stocks enhanced the total portfolio returns by 1.6%,
although even now we still believe their prospects are not fairly reflected in
their valuations.
Over the last five years, the Trust's NAV total return has only been 10.4%. Do
these relatively disappointing returns reduce confidence in the longer-term
upside potential of the strategy?
In recent years the share prices of UK-quoted smallcaps have suffered two
periods of weak sentiment that has held back the Trust's returns.
1. The first extended from September 2018 as investors worried about the
Parliamentary gridlock during the EU negotiations about the UK's leaving
terms. Overall, between September 2018 and December 2019, the Trust's NAV
total return underperformed the Deutsche Numis All-Share, Index by 5.9%.
2. The second extends from April 2021 and includes the current half year, due
to an allocation crescendo into indexation strategies that has boosted the
returns of many large and megacaps. Furthermore, as local investors have
withdrawn capital from the UK stock market to invest in other assets such as
government bonds, UK smallcap sentiment has been persistently weak. Between
April 2021 and November 2023, the Trust's NAV total return declined by 14.4%,
whereas the Deutsche Numis All-Share, Index total return was 11.7%.
And yet, since 1955 (the date when detailed UK stock market data was first
compiled), UK quoted smallcaps have significantly outperformed all other parts
of the UK stock market. Granted, these have been interspersed with some years
of relatively poor smallcap returns, but, overall, the scale of the long term
smallcap trend more than endorses the multicap nature of the Trust's strategy
in our view.
The largest weighting in the Trust's portfolio currently is the Financial
sector. In turn, over the last five years the returns from the Financial
sector have contributed more than any other industry sector to the Trust's
outcome. The best contributors have typically been largecaps as smallcap share
prices have often been lower than might have expected. Over the last five
years for example, M&G, Intermediate Capital, Legal & General, Admiral and
Aviva have each contributed over 1% to Trust returns outpacing nearly all
other contributors.
Interestingly, the best performer in the Financial sector was still a smallcap
financial - XPS Pensions, which has contributed 2.0% to returns, even though
UK quoted smallcap share prices have been less buoyant. Other notable
contributors were FRP, Plus 500 and MAN Group that collectively added 2.8% to
the Trust's returns over the same period. Over the last five years, the
greatest detractor in the Financial sector was Vanquis, where the Trust has
retained its holding in anticipation of future recovery. Even so, it alone
still detracted 1.2% from the Trust's returns. Similar patterns have been seen
in other industry sectors within the portfolio.
The bottom line is that we believe that the multicap nature of the Trust's
portfolio has real advantages over strategies that invest solely in largecap
equity income stocks, or even solely in smallcap equity income stocks.
Specifically, we highlight that the Trust's revenue and dividend record has
remained progressive, even though the Trust's NAV total returns have been held
back by adverse smallcap sentiment over recent years.
Section 3- What are the prospects for the Trust?
Does the Trust's performance since launch in April 2011 provide reason to be
confident about the Trust's strategy?
The section above highlighted that during the last five years, there have been
two periods when the returns of UK smallcaps have been weak compared with the
returns of the mainstream UK quoted companies. Whilst the Trust does have a
portion of its portfolio invested in mainstream UK quoted companies, the
larger portion is invested in other equity income stocks including those
listed on the AIM Exchange. With the underperformance of UK quoted smallcaps
over recent years, the Trust's returns have been disappointing relative to the
Peer Group or that of the mainstream UK stock market indices. Even so, the
strategy of the Trust had added so much return prior to the last five years,
that its record since issue in April 2011 remains strong.
Between April 2011 and November 2023, DIVI's NAV total return was 171.7%,
which compares with the Morningstar Investment Trust UK Equity Income Peer
Group NAV total return of 147.4% and that of the Deutsche Numis Small Cap Plus
AIM Index (excluding Investment Companies) of 80.6%.
We believe this outcome is reassuring, as it demonstrates that the multicap
nature of the Trust's strategy has real potential, such that when it
outperforms the Peer Group, the scale of that outperformance can be very
significant. Furthermore, smallcap equity income stocks are typically less
closely researched by professional investors, and so their prospects are not
always reflected in their valuations. Investing in a portfolio of these has
the potential to enhance their natural outperformance due to their smallcap
nature. Hence, despite the Trust's disappointing returns over the last five
years, we believe that its longer term record illustrates the full upside
potential of its strategy.
What are the prospects for the Trust?
One of the characteristics of globalisation has been its benign inflationary
background. When share prices weakened during economic downturns, the absence
of inflation permitted central banks to inject additional financial stimulus
again and again, in a trend that persistently enhanced bond valuations. Often
there was a sequential improvement in the valuation of global equity exchanges
as well. Overall, with valuations rising and the global economy expanding
near-continuously, asset returns have been excellent over the globalisation
decades. Whilst this outcome is welcome, we note that at other times asset
market trends and hence the optimal investment strategy can be very different.
When interest rates rise above inflation, as recently for example, global
growth often suffers a pronounced setback. At such times, largecaps with their
major market positions can really struggle, as the largecaps can't easily make
up for a demand shortfall by expanding rapidly enough in other areas. In
contrast, smallcaps can be nimble and sometimes make up for a setback, by
expanding elsewhere.
Furthermore, when interest rates and geopolitics are unsettled, supply within
capital-intensive industries typically becomes inelastic due to the extra
build costs and the higher rate of return required. Thus, if demand is
sustained within some capital-intensive industries, operational assets can
deliver some quite exceptional returns. Following the Ukrainian invasion for
example, energy stocks delivered market-leading returns due to their
capital-intensive nature, whilst the energy shortage itself further amplified
inflationary pressures and interest rate rises thereafter.
