The SNOWBALL has a comparison share VWRP.

If anyone owns the share it’s time to put on those big boy/girls pants as currently it’s down 3k today.

I’ve sold RECI for a profit of £829.00, mostly from earned dividends

I may buy back before the xd date or I may say thankyou to Mr. Market and buy something with a better discount to NAV.

Simon Bennett, Non-Executive Chair of Alternative Income REIT plc, comments:

“The Company is on track to deliver an annual dividend target of no less than 5.6 pence per share (“pps”) for the year ending 30 June 2026 (year ended 30 June 2025: 6.2 pps), which is expected to be fully covered subject to the continued collection of rent from the Group’s property portfolio as it falls due. The resetting of the dividend target this year, which is lower than the previous year, is entirely due to increase in financing costs of the new long term debt facilities.

AIRE have cut their dividend.

Current price 77p

Fcast Dividend 5.6p

Current yield 7.25%

Therefore remains in the Watch List.

It’s your duty to monitor the dividend announcements for your Snowball and take any appropriate action.

GL

With stocks near historic highs and geopolitical tensions rising, here are three steps Ken Hall’s taking to prepare his portfolio for turbulent times ahead.

Posted by Ken Hall

Published 3 March

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services.

With stock valuations near historic highs, geopolitical tensions escalating, and uncertainty swirling around interest rates and inflation, fears of a stock market crash have increased.

Whether it’s conflict in the Middle East threatening oil supplies, unpredictable US tariff policies, or expensive equity markets, investors are on edge.

No one has a crystal ball to see the future. Instead, here are a few practical steps that I am taking to stay invested long term.

Keep calm and think long term

It is nearly impossible to prepare for a stock market crash. Investors only truly know in hindsight that a crash has occurred.

Trying to time the market by selling out before a fall and buying back in at the bottom is a strategy that consistently fails. Instead, reminding myself of my investment strategy is essential. 

Investors who know their time horizon, their financial goals, and their risk tolerance are far better equipped to ride out volatility without making panic-driven decisions.

Maintain some liquidity

Of course, time in the market is more important than timing the market. That said, I personally like to hold some cash back to act as a defensive cushion when stocks are under pressure.

I find this helps me to have a bit of a defensive buffer, and provides optionality and peace of mind. That suits my individual risk tolerance, goals, and needs. Holding cash is a double-edged sword because I could miss out on further gains from being invested in stocks.

For investors like me who can find themselves losing sleep over market volatility, a small cash position could be the difference between staying invested and making rash decisions.

Diversify the portfolio

Diversification remains one of the most effective tools available to investors. Spreading investments across a range of sectors, geographies, and asset classes helps cushion the blow when specific areas of the market come under pressure.

A portfolio heavily concentrated in a single sector or a handful of stocks is far more vulnerable to sharp falls than one that is well balanced.

What’s caught my eye recently?

In times of uncertainty, I like to think about stocks in defensive sectors like defence group BAE Systems (LSE: BA).

The company has had strong order intake in recent quarters, with its order book reaching record levels above £74bn. Its trailing price-to-earnings (P/E) ratio sits around 31 times forward earnings as I write on 2 March, which isn’t cheap but reflects the quality and visibility of its earnings stream.

The business benefits from long-term government contracts across NATO allies, providing revenue stability that many cyclical stocks lack. Its dividend yield of approximately 1.7% isn’t spectacular, but the progressive dividend policy has seen payouts rise consistently.

Despite the seemingly obvious positives, there are big risks. Competition from US defence giants is a threat, as are programme delays or cost overruns. Of course, investors need to decide for themselves about the ethics of investing in the defence sector too.

iqos iqosilumaterea.com.trx support@google.com.tr 45.88.139.52

Hi, just required you to know I he added your site to my Google bookmarks due to your layout. iqos iluma http://

Tks

Thursday 26 February

Aberdeen Equity Income Trust PLC ex-dividend date
Alliance Witan PLC ex-dividend date
Ashmore Group PLC ex-dividend date
Brunner Investment Trust PLC ex-dividend date
North Atlantic Smaller Cos Inv Trust PLC ex-dividend date

CEF Faceoff: These 8% Dividends Look the Same. But One Is the Clear Winner

Michael Foster, Investment Strategist
Updated: March 2, 2026

Today I want to get into a question that comes up on the regular in 8%+ yielding CEFs:

What if you run across two of these income generators that seem to be equal in pretty well every way. Can you just buy one or the other?

