High Yield Investment Trusts - AIC Sector and Yield table (March 2019)

[Itsallaguess]

As it's coming up to a new ISA period, I thought it would be worth re-running the AIC Sector high-yield Investment Trust filter in case anyone is on the lookout for new and interesting income-investment options.

Below is a table of Investment Trusts in March 2019 with a yield over 2.5%, broken down by AIC Sector, and then listed in order of yield, in descending order per sector -



I've dip-checked the above data, but it should be used only as a starting-point for further investigation, and it should certainly be the case that you should carry out your own due-diligence on any data that you may use for any subsequent investment decisions that you might make.

The above data can be re-generated by using the link below to the AIC website -

https://tinyurl.com/yawfc9zy

Here are some instructions to be able to generate up-to-date yield-data in the future, using the above excellent website -

1. Open the AIC website (https://tinyurl.com/yawfc9zy)

2. Select the 'AIC Sector Selection' button, and deselect all 'AIC VCT Sectors'

3. Select the 'Filters' button, and then set the 'Dividend Yield' option to '2.5%+'

4. You should now have an up-to-date yield table similar to the above, broken down by AIC Sectors.

5. If you want to import that data into a spreadsheet, to perhaps then rank by yield or similar, then you should enable the option to view the data in 'Print Mode' by selecting the 'Save / Print' option, and then selecting the 'Enable Print Mode' button - the data will then be represented on-screen in a way that can be selected and copied into a spreadsheet.

Please do note that if you don't select the 'Enable Print Mode' option, and you try to copy the data into a spreadsheet, then it's likely to only copy some of the data...

If anyone is interested in looking at any of the underlying investments behind any of the above income IT's, then the following post will help with some instructions on how to do that -

https://www.lemonfool.co.uk/viewtopic.php?f=31&t=15549&p=191407#p191455

Link to Jan 2019 data - https://www.lemonfool.co.uk/viewtopic.php?f=31&t=15549

Cheers,

Itsallaguess

[Dod101]

Itsallaguess

Many thanks for all that data. I have not had time to extract my own data based on your instructions but could I just say that my definition of a High Yield Investment Trust would be one with a yield of say 4% or more? A yield of 2.5% is much less than I would need if I were looking for a high yield investment of any sort.

Anyway as I said I am certainly not complaining because your numbers make a great starting point.

Dod

[Itsallaguess]

I have not had time to extract my own data based on your instructions but could I just say that my definition of a High Yield Investment Trust would be one with a yield of say 4% or more?

A yield of 2.5% is much less than I would need if I were looking for a high yield investment of any sort.

Totally agree Dod, but I've set the above 2.5% yield figure with a view to help with data-quality more than anything else, with a view that seeing something in the list that may actually have a higher yield might be easier to spot than not seeing that entry in the list at all, if it's perhaps got some duff lower-yield data....

I tend to think that the 'Better to have and not need, than need and not have' approach is always the best one for this type of thing, but I do agree that in an ideal world we'd be able to filter out a little bit higher that this.

Hopefully the data is still useful.

Cheers,

Itsallaguess

[OZYU]

Careful folks, some of the yields are wrong, for example two my wife holds, EAT and IPU, have been wrong on the AIC website for quite some time. Have not checked in detail, but others look suspicious, so as usual do further investigate before investing.

In doing such extensive work, anything beyond, say, 10% yield or below around 3% should, imho, have been filtered out for the stated purpose.

Ozyu

[Itsallaguess]

Careful folks, some of the yields are wrong, for example two my wife holds, EAT and IPU, have been wrong on the AIC website for quite some time.

Thanks for that OZYU - we also saw a couple of issues in the January run of this data, and we were very helpfully joined here by a user who is actually involved with the collation of this AIC data.

When a couple of the earlier data-quality issues were mentioned, I think he was able to get directly involved to then remedy the situation - I remember RIT Capital Partners was one anomaly last time around, and I did check this morning that it's now correctly gone from this 2.5% and over yield-data.

So with that in mind, I'll bring your very helpful post to his attention again this time, and hopefully he''ll be able to carry out a similar exercise at source with your EAT and IPU comments.

You're right to point out that a single source of data like this should never be used as a primary reason to actually invest capital, and I do take care to ensure that I always point out the fact that no data is infallible on all the types of tabular data that I post up here.

Nevertheless, I do hope that sometimes finding such anomalies doesn't detract too much from the usefulness of this type of data, and I certainly think that it's always useful to at least be able to see other sectors or areas of investment where income-level yields might be available, that might add some useful diversity to our own portfolios.

