Investment Trust Dividends
EarnestBip
fghgenkaVeiSp@gmail.com
45.86.202.51
Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates. I’ve been looking for a plug-in like this for quite some time and was hoping maybe you would have some experience with something like this. Please let me know if you run into anything. I truly enjoy reading your blog and I look forward to your new updates.
££££££££££££
Can anyone help ?
Cash for re-investment £6,437.00, plus dividends to be received this week currently earmarked for re-investment in SOHO.
Thursday 14 November
Aquila European Renewables PLC ex-dividend date
Baillie Gifford Japan Trust PLC ex-dividend date
British & American Investment Trust PLC ex-dividend date
Fidelity Emerging Markets Ltd ex-dividend date
GCP Asset Backed Income Fund Ltd ex-dividend date
Greencoat UK Wind PLC ex-dividend date
Henderson Opportunities Trust PLC ex-dividend date
Majedie Investments PLC ex-dividend date
Murray Income Trust PLC ex-dividend date
New Star Investment Trust PLC ex-dividend date
Octopus Renewables Infrastructure Trust PLC ex-dividend date
Pershing Square Holdings Ltd ex-dividend date
Schroder BSC Social Impact Trust PLC ex-dividend date
Schroder Oriental Income Fund Ltd ex-dividend date
Scottish American Investment Co PLC ex-dividend date
Target Healthcare REIT PLC ex-dividend date
I’ve invested a further 1k in SEIT and 1.5k in FGEN.
Royston Wild
Motley Fool
The Schroder European Real Estate Investment t (LSE:SERE) is another top UK share that looks incredibly cheap to me.
At 69.2p per share, the business trades at a whopping 32.3% discount to its estimated net asset value (NAV) per share. This leaves scope for significant share price gains as eurozone interest rates fall, boosting asset values alongside economic activity in the region.
The trust owns retail, office, and industrial properties across Germany, France, and the Netherlands. And it focuses on attractive cities with strong economies and infrastructure (like Berlin and Paris) that can deliver long-term returns.
As a real estate investment trust (REIT), it must pay at least 90% of annual rental profits out by way of dividends. This could make it a great option for investors seeking large and reliable dividend income.
Indeed, the dividend yield here sits at a giant 8.4%.
The trust’s high exposure to cyclical sectors leaves it vulnerable to economic downturns. But on balance, I think it’s an attractive stock to consider, and especially given its current discount.
Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.
We asked our freelance writers to reveal the top US stocks they’d buy in November.
Posted by
The Motley Fool Staff
When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.
You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services.
Every month, we ask our freelance writers to share their top US stocks with investors — here’s what they rate highly for November!
What it does: CrowdStrike operates a cloud-based cybersecurity platform that leverages AI to continuously evolve and defend businesses.
By Zaven Boyrazian.
CrowdStrike Holdings (NASDAQ:CRWD)recently found itself in the media spotlight, and not for a good reason. A botched software update triggered a global outage of IT systems that impacted airlines, medical institutions, and even banks.
Unsurprisingly, this disaster resulted in a significant drop in the CrowdStrike share price. Yet even though the bug that triggered the outage has been fixed with new protocols in place to prevent a repeat, the stock still trades almost 20% lower.
To be fair, there is some justification behind investor concern. Delta Airlines is already in the process of filing a lawsuit, and more legal action could be coming down the pipe. However, when looking at the long-term potential, this may ultimately be a short-term hiccup.
After all, this wasn’t a failure of cybersecurity. In fact, the group’s Falcon platform continues to be one of the best in the world based on the results of the latest SC Awards Europe. Considering the group’s explosive growth and trajectory, this looks like a buying opportunity in my eyes, although volatility is expected.
Zaven Boyrazian does not own shares in any of the companies mentioned.
What it does: Netflix is an entertainment streaming service that provides on-demand tv shows, movies and documentaries.
By Harshil Patel : Netflix (NASDAQ:NFLX)is a streaming giant that has over 280m paid subscribers in over 190 countries.
It recently experienced a jump in the number of subscribers in Q3 of 2024, adding 5.1m new users. This along with profit for the quarter beat market expectations.
