Investment Trust Dividends

Doceo

ByFrank Buhagiar 04 Mar, 2024

BARGAIN BASEMENT
Discount Watch: 20
Our estimate of the number of investment companies whose discounts hit 12-month highs (or lows depending on how you look at them) over the course of the week ended Friday 01 March 2024 – three less than the previous week’s 23.

13 of the 20 were on the list last week: Aquila Energy Efficiency (AEET) and Downing Renewables & Infrastructure (DORE) from renewable energy infrastructure; LMS Capital (LMS) from private equity; Life Science REIT (LABS) from property; BlackRock Sustainable American Income (BRSA) from North America equity income; Menhaden Resource Efficiency (MHN) from environmental; Pacific Assets (PAC) from Asia Pacific; Lindsell Train (LTI) from global; Baillie Gifford Shin Nippon (BGS) from Japanese smaller cos.; Templeton Emerging Markets (TEM) from emerging markets; NB Distressed Debt (NBDD) from debt; City of London (CTY) from UK equity income; and Hipgnosis Songs (SONG) from music royalties.

That leaves seven new names: Jupiter Green (JGC) from environmental; Henderson International Income (HINT) from global equity income; Shires Income (SHRS) from equity income; JPMorgan Emerging Assets (JMG) from emerging markets; Digital 9 Infrastructure (DGI9) from infrastructure; and Schroder European Real Estate (SERE) and AEW UK REIT (AEWU) from property.

ON THE MOVE
Monthly Mover Watch: new week
New leader at the summit of Winterflood’s list of top-five monthly movers in the investment company space – SDCL Energy Efficiency Income Trust (SEIT) thanks to a 23% gain on the month. The shares have been on something of a tear ever since the company put out a three-pronged update on 5 February: 1. renewal of a long-term energy supply contract; 2. in line Q4 2023 operational cashflows across its projects; and 3. receipt of “a number of credible proposals” that could lead to the sale of some of the company’s assets.

Not far behind in second with a 22.3% gain, another renewable energy infrastructure fund – Gresham House Energy Storage (GRID). Shares responding well to a series of director purchases and buybacks over the last month.

Small gap between GRID and third-placed Weiss Korea Opportunity Fund (WKOF) – shares are up 13.9%. Not much in the way of news aside from a monthly factsheet, although the unveiling by the South Korea Financial Services Commission of a “Corporate Value-up Program” could well have helped – the programme is looking to boost shareholder returns across the market via a series of incentives.

In fourth, last week’s top co., Chrysalis (CHRY). The monthly gain may have shrunk from +19.7% to +13.3% but speculation that one or two of its holdings might IPO this year including Klarna just refuses to die down.

Finally, a Return of Capital by way of a Partial Compulsory Redemption of Shares good for a 10.9% share price increase at NB Global Monthly Income (NBMI).

Scottish Mortgage Watch: +5.9%
How much Scottish Mortgage’s (SMT) share price has increased over the past month – just over double last week’s +2.7% monthly gain. NAV moved in the opposite direction – an +8.1% gain on the month turned into +6.4%. The wider global IT sector largely held steady, finishing the week up +4.8% compared to +4.9% seven days earlier.

THE CORPORATE BOX
Raise Watch: £907 million
The amount raised by warehouse landlord SEGRO (SGRO) via a Placing and Retail Offer: “The Placing Price of 820 pence represents a discount of 3.4% per cent to the closing price on 27 February 2024, which was 849 pence.” As for the proceeds, these “…will allow the Group to pursue additional growth opportunities, including new and existing development projects and to take advantage of potential acquisition opportunities which may arise, whilst maintaining a strong balance sheet.”

Share Buyback Watch: £50 million
The size of HICL Infrastructure’s (HICL) share buyback programme: “The HICL Board continues to observe a material disconnect between public market valuations and private market transactions for inflation-correlated core infrastructure, as demonstrated by the c. 30%…disposal premium achieved on Northwest Parkway…the Board therefore intends to allocate up to £50m…towards a share buyback programme. Repurchasing shares will provide shareholders with the benefit of NAV accretion, and will also help to reduce share price volatility. The Board intends to commence the programme in due course with the programme to run for a period of up to twelve months.”

Investment Manager Buy Watch: abrdn UK Smaller Companies Growth (AUSC)
Over to Chair Liz Airey: “The Board notes the announcement by abrdn plc in December that it was initiating a programme whereby it would invest six months’ worth of the management fees paid to it by the investment trusts it manages in buying shares of those trusts. We are pleased to welcome abrdn as a shareholder.”

Dividend Watch: 45 years
The number of successive years Law Debenture (LWDB) has increased/maintained its dividends: “…the consistent and reliable cash flows from our diversified IPS business have helped ensure that we can continue our strong dividend record…we propose paying a final dividend of 9.125 pence per ordinary share…This will provide shareholders with a total dividend of 32 pence per share for 2023, an increase of 4.9% compared with 2022. This represents a dividend yield of 4.1% based on our closing share price of 778 pence on 23 February 2024. Over the last 10 years, we have increased the dividend by 113% in aggregate which ranks Law Debenture very high versus its key sector peers.”

19 – the number of years in a row Murray International (MYI) has increased its dividend: “Your Board is recommending an increased final dividend of 4.3p per Ordinary 5p share (2022: 4.0p as restated)…If the final dividend is approved, the total Ordinary dividend for the year will amount to 11.5p (2022: 11.2p as restated), an increase over the previous year of 2.7%. This represents the 19th year of dividend increases for the Company, which remains an AIC ‘Next Generation Dividend Hero’.”

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