TIDMDIVI

Diverse Income Trust PLC (The)

15 April 2019

London, UK, 15 April 2019

Edison issues review on The Diverse Income Trust (DIVI)

The Diverse Income Trust (DIVI) aims to generate a good and growing level of income, as well as capital gains over the long term. It is not constrained by benchmarks and has a wide opportunity set across the market capitalisation spectrum to find high-quality, resilient companies that can sustain dividend growth over the long term. The managers, Gervais Williams and Martin Turner, have a small-cap bias and over two-thirds of the portfolio is outside of the FTSE 350 index. Since its inception in April 2011, the trust has delivered an annualised NAV total return of 12% and consistent growth in its regular dividend. Performance in more recent years has lagged the FTSE All-Share index, which the managers believe reflects small-cap and value stocks being overlooked, and they are finding superior investment opportunities in this segment of the UK equity market.

At 31 March, DIVI traded on a 2.0% discount to cum-income NAV, which is wider than its three-year average discount of 0.4%. The trust typically trades close to its NAV, and the board is committed to manage the discount, utilising an annual redemption facility and its ability to issues new shares to meet supply and demand requirements.

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