Truth is, sometimes you can and sometimes you can’t, but it’s not always clear when simply closing your eyes and picking one fund is the right move. That’s because with CEFs, there are a lot of moving parts one needs to pick apart and look at carefully.

Let me show you what I mean with two CEFs holding real estate investment trusts (REITs)—publicly traded “landlords” holding properties ranging from senior-care facilities to malls and warehouses. The beauty of REITs is that they’re “pass through” investments, sending almost all of the rent they collect to shareholders as dividends.

And we can get even higher dividends from our REITs when we hold them through CEFs, thanks to these funds’ active management and use of tools like a modest amount of leverage.

Which brings us to the two funds in question: the 8.1%-yielding Cohen & Steers Quality Income Realty Fund (RQI) and the 8.3%-yielding Cohen and Steers Total Return Realty Fund (RFI).

These two funds are, as the names say, both run by the same sponsor, Cohen & Steers, a company with deep roots in the CEF business, so we can count on a similar management style here.

Now, just looking at the headline yields, you might be tempted to just buy RFI and call it a day to squeeze that extra 0.2% in yield. But by the time you read this, it’s possible that both funds will yield exactly the same (this happens quite a bit with them). So we need a guide to pick between these funds that’s a bit more enduring.

Both funds have kept their payouts pretty much static for the last nine years (with the occasional special dividend dropped in for good measure), so that doesn’t help much.

The funds both have senior-care REIT Welltower (WELL), cell-tower owner American Tower (AMT) and data-center REIT Digital Realty Trust (DLR) as their top-three positions. And the rest of their top-10 positions are nearly identical, too, including the likes of warehouse REIT Prologis (PLD), self-storage REIT ExtraSpace Storage (EXR) and data-center play Equinix (EQIX).

So, with similar holdings, it’s tough to look at the portfolio and say one is definitely better than the other. The performance story doesn’t tell us much, either.

Great Returns Between Them

Both funds go back about 24 years, and over that time, both have delivered a total NAV return (that is, the return based on their underlying portfolios, not their prices on the open market) of 8.8% on average per year. That’s above both funds’ current payouts (meaning those payouts are sustainable) and too close to each other for either to be “better” on its own.

Now let’s talk discounts to net asset value (NAV, or the underlying value of their portfolios)—the key metric for whether these funds are “cheap” or “expensive.”

As I write this, RQI (in purple below) trades just below par, with a 0.9% discount to NAV, while RFI (in orange) is just above, at a 1% premium. Here too, the differences aren’t big enough for this to be, on its own, a deciding factor. Yet again, we are stuck.

But wait a second. Let’s zoom in a bit.

A Clear Trend Emerges

Notice how RFI’s 1% premium is a bit lower than where it was six months ago, while RQI’s discount was much larger at the end of last year?

This means you can buy RFI at its current premium and hold till that premium rises back toward where it was six months back. I see a gain in the premium as likely, as interest rates are likely to be cut further in the months ahead (though we’re not exactly sure when), lowering REITs’ borrowing costs. That’s critical for these funds, as they borrow heavily to finance their properties.

RFI’s Closing Discount Can Deliver Big Gains—Like It Did in ’19

This isn’t the first time RFI has given investors such an opportunity. It happens a lot, actually. For instance, look at the chart above, when RFI’s discount (in orange) cratered in late 2018. It then surged to a 9% premium, giving investors a 52% return in a year.

While it’s unlikely that RFI is going to deliver another 50% return in a year, big returns like this are overdue for REITs. But if the next big rise takes time to show up, that’s fine. This 8.1%-yielder (as I write this) is an income giant likely to keep its payouts high. Some special dividends are also on the table here, just like they have been in the past.

