Henderson Diversified Income (HDIV) has agreed heads of terms for a combination with Henderson High Income (HHI). As part of the deal, shareholders in HDIV will have the option to take cash for all or part of their holding if they choose. In July 2023, HDIV’s chairman noted (see our news story here) that the trust had shrunk through share buybacks, and that this was inflating its average running costs and affecting liquidity. More importantly, he also made some observations about the fund’s inv...
Henderson Diversified Income (HDIV) is managed with a focus on good quality issuers operating in growing industries. Sustainability is an important factor in any assessment of quality. On 25 February 2022, shareholders overwhelmingly approved a new investment objective and policy that seeks to better define and highlight the trust’s approach to ESG issues. Recent market jitters triggered by the war in Ukraine have left HDIV trading on a much wider discount and higher yield than its long-run ave...
Henderson Diversified Income (HDIV) is managed with a focus on good quality issuers of debt securities operating in growing industries. Sustainability is an important factor in any assessment of quality. On 25 February 2022, shareholders overwhelmingly approved a new investment objective and policy that seeks to better define and highlight the trust’s approach to environmental, social and governance (ESG) issues. Recent market jitters triggered by the war in Ukraine have left HDIV trading on a...
Henderson Diversified Income Trust (HDIV) focuses on high-quality companies with sustainable business models. It was resilient in the face of COVID-19-related market falls, but has not benefitted from the bounce in debt issued by cyclical and low-quality borrowers that has occurred since last November’s vaccine news. Nevertheless, its three-year figures are well-ahead of those of competing funds. Over 2021 to date, HDIV’s shares have moved to trade at a discount to NAV. We think that this is un...
Henderson Diversified Income Trust (HDIV) focuses on high-quality companies with sustainable business models. It was resilient in the face of COVID-19-related market falls, but, unlike some of its peers, has not benefitted from the bounce in the prices of debt issued by low-quality borrowers and those whose business models are sensitive to shifts in the economic cycle that has occurred since last November’s vaccine news. Nevertheless, its three-year figures are well-ahead of those of competing f...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Last year, as COVID-19-related panic took hold of markets, Henderson Diversified Income’s (HDIV’s) managers geared up to pick up some bargains and lock in an attractive revenue stream. The discovery of a number of vaccines for COVID-19 has since injected hope into markets and triggered a sharp recovery in stock and bond prices for many struggling companies. However, this relief for structurally challenged companies will likely prove temporary. HDIV’s focus on high-quality companies with sustaina...
Last year, as COVID-19-related panic took hold of markets, Henderson Diversified Income’s (HDIV’s) managers increased HDIV’s exposure to the market by borrowing money to invest and increasing the trust’s holdings of credit derivatives (see page 8 for an explanation). This enabled the trust to pick up some bargains and lock in an attractive income stream.
Henderson Diversified Income (HDIV) is managed with a distinct investment style which favours businesses with sustainable cash flows. Some of the sectors that have been worst affected by the COVID-19 pandemic, such as airlines and energy, were therefore absent from the portfolio. The managers took advantage of HDIV’s closed-end structure to make some opportunistic investments and increase gearing close to the bottom of markets. These transactions help lay the foundations for future outperformanc...
A director at Henderson Diversified Income Trust maiden bought 50,000 shares at 94p and the significance rating of the trade was 55/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the...
…but caution is required. The managers of Henderson Diversified Income (HDIV) stuck to their guns in the face of a consensus view of rising interest rates and inflation. This stance, and their focus on high-quality credits, has been rewarded in 2019, as central banks around the world have cut interest rates to tackle a slowing economy and investors fear a global recession. HDIV is the top-performing fund in the debt – loans and bonds sector, but perversely, is trading at a smaller premium than s...
…but caution is required. The managers of Henderson Diversified Income (HDIV) stuck to their guns in the face of a consensus view of rising interest rates and inflation. This stance, and their focus on high-quality credits, has been rewarded in 2019, as central banks around the world have cut interest rates to tackle a slowing economy and investors fear a global recession. HDIV is the top-performing fund in the debt – loans and bonds sector, but perversely, is trading at a smaller premium than s...
After a serious wobble in Q4 2018, the resurgence in markets that we have seen in 2019 may be the death-rattle of what is now a 10-year bull market. The managers of Henderson Diversified Income (HDIV) have been warning that markets are heading for falls as the economic cycle turns, and that we are likely to slip back into a prolonged period of low-no growth and low-to-no inflation. That would suit HDIV’s long duration, quality-focused portfolio.
After a serious wobble in the last few months of 2018, the resurgence in markets that we have seen in 2019 may be the death-rattle of what is now a 10-year bull market. The managers of Henderson Diversified Income (HDIV) have been warning that markets are heading for falls as the economic cycle turns, and that we are likely to slip back into a prolonged period of low-no growth and low-to-no inflation. That would suit HDIV’s high quality, long duration portfolio (the expected cash flows from its ...
The managers of Henderson Diversified Income (HDIV) are increasingly cautious on markets. Co-manager, John Pattullo, went as far as to quote ‘Game of Thrones’ in his latest blogpost. Not only are HDIV’s managers convinced that the upward phase of this economic cycle is drawing to a close but also that inflation, which has been on a rising trend in recent times, is nearing its peak. They say that we remain in an environment of low to no growth, low inflation/deflation and low interest rates by hi...
The managers of Henderson Diversified Income (HDIV) are increasingly cautious on markets. Co-manager, John Pattullo, went as far as to quote the famous “Winter is coming” line from ‘Game of Thrones’ in his latest blogpost. Not only are HDIV’s managers convinced that the upward phase of this economic cycle is drawing to a close but also that inflation, which has been on a rising trend in recent times, is nearing its peak. They say that we remain in an environment of low to no growth, low inflatio...
In the face of declining yields across its investment universe, the managers of Henderson Diversified Income Trust plc (HDIV) have decided to take a pragmatic and sensible approach by refusing to chase higher yielding but riskier opportunities. Instead the trust is paying the price for prudence by cutting its dividend. The managers say many shareholders have been consulted and are supportive of this move.
”‹Henderson Diversified Income Trust plc (HDIV) has completed its move to a UK domicile and it is business as usual. With the freedom to access the whole of the fixed and floating rate income market in search of returns, its managers remain focused on producing an attractive yield from a portfolio designed to protect investors’ capital. Its managers are delivering, consistently, benchmark-beating returns.
”‹Henderson Diversified Income Trust plc (HDIV) has completed its move to a UK domicile and, from both its board and managers’ perspective, it is business as usual. With the freedom to access the whole of the fixed and floating rate income market in search of returns, its managers remain focused on producing an attractive yield from a portfolio designed to protect investors’ capital. Its managers are delivering, consistently, benchmark-beating returns.
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