TIDMASEI
Aberdeen Standard Equity Income Tst
20 May 2019
Aberdeen Standard Equity Income Trust: New research
20/05/19
-- The long-standing manager, Thomas Moore, utilities a bottom
up approach to identifying opportunities, and is entirely index
agnostic in his approach...
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Aberdeen Standard Equity Income aims to offer investors an
above-average income, while also providing real growth in capital
and income for investors. This is achieved through investing in a
diversified portfolio of predominantly quoted UK equities.
The long-standing manager, Thomas Moore, utilities a bottom-up
approach to identifying opportunities, and is entirely index
agnostic in his approach. The end result is a portfolio very
different to peers and the benchmark. A stand out characteristic of
this is the bias towards the FTSE 250, offering exposure to
considerably more growth companies than peers and a typical equity
income trust. This is illustrated in the fact that over 60% of the
portfolio is invested outside the FTSE 100, showing Thomas's
ability to find companies in unloved areas and take advantage of
areas that other managers may be overlooking.
For Thomas, the valuation of a company and its cash flows are
the most important metrics and he hopes to invest in companies that
have high dividend growth potential and a high yield, but with
potential for a re-rating in the future.
Over the past five years the performance has been volatile, and
the trust has struggled to keep up with the benchmark. However this
is principally due to the out of favour, value-driven approach of
the manager. In particular Q4 of 2018 hindered performance, however
the trust has since recovered some of the losses in 2019 and the
trust has outperformed the benchmark FTSE All Share
year-to-date.
The trust has an exceptional record for dividend increases,
growing the dividend for 18 consecutive years. Last year saw an
increase of over 12%, despite there being considerably fewer
special dividends than the year before.
The trust is currently trading on a discount of 6%, wider than
the sector weighted average discount of 3.5% and the trust's
one-year average discount of 1.9%. Should we see the uncertainty
surrounding the UK dissipate, the discount would likely return back
close to par.
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