Review: Finding income across the market cap spectrum
The Diverse Income Trust (DIVI) is a relatively new trust, launched in 2011 by Miton, aiming to achieve a growing income and some capital appreciation from a portfolio of UK companies. Unlike many equity income funds it has a strong bias towards smaller companies, which its managers say are better able to outperform in the uncertain economic conditions they expect in the post-credit boom years. Managers Gervais Williams and Martin Turner maintain a relatively long stock list (c 140 holdings) and market risk is reduced by a FTSE 100 put option covering c 25% of the portfolio. Risk-adjusted performance has been strong and the trust consistently trades at a premium; it recently raised £50m in a C share issue.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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