All of this gives RFI an edge over RQI right now. You’re getting nearly identical assets, along with upside, since the fund is more undervalued relative to its history and to RQI right now.

It’s clear that RFI, with its “discount-in-disguise,” is a smart pickup now.

Berkshire Hathaway (NYSE: BRK-B) maintains a 9.32% stake in Coca-Cola. The holding company itself pays no dividend, preferring to reinvest earnings and buy back stock, yet generates significant dividend income across its equity portfolio.

How Much Buffett Is Collecting From Coca-Cola

Berkshire Hathaway owns approximately 400 million shares of Coca-Cola. With Coca-Cola paying an annual dividend of $2.04 per share, that stake generates roughly:

400,000,000 shares × $2.04 = $816 million per year

That breaks down to about $204 million every quarter flowing from Coca-Cola to Berkshire.

For a single stock position, that level of income is extraordinary. Coca-Cola has effectively become a steady cash-producing asset inside Berkshire’s portfolio, sending more than three-quarters of a billion dollars annually to the conglomerate without requiring Buffett to sell a single share.

The Power of Yield on Cost

Buffett’s long-term investment approach with Coca-Cola demonstrates the compounding power of dividend growth over decades. The stock’s market value has multiplied many times over, while the dividend growth illustrates the compounding machine Buffett built through patient capital allocation.

Coca-Cola has raised its dividend for 63 consecutive years, earning Dividend King status. The most recent increase came in 2025, when the quarterly payout rose 5.2% from $0.485 to $0.51 per share. Over the past five years, the dividend has climbed from $1.60 in 2019 to $2.04 in 2025 – a 27.5% cumulative increase.

The SNOWBALL pays no dividend, preferring to reinvest earnings and buy back stock, yet generates significant dividend income across its equity portfolio.

If you think that you know better than W.B. and Benjamin Graham. GL

Whilst a profit is not a profit until it sits in your account the same proviso is for dividends but the current income, using the calendar above, is £12,731.00.

The new figure doesn’t change the previous published fcast or target but anyone lucky enough to have ten years of re-investing could, with a fair wind, have income of 25% on seed capital.

Remember also if your investing journey is only just starting out, with compound interest, the good news is, you stand to make more in the last few years of re-investing than in all the early years.

The Kepler team spills the beans on their favourite ISA funds.

Jo Groves

Updated 01 Mar 2026

Disclaimer

This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.

Benjamin Franklin famously observed, “In this world, nothing can be said to be certain except death and taxes.” Death may remain non-negotiable but thankfully tax leaves more room for manoeuvre – and with the UK’s tax burden at a 70-year high, there’s plenty to be said for making full use of every (legal) tax shelter available.

Step forward the ISA, with more than 22 million Brits squirrelling away their hard-earned money inside one. The average ISA is worth around £34,000, with over 5,000 people crossing the million-pound mark and, at the very top of the food chain, a quietly (or loudly) smug cohort are sitting on £10-million-plus pots.

Getting from £34,000 to £10 million may feel harder than calculating the stamp duty correctly on your second home but we’re here to help (our readers that is, not the former Secretary of State for Housing). We’ve quizzed colleagues on how they invest their own ISAs, and rounded things off with our guide to the best ISA providers in the UK.

Ryan Lightfoot-Aminoff Ι Associate Director, Kepler Trust Intelligence

Having recently emptied the coffers for a family house, I’ve embarked on a new investing strategy which can broadly be divided into two categories: long term buy-and-holds and short-term ‘mispriced’ opportunities.

Whilst the sensible theory says I should tilt towards the former, the release of pressure of “only” needing to pay a 30-year mortgage (rather than also fund a growing deposit) has meant I’ve tilted towards the latter of these approaches recently.

This has led me to a couple of investment trusts I think look good value at this point. Firstly, there is Montanaro UK Smaller Companies (MTU), which has struggled with the dual headwinds of being in a challenging sector of smaller UK equities, with manager Charles Montanaro’s investment style also being out-of-favour. However, looking at the long-term success of both manager and the asset class, I am confident things will turn around, leading to a strong rally.

