Mindset of the week
“Overall, we enter the new year with the mindset that we are continuing to travel towards the danger, rather than away from it, and we will not let a disappointing 2023 obscure what we see in front of us.” RICA monthly investment report for December 2023 during which NAV/share price rose 2.1%/4.2% respectively.
To optimise shareholder value
abrdn Diversified Income & Growth (ADIG)
Annual Report from abrdn Diversified Income & Growth (ADIG) . Chair Davina Walter had this to say: “…our Investment Manager has continued to pursue its strategy of seeking to provide income and capital appreciation over the long term from a genuinely diversified portfolio, providing access to a wide selection of asset classes, an attractive and dependable level of income and defensive characteristics relative to the volatility of equity markets. Despite the Board’s confidence in the investment strategy, the persistent and entrenched discount to Net Asset Value…led the Directors to commence a strategic review in June 2023 to consider how the Company could best restore and deliver value to shareholders.” And as the Chair explains: “In the light of the feedback received and the persistent discount to net asset value…at which the Company’s shares continued to trade, the Board concluded that it was in the best interests of shareholders as a whole to put forward proposals for a managed wind-down of the Company.”
As for how the fund performed over the year, the investment managers reported: “…a total NAV return of 0.4% with 3.6% volatility, a good risk adjusted return per unit of risk taken. This compared with a 13.2% return in equities as measured by the FTSE All-Share Index with 11.6% volatility, and -0.6% in government bonds as measured by the ICE BofA UK Gilt Index with a volatility of 11.5.” Back to the Chair for the outlook: “Global markets continue to be volatile, and, whilst there are some positive signs of recovery as inflation abates, the medium-term outlook for UK equity markets remains subdued, especially in terms of the investment trust sector. This is likely to continue to weigh on ADIG’s valuation relative to NAV, hence the proposals we are putting forward for an orderly Managed Wind Down which seeks to optimise shareholder value.”
Comment from Winterflood: “Under the managed wind-down announced in December 2023 (subject to shareholder approval at 27 February AGM), the Board expects that £115m will be returned to shareholders in H1 2024 at, or close to, NAV. Further returns of cash will follow as value is realised from the private markets portfolio (58.4% of 30 September NAV). c.£107.3m (valuation as at 30 November 2023) of private holdings expected to mature by 2027. Remaining £81.5m expected to mature between 2029 and 3033, and opportunistic secondary sales would be considered. The fund will cease to make new investments but will fund existing commitments. Outstanding debt (£16.1m of secured bonds with 6.25% coupon maturing in 2031) will be repaid in 2024.”
Challenge of the week
“The challenge for central bankers from here is to thread the needle of holding rates high enough to keep inflationary pressures at bay and bring inflation back to target while at the same time, not tipping economies into recession. The US appears to be treading this path well, while data in the UK and Europe is suggestive of a more imminent downturn.” abrdn Diversified Income & Growth (ADIG) Investment Manager’s Report.
Awesome! Its actually amazing article, I have got much clear idea about from this article.
Here is my site :: vpn special coupon code 2024
Excellent post however , I was wondering if you could write a
litte more on this topic? I’d be very thankful if you could elaborate a
little bit more. Cheers!
Feel free to visit my web page: vpn special
Pretty nice post. I just stumbled upon your blog and wanted to say that I’ve really enjoyed surfing around your blog posts.
After all I will be subscribing to your rss feed and I hope you write again very soon!
Here is my site: vpn special coupon code 2024
Admiring the time and effort you put into your website and in depth information you provide.
It’s great to come across a blog every once in a while that isn’t the same old rehashed material.
Wonderful read! I’ve bookmarked your site and I’m adding your RSS feeds to my Google account.
Also visit my homepage … vpn meaning
Thank you for sharing your info. I truly appreciate your
efforts and I am waiting for your further post thanks once again.
Feel free to surf to my web-site :: vpn special coupon code
This is my first time go to see at here and i am genuinely impressed to read all at one place.
My blog; vpn discount
Awesome! Its actually remarkable article, I have got much
clear idea regarding from this piece of writing.
Feel free to surf to my web page facebook vs eharmony to find love online
It’s an remarkable piece of writing in support of all the internet viewers; they will obtain benefit from
it I am sure.
My site :: eharmony special coupon code 2024
Thanks to my father who informed me concerning this
webpage, this web site is genuinely awesome.
Look at my blog :: nordvpn special coupon code 2024
Patients with HER2 breast cancer treated with trastuzumab and chemotherapy have superior survival compared with patients treated with chemotherapy alone priligy 60 mg