Aberdeen Diversified Income and Growth Trust - Spelling out the portfolio blocks
Aberdeen Diversified Income and Growth Trust (ADIG), a diversified multi-asset fund, has undergone a considerable change during Q420, as the board addressed the disappointing performance since 2017. We believe the change in strategy and the new team provide a turnaround opportunity. After a strategic review in October-November 2020, the manager, Aberdeen Standard Investments (ASI), simplified the strategy, segmented the investible asset classes into four asset buckets (listed equities, fixed income & credit, listed alternatives, private markets) and emphasised the sustainability of the dividend. The manager's plan to maintain or increase currently covered (1.0x) dividends should be supported by the lower interest expense after the partial bond repurchase in early November 2020 and the use of revenue reserves.Aberdeen Diversified Income and Growth Trust is an investment trust, which invests via quoted and unquoted investments. Co.'s portfolio consists of investments from a range of asset classes. Co.'s portfolio may include equity-focused investments, alternative diversifying assets (including, but not limited to, high yield bonds and loans, emerging market debt, asset backed securities, property, infrastructure, commodities, absolute return investments, insurance linked, farmland, royalty-based investments and aircraft leasing) and low return assets such as gold, investment grade credit, tail risk hedging and government bonds. Co.'s investment is managed by Aberdeen Fund Managers Limited.
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