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 co-investment manager Tony Foster – 26 August 2020

The return prospects for risk assets are being driven by two competing forces: the unprecedented wave of liquidity and fiscal support for economies which has been unleashed by governments and central banks and the recessionary / deflationary (or, indeed, inflationary) actions which have been necessary to combat the spread of Covid-19. The former has helped investor confidence to recover from the melt-down in March and has been reflected, most notably, in a sharp rise in US technology-related shares. The latter will continue to be a dominant feature of daily life for all of us for some time to come, possibly until a vaccine is successfully rolled out.

The Company's portfolio offers exposure to a wide range of asset classes, each with different return drivers and risk characteristics, and is designed to deliver investors an attractive and reliable level of income. As a result of the actions against Covid-19, global equity dividends are showing the sharpest decline since 2009 (with UK equity dividends expected to fall by around 40% in the current year). Shareholders will be interested to note that equity dividends are only expected to represent just over 10% of the portfolio's income stream in the financial year to 30 September 2020. The portfolio's private markets investments, in areas such as in healthcare royalties, where the first payment linked to sales of a well-established epilepsy drug has just been received, underpin our confidence in the income potential of the portfolio.

Over recent months, the Company's capital value has benefitted from a partial recovery in economically sensitive investments, in areas such as European asset backed securities (ABS), where market sentiment has improved after the sharp sell-off in February / March but, in our opinion, valuations remain attractive. The uncertainties in the economic outlook have been reflected in the relatively weak performance of UK equities and a widening of discounts across much of the investment trust sector. It is very disappointing that the Company's share price has not been immune from these pressures. Our view remains that the best way to approach uncertainty is to hold an actively managed portfolio of diversified assets which will provide a level of resilience in the face of further volatility as well as an attractive income to shareholders.

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

Learn more about the portfolio

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.
Read the detailed risk warning
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