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Tom78
IPU 14% discount. Paying dividends in large part out of capital. I assume it is based on 4% of NAV. So I assume holders who bought before rotation will get reduced dividends, while buyers today will get a dividend greater than 4%....as long Smaller companies don't fall further.
I have Montanaro Smaller companies 4% of NAV.
VPC has a large spread 2% plus
https://www.theaic.co.uk/aic/find-compare-investment-companies?sec=USC&sortid=Name&desc=false
https://www.theaic.co.uk/aic/find-compare-investment-companies?sec=PE&sortid=Name&desc=false
Opps forgot direct lending. I am buying vpc with any dividend I get in my isa. Using freetrade so can invest any amount.
In vpc case they are lender to lenders. Received full interest payment through covid. 20% discount basically share price hasn't fully recovered from covid fall.
8p dividend for last 3 years fully covered. The sector is called direct lending
https://www.theaic.co.uk/aic/find-compare-investment-companies?sec=DDL&sortid=DiscFairCum&desc=true
3i group 10 billion company
Spread Sell:
1,108.00p
Buy:
1,109.00p
https://www.hl.co.uk/shares/shares-search-results/3/3i-group-ordinary-73-1922p
There has been a huge fall in uk smaller companies investment trusts.
40% down.
Discounts have moved from small to huge in some case.
Large proportion had 100% plus share price gains over 5 years and 1.5% dividends. With adequate dividend reserves. Now 2% dividends
Blackrock Throgmortan has gone from a 3% premium to 6% discount.
Blackrock smaller companies is now 15% discount and so on.
There is of course nothing to stop you selling shares for an income…although a little risky compared to income IT.
Also loads of bargains in private equity investment trusts. Bought 3I group. 4.5% dividend with very high dividend increases. Average premium over the last 12 months was 16% bought on a 16% discount. There unlisted companies, as with all private equity have to be valued conservatively. When sold they often go for 20% above There valuation.
Massive discounts in that sector. Larger than 16%.
https://www.3i.com/portfolio/
I think HHI (henderson high income) is on small discount right now, I prefer smaller company investment trusts as they do all the hard work researching smaller firms and can find unknown gems. The FTSE 100 dominated IT's are usually low growth shares with high dividends, so I prefer to just own those shares directly and save a little on the management fee. I like IPU smaller companies trust, awful lately like everything but has paid a growing dividend for years and is on a huge discount of 10-15%.
Yep, it's right to say that the structures are different and IT's have the advantage over OEICs of being able to retain earnings and smooth out income. But at the moment you have to pay a premium for FTSE100 dominated IT's - at least the ones I've looked at seem to have a premium - and I find that hard to justify. And I'm also not aware of a UK IT that pays income monthly, which I prefer.
The MAN GLG income fund is a fund ie an OEIC (Open Ended Investment Company) and as such has to pay out to investors all income received. Investment Trusts (Close Ended Investment Company) do not have to pay out all income received. They can, and do, hold back some income in good times to help smooth out income payments from built up reserves during bad times.
For me Investment Trusts are better than Investment Funds for income purposes long term.
Income IT's something I've been looking at as well, thanks for raising. MRCH and HHI had a look at. Also CTY and DIG. Struggling with why I would pay a premium to NAV though. Obviously, that type of investing is in favour at the moment (relatively speaking), but I'd prefer to wait for a discount to open up (if we get one). In the meantime, I've been buying into Man GLG Income Fund, at NAV obviously. Yield is around 5.23% at the moment according to Morningstar. Has the usual big yielding suspects in there and pays divis monthly (which I prefer). I think it slots in nicely with the other income IT's listed above - I'd welcome any thoughts on it, or other similar options.
www.man.com/glg-income
SD235 - I have 6 dividend paying holdings out of 20 or so total investments (balance in investment funds)
I very rarely sell I simply buy and hold and have done for years in most cases. 3 individual shares (total return to date), BP +15%, Shell +61% and L&G +42%. Plus 3 ITs, Merchants Trust +55%, Henderson High Income +7% and Henderson Far East Income +2%.
Dividend paying holdings represent about 50% of my portfolio. In most cases I've given up capital growth for dividend income. My Legal & General holding is a prime example. I've held it for years and at today's price my capital has grown by a paltry 1%! However, as a patient investor I've received dividend income to the value of 41% of my investment cost. I've become used to the sp volatility over the years and will only top up during periods of weakness.
zac0_4
I also have Henderson far east. Still in profit (share price) only just. Checked up 1 whole per cent. Dividend is nice though. Another to sell pre dividend!
it was that ticker code i was after, will take a look at it later
Thanks
Simply buy it as any other share - MRCH
So how do you get the merchant trust through hl
That is sound advice zac0_4 and if you drip feed as TheTrotsky is doing you benefit from Pound Cost Averaging. (PCA) as well as diversifying.
GLA
Cheers guys, of course I'm fully aware of risks, what's working well today, may not work well tomorrow etc.
But some good suggestions from you guys worth looking into thanks
SD235 - also in HFEL. Easy to get drawn in by the dividend but, in my case, it's been at the expense of capital. And for me total return is all that matters.
According to AIC
Dividend reserve HHI 0.64 years
Merchants Trust 0.56 years
I don't Trust AIC figures as companies give different figures.
AIC has NAIT has 1.64 years. NAIT says its just over 1 year. As they have never dipped into there dividend reserve then AIC is spectacularly inaccurate.
Possibly accurately inaccurate! IE proportionally the same % wrong for everyone.
Dividend growth and cover slightly better on merchants Trust.
Merchants Trust ongoing charges half that of HHI.
Merchants Trust 5.07% dividend
0.5% premium
Share price gain over 5 years 15.9%
I don't own.
Total returns far better than Henderson High Income
Also considerably lower gearing than HHI.
Considerably larger company than HHI, always helps the spread.
May swap as I am with freetrade now no stockbroker fees.
Henderson high income 6.2% dividend.
Premium to nav 1.3%
Share price gain over 5 years -13%
I own bought January 2021 up11%
robleo - I'd be wary of a couple of things,
(i) investing in single company shares. I've tended to move away form individual shares into investment trusts. These are traded as shares but can offer much more diversification and can reduce risk. If it's UK listed shares you're after then here's a couple to look at: The Merchants Trust (it's increased its dividend every year for 39 years) and Henderson High Income.
(ii) taking information from complete strangers! Be very careful!!
Good Luck
Robleo
Suggestion for fixed dividend with little share price movement currently between 104 to 108 would be Lloyds pref shares LLPE and Lloyds have tried to buy them back last year at 112.5p
although appreciate you are over on financials and interest rates are rising
https://www.hl.co.uk/shares/shares-search-results/l/lloyds-banking-group-6.475-non-cum-prefs
which is currently dropping given current financial fluctuations, we’ve been holding them for a few years and always welcomed the dividends
Regards
Richard
That's an interesting link to aic, usually use dividend data, thanks sd235, will take a good look at them
Of course there is other income sectors. Global income etc