Adrian Hargrave, CEO of SEEEN, explains how the new funds will accelerate customer growth Watch the video here.
aims to provide a high level of dividend as well as capital appreciation from a diversified portfolio
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“Not the same statements while the latter may be true they do not have to pay dividends from earned income.
'Have a policy' is not the same as 'can'.”
Not the same doesn't mean “ inconsistent with” either.
So no point made.
Did you vote for Brexit: The above cruddy logic is one reason why the UK is in a mess and hedge funds are having a field “decade” with anything valued in £’s ….
… to paraphrase quotes thrown at the idiot Johnson … some people on this board have the “wrong skill set” for investing and should shut ip.
Bott
Will you be interested in taking questions since the Managers have promised to answer your queries?
LTI
"how often do you expect an increase FFS"
Is this a question for me?
LTI
''you are clearly indicating you think the dividend will be maintained or increased''
really? -maybe you should clear your hazy brain.
WTF don/t you agree with.
LTI
Stop being pathetic
"HFEL can only distribute from income generated - they do not control what the underlying companies wish to do regarding dividend payments in the future."
"HFEL do not have a policy whereby dividends can be paid from borrowings or capital returns - the dividends are currently fully covered from income. If there is a shortfall then they have the dividend reserve available as a backup."
Not the same statements while the latter may be true they do not have to pay dividends from earned income.
'Have a policy' is not the same as 'can'.
HFEL do not have a policy whereby dividends can be paid from borrowings or capital returns - the dividends are currently fully covered from income. If there is a shortfall then they have the dividend reserve available as a backup.
HFEL has had about 15 years of consecutive dividend increases, but as I have said I would be happy with the current level, for the next 5 years , as I have made purchases at low levels with double digit yields.
Ad
stop being pathetic.
money that HFEL pays in dividends comes from generated income
"HFEL can only distribute from income generated - they do not control what the underlying companies wish to do regarding dividend payments in the future."
This statement is not correct in isolation.
An Investment Trust can distribute more than the earnings on its equity holdings OEIC or open ended funds cannot.
Many thanks!
Thanks for the info Bott et al.
A question was put to Ronald Gould, via Janus Henderson. Mike Kerley responded.
This was the question.
Last year’s dividend cost £36mn. The cash flow statement shows that this was principally paid for by “profit” of £11.5mn and “losses” of £22.6mn. I don’t understand how income sheet losses convert to positive cash flows, but have to assume that this is because of my indequate accountancy knowledge. The more interesting figures though, also taken from the cash flow statement, are the £449.6mn from the sale of investments and the £447.6mn used to buy investments. As the balance sheet shows investments valued at £438.5mn, it appears that there was a roughly 100 per cent turnover of the company’s assets in the space of one year. Why?
This is Mike Kerley's response.
The dividend cost of £36m is paid for by income from the dividends from the companies we invest in plus option premium. This is reflected in the consolidated cash flow statement in the report and accounts. The Company’s profit and loss includes these receipts but is also impacted by market movements.
The portfolio turnover in FY 22 was approximately 100% as you correctly state. We are not buy and hold investors irrespective of valuation and tend to change the portfolio when companies are fully valued, when circumstances change or when better opportunities present themselves. We also top up holdings into ex-dividend dates to ensure maximum revenue generation which in recent years has been more prevalent as Asia’s dividend growth has been below expectations, mainly due to Covid-19. Additional turnover is also created should some of our options get exercised, although this is relatively small. Finally, the investment of monies received from share issuance is included in these turnover numbers. These are invested into existing positions with a focus on companies about to go ex dividend to ensure existing shareholders revenue is not diluted. This combination of style, revenue maximisation and share issuance is responsible for the relatively high turnover.
The numbers quoted above relate to the financial year ending in August 22. We are about to release our 2023 results in the coming weeks and I will be more than happy to answer any questions you may have regarding these should you require.
Regards, Mike Kerley
Ad
''I of course meant beyond that''
how often do you expect an increase FFS
''you are clearly indicating you think the dividend will be maintained or increased''
really? -maybe you should clear your hazy brain.
