Investment Trust Dividends

Doceo Income Portfolio

The Doceo Portfolios – an update

We’re a few months in on the three portfolios outlined – the income, growth and balanced portfolios. What’s performance been like? A promising start!

ByDavid Stevenson•13 Feb, 2024

Over the last few months, I’ve been mapping out three different portfolios consisting of well known investment trusts: this includes a balanced portfolio (the most recent), an income portfolio and a growth portfolio. In each case, I’ve shortlisted a sensible number of funds (no more than 8), with suggested allocations in percentage terms, along with some sensible alternatives in terms of funds. The aim is to run these portfolios over the longer term, and although I don’t intend to make lots and lots of changes I do want to keep investors updated on progress.

The first portfolio outlined was an income portfolio launched in the middle of November, with the aim of providing an annual dividend income of around 5%. We ended up with eight funds in total, with 60% exposure to equities, 40% exposure to fixed income and lending, in aggregate providing an average yield of around 5.7%. To date – from the 13th of November – this collection of eight funds has delivered a gain of a smidgeon over 5% in price terms alongside a steady stream of dividend payments. A few of the funds have delivered some very big capital gains, notably BioPharma Credit whose share price has increased 12% since November. One factor that has helped is the payment by this fund of the usual ordinary dividend of 1.75c plus a special dividend of 1.20973c. That was in turn helped by two recent announcements. First off portfolio company Coherus Biosciences (11.3% of total investments at 31 December) will be making a partial prepayment of $87.5m to BPCR under its existing loan agreement (out of a total $175m prepayment of a $250m outstanding principal balance). The prepayment is expected to be made in Q2 2024. More importantly, back at the end of December, the fund announced that its most challenged borrower LumiraDx had sold its point-of-care diagnostics business to Roche for $295m. Sales proceeds from the LumiraDx transaction will be used to repay BioPharma’s loan – just over 80% of the value of the loan will be repaid. That means BioPharma’s track record of never having a loss is over but an 80% recovery rate on the single bad loan to date is not bad all things considered.

Next up we have the North American Income fund up 9.4% and JPMorgan Global Growth and Income up 9.2%. These funds have both benefitted from the general uptick in global equities and specifically US equities. One note on the JPMorgan fund which has been very active of late. The Boards of JPMorgan Multi Asset Growth & Income (MATE) and JPMorgan Global Growth and Income (JGGI) have agreed terms of a proposed merger of the two funds, to be effected via a scheme of reconstruction of MATE and a transfer of assets to JGGI. The fund has also appointed James Cook as part of the management team, to work alongside current managers Helge Skibeli and Tim Woodhouse. The only loss within this income portfolio was in shares of HICL, the infrastructure business which was down a little over 3.5%.

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