Netflix has an excellent business model that benefits from a network effect. It has reached a scale that keeps subscribers locked in. More investment in new shows creates content, and more content keeps users hooked.
This was evidenced recently when it changed its pricing model to crack down on password sharing. Its ability to raise prices demonstrates pricing power too. This is a key attribute of a high-quality business.
With Amazon, Disney and Apple all offering streaming services, there is ample competition for Netflix to worry about. Also, raising prices is great for its profits, but there will be a limit to what users are prepared to pay. Getting the balance right will be key to maximising its profitability.
Harshil Patel does not own shares in Netflix.
What it does: Nu Holdings is the parent company of Nubank, the leading digital bank in Latin America.
By Ben McPoland. A stock I plan to buy in November is Nu Holdings (NYSE: NU).
While still largely unknown in the West, Nu is Latin America’s largest branchless bank, offering customers loans, insurance, bill payments, stock investing, and more.
Incredibly, it now has 105m users, despite only operating in three countries (Brazil, Colombia, and Mexico). Over half the adult population of Brazil use the app, and it has added more customers in the past 12 months than the five largest Brazilian incumbents combined.
Of course, as the firm expands its credit portfolio, it opens itself up to an increase in non-preforming loans. This is worth monitoring.
Despite this risk, Nu Holdings looks like a high-quality growth stock. Revenue has soared from $1.7bn in 2021 to a forecast $10.3bn this year. Profits are expected to grow above 50% over the next five years. Its return on equity (ROE) is 28%, one of the highest in the industry.
It’s led by founder-CEO David Vélez, a former partner at venture capital firm Sequoia. With tens of millions still underbanked across Latin America, the growth opportunity appears massive.
Finally, the stock isn’t grossly overvalued. At $14, it’s trading at 23 times forward earnings.
Ben McPoland does not have a position in any stocks mentioned
Bluefield Solar Income Fund Limited
(‘Bluefield Solar’ or the ‘Company’)
Unaudited NAV as at 30 September 2024
Bluefield Solar (LON: BSIF), the London listed UK income fund focused primarily on acquiring and managing solar energy assets, announces its net asset value (‘NAV’) as at 30 September 2024. Unless otherwise noted herein, the information provided in this announcement is unaudited.
Unaudited Net Asset Value as of 30 September 2024
| (pps) | |
| Audited NAV as at 30 June 2024 | 129.75 |
| Power prices | 0.00 |
| Operational updates | 0.28 |
| FY24 third interim dividend announced and paid | -2.20 |
| FY24 fourth interim dividend announced | -2.20 |
| Share buyback accretion | 0.18 |
| Other movements | 0.33 |
| Unaudited NAV as at 30 September 2024 | 126.14 |
The unaudited NAV as at 30 September 2024 was £753 million, or 126.14 pence per Ordinary Share (‘pps’), compared to the audited NAV of 129.75 pps as at 30 June 2024. This equates to a movement in the quarter of -2.8% and a NAV total return for the quarter of +0.6% when adjusting for the two interim dividends declared in the period. Dividends are accrued in the period in which they are declared and this Q3 is unusual in that two dividends were declared in the period, which have the effect of detracting a total of -4.40 pps from Bluefield Solar’s NAV. The Company intends to declare its next interim dividend in January 2025.
The latest valuation reflects the completion of Phase Two of the Strategic Partnership with GLIL Infrastructure, being the sale of a 50% stake in 112MW of operational solar assets. A substantial part of the sale proceeds were used to repay £50.5 million of the Company’s Revolving Credit Facility.
The Company has also continued to recycle capital and realise value from its project development activities by disposing of one co-located solar and battery storage project in the period. The Fund received proceeds c.20% above holding value, now reflected in the working capital and captured in ‘Other movements’.
Power price forecasts have remained similar to those used for the June 2024 NAV. Short term forward electricity prices have risen, driven by higher commodity prices, while longer term prices are largely unchanged. The Company remains well hedged against shorter term volatility due to its high proportion of fixed revenues.
The increase in valuation from operational updates (+0.28 pps) reflects the latest tax forecasts available to the Company and updated debt balances as at the end of the period.