I would be more than happy with a 6.1p quarterly dividend for the next 5 years.
HFEL can only distribute from income generated - they do not control what the underlying companies wish to do regarding dividend payments in the future.
I of course meant beyond that and you are clearly indicating you think the dividend will be maintained or increased as the Managers are aiming for. I believe I said that already.
Ad
''who think the dividend will indeed be increased as the managers suggest.''
there is no thinking - the quarterly amount has recently been increased from 6p to 6.1p
Putting you on filter is not the same as tying to get you banned.
And back on filter you go. I should've known better.
Sorry to everyone else.
mr guitarsolo
aren't you disingenuous.
i offered to chat with you privately and you want me banned.
ade, no one is hell bent on knowing (or caring) what you own, buy or sell. just don't say (on 30th august) "i sold out after i started posting on this board" and then (on 31st october) say "i never said i was not a shareholder"!
my point exactly and disingenuously you did not post the whole chat.
you are the one who mentioned fascist and ******s e.t.c i don't know why.
"if you're going to claim the company is dividend washing, provide evidence. or at least say "i think this but can't prove it".
first if you do not believe understand or accept that is fine.
i will refer to an answer i gave some months or years ago.
i did discuss with you and rio was shown to be bought cumd and sold xd. followed by gerry. i miss him.
if i am actually wrong the reality means there is funky accounting. can be checked by following the monthly factsheet.
some but not all or even a majority can be verified unless the investor is very diligent.
100% turnover , indicator but not proof.
now this is becoming irrelevant the fund yields 12% on this board you should be discussing if that dividend is going to be cut not whether i have 0% or 1.4% holding what and when i said it.
knowing my holdings will not make you a damn penny or give any information about hfel. some people just can/t leave it though.
you are the one who wants to get me banned.
FFS! Ade, no one is hell bent on knowing (or caring) what you own, buy or sell. Just don't say (on 30th August) "I sold out after I started posting on this board" and then (on 31st October) say "I never said I was not a shareholder"!
If you're going to claim the company is dividend washing, provide evidence. Or at least say "I think this but can't prove it".
Lastly, I never called you a fascist. I said I filtered people who were fascist from other boards. You joined the list for being disingenuous.
Kientio
As I mentioned earlier in this chat we all know the recent history if there is a saving grace it will be maintenance of the dividend,
I would suggest watching the earnings of HFEL I have done so here https://www.lse.co.uk/ShareChat.html?ShareTicker=HFEL&share=Hendfar-East&thread=9E1A8AAB-9221-4721-ACCF-505E49E93ADF
This board is now somewhat split into those who think the dividend will be cut and those who think the dividend will indeed be increased as the managers suggest.
I have not really posted an opinion on the sustainability because I understand the varying points of view.
I would suggest at the very least monitor the earnings.
Guitarsolo,
Transparency of what everyone is hell bent on knowing what I own sold or did not sell or said about wat I own. And you want to get me banned for being a fascist or something.
This is your agender.
What does this have to do with various metrics and management of the fund?
HFEl is, unfortunately, my largest holding. The only. consolation, otherthan the. dividend, is that thedirectors. have. fairly large. holdings. and. so their interests are aligned. with. mine .
There is aninteresting letter from the. chairman posted on ADVFN. They believe. their. strategy is appropiate and that. they can maintain a rising yield.
Oh Jeez Ade, you really are hard work. Saying you have posted unsubstantiated claims is not the same as saying you're lying. It is saying you have CLAIMED something without providing the EVIDENCE to back it up. You could be right, you could be wrong. Without evidence we don't know. That is not the same as saying you're lying.
Again, my happiness is unaffected whether you own HFEL shares or not.
I have no agenda. I have been a shareholder for many years and take the dividend. I don't trade it. I occassionally add.
I welcome discussion where thoughts are evidenced. If they can't be evidenced they can still be presented but with clarity that it's a theory/ hunch.
Above all, transparency matters.
Mr Guitarsolo
Accusing me of lying again.
You accuse me of not being able to count, lying, not happy I have sold HFEL, don't care I have sold HFEL.
Me thinks you are the one with the agenda.
A market wobble here has become full-on panic!