The Lemon Fool

Hi, does anyone know of any other ITs with an official policy of distributing dividends as a % of NAV?

So far I have:
EAT ... 6%
IBT ... 4%
JGGI ... 4%
JAGI ... 4%

Not sure about HFEL, whether there's a quantifiable aspect to its dividend policy.

PEY....for 2021 5% of opening NAV.
JSGI...1% each quarter.

IAT 2% twice p.a.
BBH 3.5% target p.a.

Also aren't JSGI & JCGI following the same model?

dundas666 wrote:Hi, does anyone know of any other ITs with an official policy of distributing dividends as a % of NAV?

So far I have:
EAT ... 6%
IBT ... 4%
JGGI ... 4%
JAGI ... 4%

Not sure about HFEL, whether there's a quantifiable aspect to its dividend policy.

I have no idea what you mean by 'a quantifiable aspect' but HFEL are paying their dividends only from revenue received and unlike many trusts have not even had to use their revenue reserve to fund it. If in doubt seek out and read the Annual Report.

Cannot help re your query about other trusts.

Dod

Those that never pay a dividend have the most consistent percentage of all

UncleEbenezer wrote:Those that never pay a dividend have the most consistent percentage of all

And give the greatest opportunity for deferring, and even potentially avoiding, taxes.

That said I do own IBT from before it changed to this dividend policy.

I hold Atlantis Japan Growth (AJG) which pays 1% per quarter of the average net asset value per share during the final
month of the preceding financial year (i.e. April). This amounted to 2.17p per quarter in Sept. 2020, Dec.; Mar. 2021; June.

By my very rough calculations (which could be wrong!) the payments for 2021/22 if calculated on the same basis will be 2.87p in Sept. 2021; Dec.; Mar. 2022; June.

Dod101 wrote:I have no idea what you mean by 'a quantifiable aspect' ....
Dod

I meant have they committed to a policy which pays out a pre-determined amount based on a quantifiable value like % of NAV, rather than whatever the fund managers decide will be the dividend.

d6

Dod101 wrote:...but HFEL are paying their dividends only from revenue received and unlike many trusts have not even had to use their revenue reserve to fund it.
Dod

Blimey HFEL are paying a 7% dividend from revenue!? I had assumed that they must have been at least partly servicing this through capital.

Thanks, I'll take a closer look at HFEL....

d6

baldchap wrote:IAT 2% twice p.a.
BBH 3.5% target p.a.

Also aren't JSGI & JCGI following the same model?

Did some digging and yes they both have the 4% of NAV dividend policy - thanks!

JCGI = JPMorgan China Growth & Income
JSGI = JPMorgan Japan Small Cap Growth & Income

dundas666 wrote:

Dod101 wrote:...but HFEL are paying their dividends only from revenue received and unlike many trusts have not even had to use their revenue reserve to fund it.
Dod

Blimey HFEL are paying a 7% dividend from revenue!? I had assumed that they must have been at least partly servicing this through capital.

Thanks, I'll take a closer look at HFEL....

d6

Bear in mind that they have a very modest capital growth history. You may be interested to take a look at a thread I started in May simply headed HFEL on this Board which covered it fairly well, good and bad.

Dod

Dod101 wrote:

dundas666 wrote:

Dod101 wrote:...but HFEL are paying their dividends only from revenue received and unlike many trusts have not even had to use their revenue reserve to fund it.
Dod

Blimey HFEL are paying a 7% dividend from revenue!? I had assumed that they must have been at least partly servicing this through capital.

Thanks, I'll take a closer look at HFEL....

d6

Bear in mind that they have a very modest capital growth history. You may be interested to take a look at a thread I started in May simply headed HFEL on this Board which covered it fairly well, good and bad.

Dod

Yes thanks Dod I'd seen that thread and noted HFEL's comparatively modest capital growth and total return, it was very interesting reading.

EAT is my largest holding. The dividend increased about 14% from 2020 to 2021; and the NAV is presently up 8% from the start of the year. I also hold PEYS where the current NAV is up about 7%. Quite happy with them both. I've had decent capital appreciation from both, though that's secondary since I intend to hold them "forever" in both ISA and SIPP.

DiviLuvva wrote:EAT is my largest holding. The dividend increased about 14% from 2020 to 2021; and the NAV is presently up 8% from the start of the year. I also hold PEYS where the current NAV is up about 7%. Quite happy with them both. I've had decent capital appreciation from both, though that's secondary since I intend to hold them "forever" in both ISA and SIPP.

Is PEYS Princess Private Equity Holding?

Thanks for the info, I hold EAT too.

BRLA, Blackrock Latin America have a policy of paying 1.25% of NAV each quarter. I picked up a very small holding in it a few years back when it was sitting at a hefty discount, but in all honesty I've never been tempted to add to it.

Yes, PEYS is the sterling denominated version of Princess PE.

Invesco Asia

https://documentscdn.financialexpress.n ... 171962.pdf


Dividend Policy
On 28 August 2020, the Company
announced a change to its dividend policy.
The Board aims to pay six-monthly
dividends in November and April each year,
each equivalent to 2% of NAV at the end of
September and February respectively,
from a combination of the Company’s
revenues, revenue reserves and capital
reserves as required.

BMO Private Equity

https://documentscdn.financialexpress.n ... 184669.pdf

Dividend Policy
The Company aims to pay quarterly dividends with an annual yield equivalent to not less than four per cent of
the average of the published net asset values per Ordinary Share as at the end of each of its last four financial
quarters

Montanaro uk smaller

https://documentscdn.financialexpress.n ... 925617.pdf


The Trust pays a quarterly dividend equivalent to 1% of NAV (roughly 4% p.a).

BVT has a target dividend of 7% of NAV at the start of the year.

https://www.fundslibrary.co.uk/FundsLib ... kAdwTH&r=1