‘Other movements’ reflect the change of the calculation date of cash flows from 30 June 2024 to 30 September 2024, along with tax, degradation, debt, and working capital adjustments.
The Company repurchased 5.9 million shares during the quarter to 30 September 2024, providing +0.18 pps of NAV accretion to shareholders.
Gearing
The Company’s UK holding companies and subsidiaries have total outstanding debt of £583 million as at 30 September 2024, with a leverage level of circa 43% of Gross Asset Value.
Dividend Guidance Reaffirmed
The Board is pleased to reaffirm its guidance of a full year dividend of not less than 8.90 pence per Ordinary Share for the financial year ended 30 June 2025 (2024: 8.80 pence). This is expected to be covered by earnings and to be post-debt amortisation.
Christopher Ruane identifies a FTSE 100 share that he thinks could potentially transform the long-term performance of a SIPP.
When investing, your capital is at risk. The value of your investments can go down as well as up and you may get back less than you put in.
You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services.
Imagine putting £100k into one share in a SIPP and then sitting back to see the holding grow in value to £1.3m.
I know, £100k is a lot to invest – especially as I believe in keeping a SIPP diversified, so I would not invest £100k in one share unless I had a much larger pool of money in my SIPP to invest.
Still, turning £100k into £1.3m sounds excellent to me!
In this example, I am not even presuming any share price increase. A growing share price could speed things up, though the reverse is also true.
When I talk about speeding things up, I ought to mention that my approach here is a long-term one.
I think that makes sense. In this example, I am considering a timeframe of 25 years.
In the context of a SIPP, I see that as a practical timeframe. Many investors plan to hold their SIPP for multiple decades.
So, how could I hope to turn my £100k into £1.3m even across 25 years, if the price of the share I buy does not move even an inch?
Simple: compounding the dividends.
Compounding at 10.8% annually, my £100k investment would end up worth £1.3m after a quarter of a century.
That brings me, though, to the question of whether a blue-chip FTSE 100 share would offer anything close to a 10.8% yield. After all, that is triple the average FTSE 100 yield at the moment.
One almost does: Vodafone. But its 10.6% yield is set to collapse as the company has announced plans to halve the dividend. That is a useful reminder that no dividend is ever guaranteed to last – and a high yield can be a sign that the City has doubts about whether it will.
Another FTSE 100 share has a 10.8% yield and has not announced plans to reduce its dividend. Quite the contrary, in fact: this year it affirmed its plan of continuing to raise the payout per share annually.
That company is Phoenix (LSE: PHNX), a financial services firm that bills itself as the country’s largest long-term savings and retirement business.
It has around 12m customers and operates using brands including Standard Life and Sun Life.
One of the challenges when analysing financial services companies is that earnings are not always helpful. For example, fluctuating asset valuations can lead to higher or lower earnings numbers that do not necessarily help assess the underlying financial health of a business.
On the plus side, Phoenix is in a large, well-established business area and has a very sizeable customer base and deep experience in a specialist field. Those attributes could help the business, which turned over £4.9bn last year, to generate sufficient free cash flows to maintain its generous dividend.
That may not happen; one risk I see is a property market downturn hurting the valuation of Phoenix’s mortgage book, forcing it to write down the valuations.
But on balance, I think Phoenix is a share investors with an eye on long-term passive income streams should consider.
£££££££££££££££
Note: It’s doubtful u will be able to re-invest the dividends at 10.8% for 25 years.
Asia Dragon (DGN) and Invesco Asia (IAT) plan to merge, with DGN winding up and transferring assets to IAT. If approved, the combined fund, rebranded as Invesco Asia Dragon, will be the second-largest Asia Pacific equity trust. Gulf Investment Fund (GIF) will liquidate, with trading suspended after 99.6% shareholder approval. Meanwhile, Baillie Gifford Japan (BGFD) cuts fees.
By Frank Buhagiar
Asia Dragon (DGN) and Invesco Asia (IAT) become the latest investment companies to announce they are combining. This follows the completion of a strategic review by DGN which considered a wide range of options including entering into a combination with another investment trust. In the end, “The Board was impressed by the distinctive and disciplined value-oriented investment approach employed by Invesco Fund Managers Limited which has delivered attractive returns for Invesco Asia shareholders over the long term.”
