Aberdeen Diversified Income and Growth Trust plc

Investing across asset classes aiming to deliver reliable income and growth

Daily prices as of 03 Aug 2021

Share Price 99.25p

Estimated NAV cum income 119.64p

Estimated NAV ex income 120.26p

Dividend Yield 5.6%

Premium / (Discount) to NAV cum income -17.0%

Premium / (Discount) to NAV ex income -17.5%

Annual General Meeting (AGM)

The 2021 Annual General Meeting had to be held behind closed doors but the Manager has prepared the following presentation which we hope shareholders find useful. The Board hopes, and intends, that the 2022 Annual General Meeting will be held in person.

The necessary resolution was passed at the AGM removing wording relating to Libor, due to the phasing out of its use, and changing the Company's investment objective from 23 February 2021 to: The Company seeks to provide income and capital appreciation over the long term through investment in a globally diversified multi-asset portfolio. At the same time the performance measure was also changed to: NAV total return (defined as change in NAV plus dividends reinvested) of 6% per annum over a rolling five year period.

Latest news

An update from our investment manager, Nalaka De Silva - 22 June 2021

Listed Alternatives drove returns during the month, closely followed by Listed Equity and Fixed Income and Credit.

Within listed alternatives, John Laing Group was a significant contributor to fund performance during May following a bid by KKR. The shares rallied strongly on the news of an all-cash bid for the infrastructure company at a significant premium to the prevailing NAV. Several renewable infrastructure companies produced Q1 NAVs during the month with NAV total returns (including dividends paid) ranging from -2.3% for Foresight Solar to 2.2% for Aquila European Renewables Income. As expected, planned changes to UK corporation tax was primarily the largest detractor from returns, with investments not exposed to the UK generally delivering positive returns. HICL Infrastructure and 3i Infrastructure both announced full year results during the month. 3i Infrastructure produced a NAV total return (including dividends paid) of 9.2% to the end of March reflecting strong operational performance across the portfolio. HICL produced a NAV total return (including dividends paid) of 5.5% with increasing valuations helping to offset
macroeconomic changes including higher UK corporation tax.

Within listed equity, global equities were modestly positive over the month, leading to the fourth consecutive month of gains. Equity markets did experience heightened volatility as investors considered the impact of improving economic indicators and the potential for sustained increases in inflation. Against this backdrop our sustainable core equity allocation performed broadly in line with global equities while our equity satellites experienced mixed relative performance over the month. Our UK mid-cap strategy outperformed global equities while our green equity infrastructure underperformed.

EM local currency bonds produced a positive return in May with income, bond prices and FX, when measured against out funding basket, all contributing positively to returns.

Companies selected for illustrative purposes only to demonstrate the investment management style described herein and not as an investment recommendation or indication of future performance.

About us

Aberdeen Diversified Income and Growth Trust seeks to provide income and capital appreciation through investment in a globally diversified multi-asset portfolio.

Our aim:

  • To provide our shareholder with a diversified portfolio of assets that investors are unable to access themselves using ASI's broad investment capability
  • To provide investors with a stable and growing dividend
  • To provide investors with NAV growth

 

Key differentiators:

  • Genuinely diversified across a range of a range of attractive asset classes
  • Globally diversified portfolio that spans Public and Private Markets
  • Harnessing ASI's substantial breadth and depth of resource

 

Learn more about the portfolio

Key people

NalakaDeSilva

Nalaka De Silva

Head of Private Market Solutions

Nalaka is responsible for developing and implementing strategies across the Private Markets spectrum. This includes investments across Private Equity, Infrastructure, Real Estate, Natural Resources and Private Credit on a global basis. Solutions based strategies are designed around client outcomes including growth, income and proactive ESG strategies.

Nalaka joined Aberdeen Standard Investments in 2012. Prior to this, Nalaka held senior roles at Australian and European Investment management firms. He has lead M&A activity, off-market acquisitions and divestments of assets, offshore and onshore capital rising in debt and equity markets. Nalaka is a Qualified Chartered Accountant and holds a postgraduate degree in Commercial Law and Accounting.