Thus, if economic and geopolitical trends continue as currently, we believe
they will favour the UK stock market because it is dominated by so many
capital-intensive stocks. In addition, the UK stock market has a much broader
universe of quoted smallcaps than others, that typically outperform when the
global economy is constrained, or recessions are rife. During the persistent
inflationary pressures and recessions between 1965 and 1985 for example, we
note that the UK stock market greatly outperformed the US exchange. Alongside,
one of the best performing parts of one of the best performing global stock
markets were UK smallcaps!
Since issue, the Trust's broad investment portfolio has already outperformed
the UK peer group and the UK indices. If the globalisation trend were to
persist for a little longer, then we believe that the Trust will significantly
outperform the UK indices and the Peer Group as before, as UK smallcap share
prices sharply recover.
If the global economy and geopolitics remain unsettled however, then we
believe the Trust's prospects are a lot more upbeat. Specifically, we
anticipate that the UK stock market itself will outperform others - as it did
in past decades. Furthermore, we also believe the best performing part of the
UK exchange will be UK smallcaps.
In conclusion, it is easy to greatly underestimate the magnitude and duration
of the Trust's potential upside, especially when so many of its portfolio
holdings are standing on such overlooked valuations currently.
Gervais Williams and Martin Turner
13 February 2024
PORTFOLIO INFORMATION
as at 30 November 2023
Rank Company Sector & main activity Valuation £'000 % of net assets Yield 1 %
1 XPS Pensions Financials 8,467 3.1 3.5
2 TP ICAP Financials 6,896 2.5 6.7
3 Kenmare Resources Basic Materials 6,860 2.5 12.0
4 Galliford Try Industrials 5,983 2.2 10.3
5 Tesco Consumer Staples 5,188 1.9 3.8
6 BT Telecommunications 4,957 1.8 6.3
7 Legal & General Financials 4,859 1.8 8.6
8 Sainsburys (J) Consumer Staples 4,798 1.8 4.6
9 Just Financials 4,757 1.7 2.3
10 Admiral Financials 4,643 1.7 3.3
Top 10 investments 57,408 21.0
11 AVIVA Financials 4,593 1.7 7.6
12 MAN Financials 4,561 1.7 9.5
13 Paypoint Industrials 4,510 1.7 8.0
14 Phoenix Financials 4,472 1.6 11.2
15 Pan African Resources* Basic Materials 4,407 1.6 4.6
16 Savannah Energy**+ Energy 4,407 1.6 -
17 Rio Tinto Basic Materials 4,354 1.6 5.9
18 Sabre Insurance Financials 4,313 1.6 1.9
19 I3 Energy** Energy 4,286 1.6 9.9
20 Diversified Energy Energy 4,167 1.5 21.1
Top 20 investments 101,478 37.2
21 Drax Utilities 3,695 1.3 5.0
22 Plus500 Financials 3,631 1.3 5.4
23 FRP Advisory** Industrials 3,557 1.3 3.7
24 BAE Systems Industrials 3,535 1.3 2.7
25 Vodafone Telecommunications 3,464 1.3 10.9
26 Conduit Holdings Financials 3,452 1.3 6.1
27 Concurrent Technologies** Technology 3,205 1.2 -
28 Accrol Consumer Staples 3,193 1.2 -
29 Mears Industrials 3,158 1.2 4.0
30 Hostelworld Consumer Discretionary 3,056 1.1 -
Top 30 investments 135,424 49.7
31 CMC Markets Financials 3,053 1.1 5.4
32 Yu* Utilities 3,041 1.1 0.5
33 National Grid Utilities 3,001 1.1 5.6
34 ME Group International Consumer Discretionary 2,984 1.1 4.7
35 M&G Financials 2,943 1.1 9.5
36 Smurfit Kappa Industrials 2,892 1.1 4.0
37 NewRiver REIT Real Estate 2,853 1.0 7.8
38 Taylor Wimpey Consumer Discretionary 2,844 1.0 7.4
39 Shoe Zone* Consumer Discretionary 2,775 1.0 4.1
40 LondonMetric Property REIT Real Estate 2,662 1.0 5.4
Top 40 investments 164,472 60.3
Balance held in 82 equity investments 9 94,117 34.5
Total equity investments 258,589 94.8
Fixed interest investments - -
Total equity and fixed interest investments 258,589 94.8
Listed Put option
UKX - December 2023 5,700 Put - -
Total investment portfolio 258,589 94.8
Other net current assets 14,125 5.2
Net assets 272,714 100.0
* Source: Refinitiv. Based on historical yields and therefore not
representative of future yields. Includes special dividends where applicable.
**AIM/AQUIS listed.
+ Security currently suspended
Portfolio as at 30 November 2023
Portfolio exposure by sector (%) - £258.6 million
Financials 32.5
Industrials 13.6
Energy 11.3
Basic Materials 11.0
Consumer Discretionary 8.0
Real Estate 6.1
Consumer Staples 5.8
Utiltiies 3.8
Telecoms 3.7
Technology 3.2
Healthcare 1.0
100.0
Actual income by sector (%) - £8.1 million
Financials 28.9
Industrials 20.7
Energy 12.7
Basic Materials 11.4
Telecoms 6.6
Consumer Discretionary 5.6
Real Estate 4.6
Consumer Staples 4.4
Utilities 4.2
Health Care 0.5
Technology 0.4
100.0
Source: Thomson Reuters.
FURTHER INFORMATION
The Diverse Income Trust plc's Half-Yearly Financial Report of the Company for
the period to 30 November 2023 will be available today on
www.diverseincometrust.com.
It will also be submitted shortly in full unedited text to the Financial
Conduct Authority's National Storage Mechanism and will be available for
inspection at data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) in accordance with
DTR 6.3.5(1A) of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules.
ENDS
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of this announcement.
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