If approved by both sets of shareholders, DGN will be wound up with its assets transferred to IAT in exchange for new shares in the enlarged Invesco fund – the transaction will include a partial cash exit opportunity for up to 25% of DGN’s issued share capital. There will be a name change too. Invesco Asia will become Invesco Asia Dragon.
Winterflood: “We note that it is relatively uncommon for a fund to merge into a vehicle that is a third of its size (hence, full cash exit take up may result in limited scale benefits) but the enlarged IAT will nevertheless be well beyond what most would consider ‘sub-scale’. Given the shareholder overlap and commitments received, we see no reason for this merger to fail to obtain approval.”
Numis: “The board of IAT is seeking to make IAT the ‘go-to’ Asian trust, with a premium rating to grow organically and through further combinations. The combined assets of c.£815m will make it the second largest IC in the Asia Pacific – Equity sector, behind Schroder AsiaPacific (£909m net assets). To achieve its aims, we believe Invesco Asia will need to raise its profile.”
Gulf Investment Fund (GIF) shareholders voted to wind up and liquidate the company at the Extraordinary General Meeting held on 29 October 2024 – 99.6% of shareholders voted in favour. No hanging about. As per the press release, the shares were suspended from trading at 7:30 a.m. on 29 October 2024 and just a day later the admission to trading of the ordinary shares on the Specialist Fund Segment was cancelled. PricewaterhouseCoopers LLC has also been appointed as the liquidator of the company to action the wind-up.
Baillie Gifford Japan (BGFD) is the latest fund to announce changes to its fee structure. As per the latest full-year results, as from 1 September 2024, the first tier of the investment management fee structure, the 0.75% fee rate on the first £50m of net assets, is to be removed. As a result, the fee payable to the managers is now 0.65% on the first £250m of net assets and 0.55% on the remaining net assets. This translates into an annual saving of £50,000 for the company. Every little bit helps.
As Q3 2024 wraps up, we analyse London’s investment company sector to identify this year’s winners and losers. The FTSE Closed End Investment Index (FTSE CEI) rose +0.5% for the quarter, maintaining positive returns but trailing the FTSE All-Share’s +9.9% year-to-date. Top-performing sectors include Growth Capital and Leasing, while Renewable Energy Infrastructure and Regional REITs struggled.
By Frank Buhagiar
With the numbers in for Q3 2024, it’s time to check in on London’s investment company space. Which investment companies are having a year to remember and which are having a year to forget?
Three for three
Another positive quarter for the FTSE Closed End Investment Index (FTSE CEI). The sector closed up +0.5% for the three months ended 30 September 2024. That’s a little off the +2.3% sterling total return delivered by the FTSE All-Share over the same period, but at least the record of posting positive returns for each quarter of the year has been maintained: Q1 / Q2 2024, the FTSE CEI was up +2.3% / +3.4% respectively. With just Q4 to go, the clean sweep is on.
Year-to-date, the FTSE CEI is now showing a +6.3% positive return. Once again, a little behind the FTSE All Share’s total return of +9.9% for the first nine months of the year. Barring a barn-stopping Q4, looks like a fourth successive year of the FTSE CEI falling short of the All-Share. As the table below from FTSE Russell shows, 2020, the last year London’s closed-end space outperformed the wider market:
The shoe is on the other foot
Worth pointing out though that London’s investment companies haven’t always struggled to keep pace with the wider market. Indeed, the opposite could be argued – the wider market has struggled to match London’s closed-end sector. For, as the table above shows, over the ten-year period 2014-2023, the FTSE CEI outperformed the wider market in six of the ten years. And it turns out between 2017-2020, the closed-end fund index had its own four-year winning streak. The FTSE All-Share then merely catching up with London’s investment companies.
And according to the above table, the FTSE CEI chalked up a handsome +113% gain between 2014-2023. The FTSE All-Share by contrast could only manage a cumulative gain of +68% over the same ten-year period. The FTSE 100 too is only up +68%. Over the ten years to 2023, London’s investment companies have trounced the wider market.
