High Yield Investment Trusts - AIC Sector and Yield table (November 2023)

[Itsallaguess]

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Below is a table of AIC-listed Investment Trusts which yield 3.5% or higher on November 1st 2023.

The table is shown grouped by AIC sector, and then ranked in descending order of yield for each sector, and also shows relevant Discount or Premium information, along with the 5-year dividend growth-rate for each Investment Trust, and with an additional column showing the relevant OCF charges including performance fees. A figure for each Investment Trust showing 5-year total-return is now also included in the data.

Please note - the company names in the table below are URL links to the respective AIC 'Portfolio' page for each investment, which will then show the underlying holdings, geographic breakdown, and other useful company-specific information. From there, other tabs on each AIC page can then lead to related areas such as Overview, Performance, Dividends, Charges, and others...

If anyone wishes to replicate this type of data-set themselves at any time, there are some simple instructions at the bottom of this post on how to do that...




I've dip-checked the above data, but please do note that 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 wish to make...

A good source to cross-check some of the above data, if anything does look interesting or even suspicious, is the TrustNet website, which also gives yield and discount information for these types of investments - https://www.trustnet.com/

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

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

2. Select the 'Choose your AIC Sectors' button, and then click 'Deselect all sectors' and then 'Reselect all sectors, followed by a manual un-selection of all the lower 'VCT' sectors group.

3. From within the 'Sectors' window, select the link on the bottom right labelled 'Select your data points', which will then open the data-points selection window.

4. In the 'Data points' window, click 'Deselect all', and then manually select TIDM, Management Group, AIC Sector, Traded Currency, Total Assets, Discount/Premium, Share Price Total Return (5-year), 5yr Div Growth Rate (% pa), Ongoing charge including performance fee, Dividend Cover (yrs), and Dividend Yield (%)

5. Close the 'Data points' window

6. Select the 'Finish and Save / Print' button, and in the window that appears, make sure to un-select the 'Include AIC sector weighted averages' box, and then select the box marked 'Enable Print Mode', before closing that window

7. The presented AIC data can now be copied and pasted into a spreadsheet, and then filtered by sector or yield as required.

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

Cheers,

Itsallaguess

[tjh290633]

Although they have some REITs listed, I see that none of mine (which all yield above 3.5%) are included, namely BLND, PHP and SGRO.

Is this a membership issue with AIC?

TJH

[Itsallaguess]

Although they have some REITs listed, I see that none of mine (which all yield above 3.5%) are included, namely BLND, PHP and SGRO.

Is this a membership issue with AIC?

I think so Terry - the AIC only list financial data for their IT membership unfortunately.

Cheers,

Itsallaguess

[squareofthewicket]

Although they have some REITs listed, I see that none of mine (which all yield above 3.5%) are included, namely BLND, PHP and SGRO.

Is this a membership issue with AIC?

I think so Terry - the AIC only list financial data for their IT membership unfortunately.

Cheers,

Itsallaguess

But if finds BlackRock Latin American which is not an AIC member either as per https://www.theaic.co.uk/companydata/bl ... n-american.
Or as usual am I getting things confused????

BTW, many thanks, Itsallaguess, for putting this data here monthly

[Itsallaguess]

But it finds BlackRock Latin American which is not an AIC member either as per

https://www.theaic.co.uk/companydata/blackrock-latin-american

Or as usual am I getting things confused?

It is a little confusing, that has to be said.

There does seem to be some IT's listed that don't have the 'full AIC treatment' in terms of underlying data, and then there's other IT's such as the ones Terry has listed, where they're absent completely.

Hopefully DavidM will be along shortly to explain in detail just what the differences are, and why there seems to be three situations IT's might find themselves in (full details / partial details / no details..).

I'll PM him and ask if he'd be happy to help clear up this particular bit of confusion.

Cheers,

Itsallaguess

[DavidM13]

Although they have some REITs listed, I see that none of mine (which all yield above 3.5%) are included, namely BLND, PHP and SGRO.

Is this a membership issue with AIC?

TJH

1) There are AIC members who get the full data treatment. This include "Fund REITs".

I like those sorts of companies as they enable me to feed my family.

2) There are AIC non-members but who are still part of the AIC "Wider universe". This means they are investment companies and fully eligible for membership. They will generally be Chapter 15 listed funds and will have a Key Investor Document (KID) www.handbook.fca.org.uk/handbook/LR/15.pdf . This can also include "Fund REITs" .

I do not like these sorts of companies.

3) Then there are the "Equity REITs" or trading company REITs if you prefer. These are not investment companies, though they do have REIT status. They are Chapter 6 listed commercial property companies. www.handbook.fca.org.uk/handbook/LR/6.pdf They are operating companies such as Big Yellow Storage, they are not funds. There are a number of tell tale signs which is which, for example our members will have investment policies and KIDs they will not. They will also have a large number of employees while a fund would not. The best sign is if they are on the AIC website or not.

I am indifferent to these sorts of companies as they are not eligible for membership in any case. However, I am irritated by them as they don't have to disclose their costs when in reality they are no different to the Fund REITs in how they operate as regards the associated costs of doing business.

I hope that is clear.

[tjh290633]

Thank you for that explanation.

TJH

I hope that is clear

[MDW1954]

I hope that is clear.

Thank you David. That is very clear.

MDW1954

[Mike88]

Genuine question. Is now a good time to buy income generating trusts?

[Itsallaguess]

Genuine question.

Is now a good time to buy income generating trusts?

No-one can know this.

What we do know is that regular drip-feeding of purchases over long periods are likely to even out market-based volatility, and take advantage of lower price-points as well as taking the hit on periods with higher prices.

The above list of income-IT's currently show levels of discounts that are a little out of kilter in many cases, with what we might view as more normal valuations.

Some might see that as a 'sign of things to come', and sit and wait with some nervousness, and some might see it as an opportunity to perhaps take advantage of what might be relatively temporary lower valuations, which of course then often feed into higher-than-normal yields for many of these income IT's.

Regular drip-feeding of purchases can help hedge some bets, and to some extent will cover both of those bases, and I'm currently happy to continue making fairly regular top-up purchases for my income-portfolio, aligned with that view.

Cheers,

Itsallaguess

[BullDog]

Genuine question. Is now a good time to buy income generating trusts?

Nobody knows for sure. What is absolutely certain is that there have been much worse times to buy income generating ITs. I don't think many people would disagree with that thought.

[swill453]

Genuine question. Is now a good time to buy income generating trusts?

Nobody knows for sure. What is absolutely certain is that there have been much worse times to buy income generating ITs.

But of course at those exact times, if someone had asked the same question, they'd have got the same answer

Scott.

[BullDog]

Nobody knows for sure. What is absolutely certain is that there have been much worse times to buy income generating ITs.

But of course at those exact times, if someone had asked the same question, they'd have got the same answer

Scott.

That's because nobody has a functioning crystal ball.

But..... with widening discounts, flight from equities to cash or bonds, bombed out bond proxy stocks, peak or near peak base rate, inflation falling....

It's not difficult to make a case that investing in income generating investment trusts is likely to be a decent enough entry point today. A better time than it was with 0.1% base rates and large numbers of trusts trading at premium to NAV.

Might there be a better time to invest ahead? Maybe.

Have there been worse times fairly recently to invest? Yes.