Cheers,

Itsallaguess

[monabri]

Noting that EAT

"Application has been made for the EAT PLC shares to be admitted to the premium segment of the Official List and to trading on the premium segment of the Main Market of the London Stock Exchange, with expected admission to trading at 8.00 a.m. on 18 March 2019."

and the last quarterly dividend announced Feb 20th.

"European Assets Trust announces that a gross dividend of Euro 0.017499 per share (net rate - Euro 0.0171) will be paid on 15 March 2019 to shareholders on the register on 1 March 2019, having an ex-dividend date of 28 February 2019. "

So, I'd expect an overall yield for 2019 to be just over 6% based on Friday's close.

[stevensfo]

I was surprised to see Law Debenture labelled as a 'Global' IT since it's 75% invested in the UK.

I just checked the latest report and sure enough, it is Global, but not for long:

Recognising that we have consistently allocated at least 70% of the portfolio to UK stocks, the board has taken the decision to move to a UK sector AIC category from the current global sector classification later this year. We support this move; we believe the performance of the portfolio will remain more closely linked to the performance of UK markets than it will to that of broader global markets.

Thanks for the table. Very useful!!

Steve

[DavidM13]

Careful folks, some of the yields are wrong, for example two my wife holds, EAT and IPU, have been wrong on the AIC website for quite some time.

Thanks for that OZYU - we also saw a couple of issues in the January run of this data, and we were very helpfully joined here by a user who is actually involved with the collation of this AIC data.

When a couple of the earlier data-quality issues were mentioned, I think he was able to get directly involved to then remedy the situation - I remember RIT Capital Partners was one anomaly last time around, and I did check this morning that it's now correctly gone from this 2.5% and over yield-data.

So with that in mind, I'll bring your very helpful post to his attention again this time, and hopefully he''ll be able to carry out a similar exercise at source with your EAT and IPU comments.

You're right to point out that a single source of data like this should never be used as a primary reason to actually invest capital, and I do take care to ensure that I always point out the fact that no data is infallible on all the types of tabular data that I post up here.

Nevertheless, I do hope that sometimes finding such anomalies doesn't detract too much from the usefulness of this type of data, and I certainly think that it's always useful to at least be able to see other sectors or areas of investment where income-level yields might be available, that might add some useful diversity to our own portfolios.

Cheers,

Itsallaguess

Thanks for the nudge here. I will look tomorrow and report back! Apologies for the delay all!

[DavidM13]

Careful folks, some of the yields are wrong, for example two my wife holds, EAT and IPU, have been wrong on the AIC website for quite some time. Have not checked in detail, but others look suspicious, so as usual do further investigate before investing.

In doing such extensive work, anything beyond, say, 10% yield or below around 3% should, imho, have been filtered out for the stated purpose.

Ozyu

Hi Ozyu,

Invesco Perpetual UK Smaller - I agree this looks off. I am taking it up with our friends at Morningstar for an explanation.


AIC site has European Assets Trust on 7.6%
I wonder if you think this is too high and should be 6%? The policy is to pay out 6% of NAV but since the NAV is about 20p higher than price, and yield is quoted on price, could this be where the disconnect is?

The company just brought out its annual results for 2018 and confirmed a dividend of 8.15p for the year. So divided by today’s share price of 98.85 that is a yield of around 8.2%. The yield on the AIC is slightly lower as that factors in what we know so far for the 2019 financial year.

[DavidM13]

If you see any data issues on the AIC site please do feel free to use the "Contact us" button. We want the data accurate and timely as much as you do!

[DavidM13]

Careful folks, some of the yields are wrong, for example two my wife holds, EAT and IPU, have been wrong on the AIC website for quite some time. Have not checked in detail, but others look suspicious, so as usual do further investigate before investing.

In doing such extensive work, anything beyond, say, 10% yield or below around 3% should, imho, have been filtered out for the stated purpose.

Ozyu

Hi Ozyu,

Invesco Perpetual UK Smaller - I agree this looks off. I am taking it up with our friends at Morningstar for an explanation.


AIC site has European Assets Trust on 7.6%
I wonder if you think this is too high and should be 6%? The policy is to pay out 6% of NAV but since the NAV is about 20p higher than price, and yield is quoted on price, could this be where the disconnect is?

The company just brought out its annual results for 2018 and confirmed a dividend of 8.15p for the year. So divided by today’s share price of 98.85 that is a yield of around 8.2%. The yield on the AIC is slightly lower as that factors in what we know so far for the 2019 financial year.