In terms of the average share price discount to net assets, this stood at 13.7% as at end of September, no change on the end of August level. This compares to the average 12.8% discount as at the end of 2023 and 10.8% as at the end of 2022.
The standouts – regional and sector levels
Given the UK market’s well-documented troubles – companies leaving London for the US and elsewhere; pension funds internationalising their portfolios at the expense of UK allocations; and persistently low valuations – perhaps surprising to see the UK All Companies subsector joint top year-to-date in terms of best-performing investment trust region. Alongside North America, UK All Companies up +12.2% over the first nine months of the year. As the below graphic from Winterflood shows, all regions are in positive territory year-to-date with the worst-performing investment trust region Europe still managing a +5.8% gain:
At the wider sector level, Growth Capital tops the list with a +29.5% share price total return to show for the first nine months of the year – the eight-fund sector includes the likes. At the half-year stage, the sector was up +21.53% and was second in the table behind then leader Technology and Technology Innovation which boasted a gain of +28.03%. Three of Chrysalis (CHRY) which recently commenced a share buyback programme as part of its capital allocation programme; Petershill Partners (PHLL) which returned US$222m during the first half of 2024 via a mixture of dividends, a tender offer and buybacks; and the Baillie Gifford-run Schiehallion (MNTN)months on and the Technology sector has slipped to fourth after its year-to-date gain shrank to +16.2%. An underwhelming reporting season for the Magnificent Seven mega-techs weighing on sentiment there.
Not far behind Growth Capital is Leasing with a share price total return of +28.7%. Both aircraft and shipping leasing companies have been performing strongly this year. The two Doric Nimrod Air Funds reacted well to news t DNA2 is selling its five remaining aircraft to United Arab Emirates for an aggregate combined total of US$200m or £153.53m. The valuation had positive read across for sister fund DNA3 – share prices of both funds reacted well to the news.
The table below from Winterflood lists the ten best and worst performing sectors year-to-date:
Below Growth Capital and Leasing, interest-rate sensitive subsectors, such as Property, Debt and UK Smaller Companies, well represented in the best performers column. As for the worst performers, sectors comprised of just one or two funds feature highly, including Latin America (BlackRock Latin American) and Property RoW (Ceiba Investments and Macau Property Opportunities). Renewable Energy Infrastructure completes the bottom three – a mix of higher-for-longer interest rates, weaker power prices and bad weather all at work here.
The standouts – investment company level
First, the laggards. Regional REIT the worst performer to date – a deeply discounted rights issue to blame. Elsewhere, five Renewable Energy Infrastructure funds in the bottom ten. As highlighted above, a range of top-down reasons for this, but also company-specific ones too. For example, a failure to find a buyer for its portfolio did for Ecofin US Renewables Infrastructure, while the suspension of its dividend didn’t help sentiment at Gresham House Energy Storage.
As for the winners, no surprise to learn that investment companies belonging to this year’s top-performing sectors feature highly in the best performers list. In first place, Seraphim Space from Growth Capital keeps hold of top spot, a position it held at the half-year stage. That’s despite seeing its gain on the year fall slightly to +56.1% from +58.72% as at 30 June.
As the table below shows, a small gap between Seraphim and the rest of the pack. The next two top performers both herald from the Leasing sector – Tufton Oceanic Assets and Amedeo Air Four Plus up +41% and +40.1% respectively. DNA2 also makes it into the top ten courtesy of a +35.6% rise.
Elsewhere, strong gold prices lie behind Golden Prospects Precious Metals’ seventh place. Meanwhile 2023’s top performer 3i Group still in the hunt to retain its crown – shares are up +38% over the nine months to end September. A little ground to make up true, but certainly doable. At the half-way stage, 3i shares were up +28% which was only good enough to squeak into the table in tenth place. Three months later and 3i is up to fourth spot. What’s more, the gap between the private equity giant and Seraphim has narrowed from +30.7% to +18.1%. The race to be London’s best-performing investment company in 2024 is well and truly on.
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