Aberdeen Diversified Income and Growth Trust plc

Investing across asset classes aiming to deliver reliable income and growth

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Latest news

An update from our investment manager, Tony Foster

The past month has seen some of the most extraordinary developments in modern history. Major global economies are being severely impacted by the coronavirus pandemic and many people – including our team – are working from home. Financial market volatility has returned to levels of seen at the peak of the 2008-09 crisis.

We made a number of changes to our portfolio as the outlook became increasingly uncertain. Our first response was to reduce risk in the portfolio and raise our cash holding in preparation for the return opportunities that were likely to arise as markets adjusted to the new normal. We cut our exposure to equities and emerging market (EM) bonds by five percent of portfolio assets each in early March and made a further reduction to our EM bond position later in the month. These actions have added to the relative resilience of our portfolio.

We now believe that some asset prices have reached very attractive levels, partly as a consequence of market panic and indiscriminate selling. We have reinvested around half of the cash raised in the first half of March. We have increased our exposure to listed social and renewable infrastructure companies and added a listed music royalties investment, Hipnosis Songs. We have not yet added to our equity exposure: the uncertainties are still too great and, in our view, a better risk-adjusted return is on offer from alternative investments.

Our longer term, unlisted investments – which give us access to highly attractive returns from specialist areas such as development infrastructure, litigation finance and farm land – are a key part of our investment approach. We are in regular contact with our managers of these investments to assess the impact of coronavirus on their underlying assets.

Our investment philosophy remains unchanged: the best way to approach uncertainty is to hold an actively managed portfolio of diversified assets. We assess the best risk and reward opportunities from our investment universe and build a portfolio which aims to deliver our longer term objectives by spreading our risk across a broad range of different return drivers.

About us

The diversified multi-asset investment trust

Aberdeen Diversified Income and Growth Trust is an investment company listed on the London Stock Exchange which aims to offer:

  • A genuinely diversified portfolio with access to alternative asset classes
  • An attractive dividend with the potential to grow
  • Volatility around half that of equities
  • The broad expertise of Aberdeen Standard Investments

Hear more from our investment managers Mike Brooks and Tony Foster:

 

Key people

Mike Brooks

Mike Brooks

Head of Diversified Multi-Asset Strategies

Mike Brooks is Head of Diversified Multi Asset Strategies. Mike joined Aberdeen in 2015 from Baillie Gifford where he was an Investment Manager in the Diversified Growth team. He co-founded the Diversified Growth strategy at Baillie Gifford in 2008, playing a leading role in the development of the philosophy and process, in the ongoing management of the fund and in the successful expansion of the client base. Mike joined Baillie Gifford in 2000 as Head of Investment Risk. Prior to this he was Head of Quantitative Research at Aegon Asset Management. Mike is a qualified actuary.

Tony Foster

Tony Foster

Senior Investment Manager

Tony Foster is a Senior Investment Manager on the Diversified Multi-Asset Team within Aberdeen Solutions. His current research responsibilities include closed end funds for the Aberdeen Diversified Growth Fund and other multi-asset clients. Tony joined Aberdeen following the SWIP acquisition in April 2014. At SWIP, he managed a number of UK equity portfolios and also the Halifax Fund of Investment Trusts OEIC. Prior to joining SWIP in 2000, Tony spent nearly 12 years with Baillie Gifford working in the UK and Asia Pacific equity teams. His portfolio management responsibilities included a number of investment trusts.

Tony holds a First Class Honours BA in Metallurgy, Economics and Management from the University of Oxford and is an Associate of the UK Society of Investment Professionals.

  • Mike Brooks

    Head of Diversified Multi-Asset Strategies

    Mike Brooks is Head of Diversified Multi Asset Strategies. Mike joined Aberdeen in 2015 from Baillie Gifford where he was an Investment Manager in the Diversified Growth team. He co-founded the Diversified Growth strategy at Baillie Gifford in 2008, playing a leading role in the development of the philosophy and process, in the ongoing management of the fund and in the successful expansion of the client base. Mike joined Baillie Gifford in 2000 as Head of Investment Risk. Prior to this he was Head of Quantitative Research at Aegon Asset Management. Mike is a qualified actuary.

  • Tony Foster

    Senior Investment Manager

    Tony Foster is a Senior Investment Manager on the Diversified Multi-Asset Team within Aberdeen Solutions. His current research responsibilities include closed end funds for the Aberdeen Diversified Growth Fund and other multi-asset clients. Tony joined Aberdeen following the SWIP acquisition in April 2014. At SWIP, he managed a number of UK equity portfolios and also the Halifax Fund of Investment Trusts OEIC. Prior to joining SWIP in 2000, Tony spent nearly 12 years with Baillie Gifford working in the UK and Asia Pacific equity teams. His portfolio management responsibilities included a number of investment trusts.

    Tony holds a First Class Honours BA in Metallurgy, Economics and Management from the University of Oxford and is an Associate of the UK Society of Investment Professionals.