Similarly, I have pounced on the depressed share price of Greencoat UK Wind (UKW). A mixture of low wind generation, tweaks to regulations and concerns over asset values means the trust’s share price is now below the IPO level. As such, it now pays an income of over 10% per annum, which I believe is well supported by revenues and can lead to good total returns over the medium-term.

Ryan Lightfoot-Aminoff

Ryan joined Kepler in August 2022 as an investment trust research analyst. Prior to this, he spent seven years as a senior research analyst at Chelsea Financial Services where he worked on fund selection for their retail clients and on their multi-asset fund range. He holds an MSc in Finance & BA in Accounting & Finance from the University of the West of England.

David Brenchley Ι Investment specialist, Kepler Trust Intelligence

With stock markets trading at or close to all-time highs, there aren’t many places that a mild contrarian would be comfortable putting new money, but there are some areas of opportunity.

The quality style of investing is underperforming to an extent not seen for a long time, so I’m topping up two of my three quality-biased global equity funds. IFSL Evenlode Global Equity and Rathbone Global Opportunities are down 12% and 4% respectively over one year, despite having attractive enough portfolios to suggest performance will turn around soon. Top holdings include the likes of Alphabet, Microsoft, Costco and Mastercard.

India is another stock market that has underperformed both global and emerging market peers, yet the long-term investment case for the country appears undimmed. My view is that valuations became very stretched after an impressive run of performance and are now being corrected, providing a potential buying opportunity. I was early to Ashoka India Equity (AIE), but remain happy to buy the ongoing dip.

Contributions into my stocks and shares ISA have been on pause while I buy my first house, but I’ve elected to get my money back from Smithson (SSON), which is being rolled over into an open-ended fund in March. The proceeds will go into regional smaller company funds including Nippon Active Value (NAVF), AVI Japan Opportunity (AJOT), European Smaller Companies Trust (ESCT) and SPDR MSCI USA Small Cap Value Weighted UCITS ETF (USSC).

I’m considering taking profits on Temple Bar (TMPL), where gains are around 70% since investing and recycling them into Finsbury Growth & Income (FGT), another quality-style strategy that has performed poorly despite having a portfolio of great companies like Rightmove, London Stock Exchange Group and Experian.

David Brenchley

David is an investment specialist for Kepler Trust Intelligence and joined Kepler Partners in June 2024. Before joining, he worked as money reporter for The Times and The Sunday Times where he wrote about all facets of investment for retail investors. He has previously worked for Money Observer magazine, Interactive Investor, Morningstar and Investment Week. He graduated from the University of Huddersfield with a degree in Media and Sports Journalism.

Alan Ray Ι Investment trust analyst, Kepler Trust Intelligence

I think any investment trust enthusiast could find a home for the Unicorn Mastertrust fund. Since 2002, its diversified portfolio of investment trusts has generated top quartile returns. The emphasis is on traditional equity strategies, and areas such as small companies or private equity that make best use of the investment trust structure.

Don’t think of it as a deep discount value fund, but as a slice of what’s best about investment trusts, and it’s a great way for even the most dedicated investment trust investor to balance their own portfolio. The irony of being an open-ended fund itself is obvious, but investors may prefer that the discount upside and downside in the portfolio isn’t doubled up by the fund’s own structure.

3i Infrastructure’s (3IN) recent write-down of one of its holdings, for a c. 5% hit to NAV, is a timely reminder that 3IN operates in a higher-risk part of the infrastructure spectrum than many peers, taking a private equity approach to the asset class with control stakes in a range of businesses with infrastructure characteristics. So, yes, equity risk, but usually anchored by the long-term revenue streams that are familiar to infrastructure investors.

While the recent hit to NAV might be painful, 3IN has built a niche for itself as a leading investor in businesses that, as they grow, are becoming increasingly attractive acquisitions for larger global infrastructure investors. Recent price weakness following the write-down looks like a good opportunity to me.

Alan Ray

Alan joined Kepler in October 2022. He has worked in the investment funds industry for over 25 years. The first half of his career was as an investment trust analyst, leading a highly-rated sell-side research team. More recently he has worked in corporate advisory and investment banking roles, with a focus on alternative asset classes.

