Information  X 
Enter a valid email address

Diverse Inc Trust (DIVI)

  Print   

Tuesday 16 September, 2014

Diverse Inc Trust

Interim Management Statement


DIVERSE INCOME TRUST PLC

Interim Management Statement - Three Months to 31 August 2014

Diverse Income Trust plc (the "Company") presents its interim management
statement for the period 1 June 2014 to 31 August 2014. This constitutes the
Company's first interim management statement for the financial year ending
31 May 2015, as required by the UK Listing Authority's Disclosure and
Transparency Rule 4.3.

Investment Objective

The Company's investment objective is to provide an attractive and growing
level of dividends coupled with capital growth over the long term.

Review of the Period

Geopolitical uncertainties in the period have been a reminder of the benefits
of a diverse portfolio of holdings to manage risk and volatility. Whilst not
immune, we continue to believe the Company benefits from the flexibility that
comes with an ability to invest on a multi cap basis and the emphasis of
smaller companies in the portfolio which should result in continued robust
dividend growth overall, irrespective of the economic background.

Good progress has been made investing the C share pool. Further updates will be
provided in due course.

                                             31 August 2014         31 May 2014
                                                                               
             Ordinary shares                     (unaudited)          (audited)
                                                                               
Mid-market share price                                 81.4p              83.3p
                                                                               
Net asset value per share including revenue            79.2p              82.1p
                                     
Net asset value per share excluding revenue            78.3p              80.9p
                            
Premium to net asset value                              2.8%              1.36%
                                                                               
Total assets (including income)                      £256.8m            £266.4m
                                                                               
% net cash/(gearing)                                    0.5%              (0.8)%

There were no ordinary shares bought back during the period.

A first interim dividend of 0.4p per ordinary share has been declared to
ordinary shareholders on the register on 26 September 2014, and will be paid on
28 November 2014. This compares with 0.3p last year, to bring it more into
balance with the second and third interim dividends, which were 0.5p last
year.    

                                             31 August 2014       26 June 2014*
                                                                               
                 C shares                        (unaudited)        (unaudited)
                                                                               
Mid-market share price                                 51.3p              52.0p*  
                                                                               
Net asset value per share including revenue            49.1p              48.8p**
                                 
Net asset value per share excluding revenue            49.0p              48.8p**
                               
Premium to net asset value                              4.4%               6.7%
                                                                               
Total assets (including income)                       £49.1m             £48.8m
                                                                               
% of total assets held as cash                         32.8%             100.0%

* date of admission to trading

** net of launch expenses


Total Return Performance to 31 August 2014

Ordinary shares                             3 months    6 months    12 months     
                                                %           %           %      
                                                                               
NAV *                                         (3.6)       (6.1)        13.7    
                                                                               
Share price (mid)                             (2.5)       (8.6)        12.2    

Sources: * NAV returns based on NAVs excluding income. Total returns assume
that dividends are reinvested at the ex-dividend date.


Top Twenty Equity Holdings

Ordinary Share Pool                                      % of total assets      
                                  Sector / business    of Ordinary Share Pool     
Name                                  activity          as at 31 August 2014   
                                                                               
SQS Software                     Software & Computer            1.9            
                                      Services                                 
                                                                               
Fairpoint Group                  Financial Services             1.8            
                                                                               
Shoe Zone                         General Retailers             1.8            
                                                                               
Safestyle UK                      Consumer Services             1.7            
                                                                               
Charles Taylor Consulting        Financial Services             1.6            
                                                                               
Bioventix                         Pharmaceuticals &             1.6            
                                    Biotechnology                              
                                                                               
Randall & Quilter Investment     Non Life Insurance             1.6            
Holdings                                                                       
                                                                               
St Ives                           Support Services              1.5            
                                                                               
Stobart Group                        Industrials                1.5            
                                                                               
Powerflute                        Forestry & Paper              1.4            
                                                                               
Conviviality Retail                  Food & Drug                1.4            
                                      Retailers                                
                                                                               
Provident Financial              Financial Services             1.3            
                                                                               
Interserve                        Support Services              1.3            
                                                                               
Secure Trust Bank                       Banks                   1.3            
                                                                               
Personal Group Holdings          Non Life Insurance             1.3            
                                                                               
UK Mail                              Industrial                 1.3            
                                   Transportation                              
                                                                               
Bloomsbury Publishing                   Media                   1.3            
                                                                               
Huntsworth                              Media                   1.3            
                                                                               
Mucklow Group                        Real Estate                1.2            
                                  Investment Trusts                            
                                                                               
Direct Line Insurance Group      Non Life Insurance             1.2            
                                                                               
Total                                                          29.3           


C Share Pool                                             % of total assets       
                                  Sector / business       of C Share Pool      
Name                                  activity          as at 31 August 2014   
                                                                               
Burford Capital                   Equity Investment             3.4            
                                     Instruments                               
                                                                               
Close Brothers Group             Financial Services             2.7            
                                                                               
Direct Line Insurance Group      Non Life Insurance             2.3            
                                                                               
Clarke(T)                          Construction &               2.1            
                                      Materials                                
                                                                               
Aviva                              Life Insurance               2.1            
                                                                               
Esure Group                      Non Life Insurance             1.7            
                                                                               
Zotefoams                             Chemicals                 1.6            
                                                                               
Provident Financial              Financial Services             1.5            
                                                                               
Juridica Investment               Equity Investment             1.5            
                                     Instruments                               
                                                                               
British Sky Broadcasting                Media                   1.4            
                                                                               
Huntsworth                              Media                   1.2            
                                                                               
McColl's Retail Group                Food & Drug                1.2            
                                      Retailers                                
                                                                               
Vodafone Group                         Mobile                   1.1            
                                  Telecommunication                            
                                                                               
Interserve                        Support Services              1.1            
                                                                               
Kcom Group                           Fixed Line                 1.1            
                                  Telecommunication                            
                                                                               
Shoe Zone                         General Retailers             1.1            
                                                                               
Safestyle UK                      General Retailers             1.1            
                                                                               
Brit plc                         Non Life Insurance             1.1            
                                                                               
Costain Group                      Construction &               1.1            
                                      Materials                                
                                                                               
Conygar Investment                   Real Estate                1.1            
                                  Investment Trusts                            
                                                                               
Total                                                          31.5           
                                                                               


This is an interim management statement. Full details of the Company, including
the current share prices, NAVs and factsheets, are available at 
www.mitongroup.com/dit.

Except as reported above, the Board is not aware of any material events or
transactions occurring between 31 August 2014 and the date of publication of
this interim management statement which would have a material impact on the
financial position of the Company.

16 September 2014

Neither the contents of the Diverse Income Trust plc website nor the contents of
any website accessible from hyperlinks on the website (or any other website) is
incorporated into, or forms part of, this announcement.

a d v e r t i s e m e n t