Jennifer Mernagh

Jennifer Mernagh

Investment Director

Jennifer Mernagh is an Investment Manager in ASI's Multi-Asset Solutions Research team. She specialises in alternative investing, and is responsible for research that contributes to portfolios investing across public and private markets. Jennifer was previously a portfolio manager and member of the Global Macro investment team on the Alternative Investment Strategies desk. Prior to that Jen worked for RBS managing alternative investment portfolios on behalf of Coutts clients. Jen started her career as an Analyst at Sanlam, a South African financial services company. Jen graduated with a BSc in Investment and Financial Risk Management from City University. She represents ASI on the Alternative Investment Management Association's Council, its Research Committee, and its Diversity & Inclusion Steering Group.

  • NalakaDeSilva

    Nalaka De Silva

    Head of Private Market Solutions

    Nalaka is responsible for developing and implementing strategies across the Private Markets spectrum. This includes investments across Private Equity, Infrastructure, Real Estate, Natural Resources and Private Credit on a global basis. Solutions based strategies are designed around client outcomes including growth, income and proactive ESG strategies.

    Nalaka joined Aberdeen Standard Investments in 2012. Prior to this, Nalaka held senior roles at Australian and European Investment management firms. He has lead M&A activity, off-market acquisitions and divestments of assets, offshore and onshore capital rising in debt and equity markets. Nalaka is a Qualified Chartered Accountant and holds a postgraduate degree in Commercial Law and Accounting.

  • Jennifer Mernagh

    Jennifer Mernagh

    Investment Director

    Jennifer Mernagh is an Investment Manager in ASI's Multi-Asset Solutions Research team. She specialises in alternative investing, and is responsible for research that contributes to portfolios investing across public and private markets. Jennifer was previously a portfolio manager and member of the Global Macro investment team on the Alternative Investment Strategies desk. Prior to that Jen worked for RBS managing alternative investment portfolios on behalf of Coutts clients. Jen started her career as an Analyst at Sanlam, a South African financial services company. Jen graduated with a BSc in Investment and Financial Risk Management from City University. She represents ASI on the Alternative Investment Management Association's Council, its Research Committee, and its Diversity & Inclusion Steering Group.

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.

Trevor Bradley

Trevor Bradley

Independent Non-Executive 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.

Tom Challenor

Tom Challenor

Senior Independent Director and Chairman of the Audit Committee

Appointed a Director on 6 April 2017, Chairman of the Audit Committee on 1 November 2018 and Senior Independent Director on 4 June 2021, 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.

silhouette male

Alistair Mackintosh

Independent Non-Executive Director

Appointed a Director on 1 May 2021, Alistair Mackintosh was a partner with Actis LLP, a leading investor in growth markets across Africa, Asia and Latin America from its inception in 2004 until 2018. He served as Chief Investment Officer for twelve years, and chaired the Investment Committees of Actis' Private Equity, Infrastructure, Energy and Real Estate funds. Previously, Alistair spent fifteen years with PPM Capital Ltd (now Silverfleet Capital), the mid-market private equity business of Prudential plc.

Anna Troup

Anna Troup

Independent Non-Executive 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.

  • 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.

  • Trevor Bradley

    Trevor Bradley

    Independent Non-Executive 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.

  • Tom Challenor

    Tom Challenor

    Senior Independent Director and Chairman of the Audit Committee

    Appointed a Director on 6 April 2017, Chairman of the Audit Committee on 1 November 2018 and Senior Independent Director on 4 June 2021, 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.

  • silhouette male

    Alistair Mackintosh

    Independent Non-Executive Director

    Appointed a Director on 1 May 2021, Alistair Mackintosh was a partner with Actis LLP, a leading investor in growth markets across Africa, Asia and Latin America from its inception in 2004 until 2018. He served as Chief Investment Officer for twelve years, and chaired the Investment Committees of Actis' Private Equity, Infrastructure, Energy and Real Estate funds. Previously, Alistair spent fifteen years with PPM Capital Ltd (now Silverfleet Capital), the mid-market private equity business of Prudential plc.

  • Anna Troup

    Anna Troup

    Independent Non-Executive 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.

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. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors. 

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