William Heathcoat Amory Ι Managing Partner, Kepler Partners

Long experience (or should that be painful experience?) has taught me to ignore the temptation to pick single stocks, and leave it to the professionals. Technology funds first came to real prominence in the dot.com era. It’s amazing to think that there was a period in the wilderness for them during the early noughties. Post GFC, interest in specialist funds exposed to tech companies picked up again, and it kept building.

I have been a long-term holder of Allianz Technology Trust (ATT), as a highly active way of introducing high-growth names into my portfolio without taking single stock risks. The team are based right in the centre of the action in San Francisco and have a good track record of identifying innovative growth themes well ahead of the crowd. The trust tends to have an overweight to mid-cap names, which makes it differentiated to a passive exposure to the sector.

Over five years, the share price total return has been 70%, which is a strong return in absolute terms, but behind the mega-cap dominated index, and the underperformance exacerbated by a premium rating giving way to a discount over the five years.

Way back, I remember feeling nervous of the impressive gains I had experienced since purchase, and the superstitious in me meant that when the share price reached 123 pence for the first time, I saw an opportune time to top-slice. I did the same when the shares reached £3. Needless to say, I have ignored any impulses to sell any shares since, given that tech consistently appears to be the only growth game in town. I am confident that the team will continue to do well for me over the long term, even if the AI bubble bursts.

William Heathcoat Amory

William Heathcoat Amory is a co-founding partner of Kepler Partners LLP and leads the Kepler investment trust research team. William has over 20 years of experience as an investment company analyst. Prior to co-founding Kepler Partners in 2008, he was part of the Extel number 1 rated research team at JPMorgan Cazenove.

Jo Groves Ι Investment specialist, Kepler Trust Intelligence

I’m not sure whether to confess that my investing journey started with the predecessor to the ISA, the trusty PEP. In the immortal words of Meat Loaf, I’d do (pretty much) anything for returns – and it’s been a reliable sidekick to my mortgage over the years.

Most of my ISA is held in active funds, with a sprinkling of stocks. I like having a core of global holdings, leaving the experts to make the big calls, so I hold Alliance Witan (ALW) for its best-ideas portfolio, alongside the ever-popular Scottish Mortgage (SMT) which offers a healthy dose of the Magnificent Seven alongside private disruptors such as SpaceX.

While NVIDIA (NVID) hogs the headlines (and yes, I caved to FOMO on that one), my real winners have been closer to home. UK small-cap fund Rockwood Strategic (RKW) has delivered a 135% return in the five years I’ve owned it, proving that a high-conviction portfolio can really pay off if you pick the winners.

At the other end of the spectrum, Barclays (BARC) has nearly tripled my investment in two years, and UK smaller caps Vanquis Bank (VANQ), Funding Circle (FCH) and Capita (CPI) have all outperformed even the mighty NVIDIA over the last year.

Looking overseas, I’ve backed the big-hitting, on-the-ground teams of BlackRock Frontiers (BRFI), Schroder Oriental Income (SOI) and Schroder Japan (SJG) to uncover the best opportunities in under-researched Asian markets. The two Schroder funds are up more than 40% in the last year, with BRFI not far behind on 30%.

Jo Groves

Jo is an investment specialist for Kepler Trust Intelligence. Prior to joining Kepler Partners, she worked as an investment writer at Forbes Advisor and The Motley Fool. Jo started her career as an auditor at Arthur Andersen, before joining the corporate finance department at Close Brothers where she advised corporate and private equity clients on acquisitions, disposals and other strategic issues. Jo has a BSc in Geography from Durham University and is a Chartered Accountant (ACA).

Closing thoughts

Five investors, five approaches but the same conclusion: whether you’re a fan of investment trusts, global funds or the occasional opportunistic stock pick, the best ISA is the one that’s invested and making your allowance count. Pick your strategy, take the plunge and let compounding work its magic in a tax-free wrapper.

All numbers as at 23/02/2026 unless stated otherwise.