Davina Walter

Davina Walter

Chairman

Davina Walter was appointed a Director on 1 February 2019 and Chairman on 26 February 2020. She is currently employed as an investment consultant having started her career at Cazenove & Co where she spent more than 11 years involved in US equity research. She spent over 16 years as an investment manager of US equity portfolios, most recently as a Managing Director at Deutsche Asset Management. She has been actively involved with investment trusts since 1985 and is currently Chairman of JPMorgan US Smaller Companies Investment Trust.

Tom Challenor

Tom Challenor

Chairman of Audit Committee

Appointed a Director on 6 April 2017 and Chairman of the Audit Committee on 1 November 2018, Tom is a director of Euroclear (UK & Ireland) Limited. He was formerly a director of Cofunds Limited, Xtrakter Limited and Threadneedle Lux (SICAV). During his career with Threadneedle Asset Management he was Director of Strategy and Risk from 2005-2009 and CFO from 1997-2005. Tom is a non-executive director of Threadneedle India Fund Limited

Julian Sinclair

Julian Sinclair

Senior Independent Director

Julian Sinclair was appointed a Director on 21 July 2015 and Senior Independent Director on 26 February 2020. He is Chief Investment Officer at Macdoch Group, prior to which he was Chief Investment Officer at Talisman Global Asset Management Limited, a Senior Portfolio Manager at BlueBay Asset Management plc and a Partner at Altima Partners LLP. He started his career at Gartmore as an analyst and portfolio manager.

Anna Troup

Anna Troup

Director

Appointed a Director on 1 August 2019, Anna Troup qualified as a lawyer with Slaughter and May. She has been employed in the financial services industry since 1997, having spent over 10 years at Goldman Sachs and more than 12 years as an investment management professional, most recently as head of UK Bespoke Solutions at Legal & General Investment Management. She is also an independent non executive director of T Bailey Fund Services.

Trevor Bradley

Trevor Bradley

Director

Appointed a Director on 1 August 2019, Trevor Bradley was a partner and member of the Management Board at Ruffer LLP. He was responsible for growing and leading the firm's institutional investment business and managed over £1 billion of multi-asset portfolios for pension funds, charities and other institutions. Prior to Ruffer, he was a management consultant at McKinsey & Company and a UK equity portfolio manager at Mercury Asset Management.

  • Davina Walter

    Chairman

    Davina Walter was appointed a Director on 1 February 2019 and Chairman on 26 February 2020. She is currently employed as an investment consultant having started her career at Cazenove & Co where she spent more than 11 years involved in US equity research. She spent over 16 years as an investment manager of US equity portfolios, most recently as a Managing Director at Deutsche Asset Management. She has been actively involved with investment trusts since 1985 and is currently Chairman of JPMorgan US Smaller Companies Investment Trust.

  • Tom Challenor

    Chairman of Audit Committee

    Appointed a Director on 6 April 2017 and Chairman of the Audit Committee on 1 November 2018, Tom is a director of Euroclear (UK & Ireland) Limited. He was formerly a director of Cofunds Limited, Xtrakter Limited and Threadneedle Lux (SICAV). During his career with Threadneedle Asset Management he was Director of Strategy and Risk from 2005-2009 and CFO from 1997-2005. Tom is a non-executive director of Threadneedle India Fund Limited

  • Julian Sinclair

    Senior Independent Director

    Julian Sinclair was appointed a Director on 21 July 2015 and Senior Independent Director on 26 February 2020. He is Chief Investment Officer at Macdoch Group, prior to which he was Chief Investment Officer at Talisman Global Asset Management Limited, a Senior Portfolio Manager at BlueBay Asset Management plc and a Partner at Altima Partners LLP. He started his career at Gartmore as an analyst and portfolio manager.

  • Anna Troup

    Director

    Appointed a Director on 1 August 2019, Anna Troup qualified as a lawyer with Slaughter and May. She has been employed in the financial services industry since 1997, having spent over 10 years at Goldman Sachs and more than 12 years as an investment management professional, most recently as head of UK Bespoke Solutions at Legal & General Investment Management. She is also an independent non executive director of T Bailey Fund Services.

  • Trevor Bradley

    Director

    Appointed a Director on 1 August 2019, Trevor Bradley was a partner and member of the Management Board at Ruffer LLP. He was responsible for growing and leading the firm's institutional investment business and managed over £1 billion of multi-asset portfolios for pension funds, charities and other institutions. Prior to Ruffer, he was a management consultant at McKinsey & Company and a UK equity portfolio manager at Mercury Asset Management.

Financial calendar

Year End 30 September
Accounts Published January
Annual General Meeting February
Dividend Paid January, March, July, October

Trust details

Aberdeen Diversified Income and Growth Trust plc

Registered Office:
1 George Street,
Edinburgh,
EH2 2LL

Registered in Scotland as an Investment Company Number SC003721

Launch Date: 1898

Risk warning

Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
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