Actually Ozyu, EAT is only 10p more on NAV than price so that doesn't explain it all. Give me a bit longer on that one. I think the estimate for 2019 should be 6% of last years end NAV of 103p which is 6.18p then apply that to the share price. I will verify and get that changed.

The AIC site will reflect the true yield of IPU in 20 minutes though as they have agreed that they overstated it.

[OZYU]

Careful folks, some of the yields are wrong, for example two my wife holds, EAT and IPU, have been wrong on the AIC website for quite some time. Have not checked in detail, but others look suspicious, so as usual do further investigate before investing.

In doing such extensive work, anything beyond, say, 10% yield or below around 3% should, imho, have been filtered out for the stated purpose.

Ozyu

Hi Ozyu,

Invesco Perpetual UK Smaller - I agree this looks off. I am taking it up with our friends at Morningstar for an explanation.


AIC site has European Assets Trust on 7.6%
I wonder if you think this is too high and should be 6%? The policy is to pay out 6% of NAV but since the NAV is about 20p higher than price, and yield is quoted on price, could this be where the disconnect is?

The company just brought out its annual results for 2018 and confirmed a dividend of 8.15p for the year. So divided by today’s share price of 98.85 that is a yield of around 8.2%. The yield on the AIC is slightly lower as that factors in what we know so far for the 2019 financial year.

Hello

As you know I don't hold these, but looking at my wife spreadsheet, which is usually pretty good:

EAT: Their RNS misleads, I think they are quoting gross for 2018 payments. Taking the 10 for 1 into account, they actually paid 7.716p in 2018. Hence the high quoted historical yield which only looks good because the sp has gone down, but was much lower during the year when payments were actually received, and would be misleading a CURRENT buyer, because they will pay 6.84 Eurocents in 2019, approx 5.85p this year, so the CURRENT yield is around 5.9%, her spreadsheet says 5.92%, and in fact could be less should GBP further strengthen during the year, as it has done a bit vs the Euro of late.


IPU: The IPU yield is way out, and they are very unlikely to repeat the large final increases of the past two years fir the time being, with the NAV being down on the year. Her spreadsheet says 4.47% yield on current data at last night close.


I note that the CTY divi data howler(which confused with data pertaining to CGLI appearing in there) has now been corrected on the AiC site.


Hope this helps


Ozyu

[DavidM13]

Careful folks, some of the yields are wrong, for example two my wife holds, EAT and IPU, have been wrong on the AIC website for quite some time. Have not checked in detail, but others look suspicious, so as usual do further investigate before investing.

In doing such extensive work, anything beyond, say, 10% yield or below around 3% should, imho, have been filtered out for the stated purpose.

Ozyu

Hi Ozyu,

Invesco Perpetual UK Smaller - I agree this looks off. I am taking it up with our friends at Morningstar for an explanation.


AIC site has European Assets Trust on 7.6%
I wonder if you think this is too high and should be 6%? The policy is to pay out 6% of NAV but since the NAV is about 20p higher than price, and yield is quoted on price, could this be where the disconnect is?

The company just brought out its annual results for 2018 and confirmed a dividend of 8.15p for the year. So divided by today’s share price of 98.85 that is a yield of around 8.2%. The yield on the AIC is slightly lower as that factors in what we know so far for the 2019 financial year.

Hello

As you know I don't hold these, but looking at my wife spreadsheet, which is usually pretty good:

EAT: Their RNS misleads, I think they are quoting gross for 2018 payments. Taking the 10 for 1 into account, they actually paid 7.716p in 2018. Hence the high quoted historical yield which only looks good because the sp has gone down, but was much lower during the year when payments were actually received, and would be misleading a CURRENT buyer, because they will pay 6.84 Eurocents in 2019, approx 5.85p this year, so the CURRENT yield is around 5.9%, her spreadsheet says 5.92%, and in fact could be less should GBP further strengthen during the year, as it has done a bit vs the Euro of late.


IPU: The IPU yield is way out, and they are very unlikely to repeat the large final increases of the past two years fir the time being, with the NAV being down on the year. Her spreadsheet says 4.47% yield on current data at last night close.


I note that the CTY divi data howler(which confused with data pertaining to CGLI appearing in there) has now been corrected on the AiC site.


Hope this helps


Ozyu

https://www.theaic.co.uk/companydata/209 IPU fixed and exactly in line with your spreadsheet!

[DavidM13]

EAT will display around 6.12% from tomorrow based on M* revised figures. So pretty much in line now.