Badders21
28 Nov 2017
Re: What's in a number? 4.66pps Hi Guitar Solo, fancy seeing you here. This is the first time I've visited this page and interested to see your post.May I make a point about the NCYF dividend? The thing to bear in mind is that this is an investment trust. Investment trusts (unlike unit trusts) are allowed to hoard dividend income over the years and so when things get tight they can call on those retained monies to maintain a dividend. Franco, who manages this trust, is a very skilled operator and will be mindful of the fantastic history that CQS are very proud to boast about - that is a continuously increased dividend over many years.Yes, it has been known for investment trusts to cut dividends but I think you will find that given that the main investment thrust is fixed interest investments (which do not cut dividends [they might default though in extreme circumstances]) the chances of a dividend cut from NCYF are remote. I think they would be distraught if they felt it necessary to just maintain it.Kind Regards,Badders.
Guitarsolo
24 Oct 2017
Re: What's in a number? 4.66pps 0.99pps it is then. Couldn't be much less! But still, the underlying EPS moved in the right direction for a change. I am happy to settle for boring and predictable from NCYF at the moment. GS.
Guitarsolo
09 Oct 2017
What's in a number? 4.66pps Phew! Declared EPS (before tax) is 4.66 pps for the year ended 30.06.2017 up from 4.50 pps the year before. That reverses 4 years of declining EPS which last year got dangerously close to the dividend. I would expect to see another very moderate increase in the first three quarterly dividends from 0.98p to 0.99p or a round penny (wow!!!) and then keep the 1.45p final dividend in place. It will need another year at least of improving EPS to justify anything more generous. But even that I would be happy with if it removes the immediate threat of a dividend not being covered (which in turn means it must be under threat). The yield is still over 7% and is covered from earnings. In today's world that is pretty reasonable and makes the shares a decent cornerstone for Guitarsolo's portfolio!
budu
11 Aug 2017
Re: Region Weighting Got it, thanks. (In view of the high yield I will overlook the fact that it invests in Rea, whose field arm once turned me down for a job.)
Dingledangle
09 Aug 2017
Re: Region Weighting You can look at the last report 2016 (2017 not yet available) on the New City Investments website. [link] sure if this link will work, but this is the website[link] 2016 only 6% of the portfolio was invested in euro bonds. but the report will show weighting by region and also 92% of the investments are named.
budu
09 Aug 2017
Re: Region Weighting The reason for my posting is that I wanted to know if the stock will help me get sufficient exposure to Europe but, as you imply, it is worth having, whether or not.
Krayl
08 Aug 2017
Re: Region Weighting My first reactions were "Who cares - they are doing so well anyway" and "Can't you use Google?" but the initial searches don't give the regional breakdown. For example:[link] does give the largest investments so you could track down the nationality of each. The company invests in a mix of high yielding bonds and I am very happy with the results. It is a mainstay of my income portfolio.
budu
08 Aug 2017
Region Weighting Given on this site baldly as "International" but can anyone tell me what territories are involved please?
Windlesham Don
20 Jul 2017
Re: Final Dividend In the current low interest rate environment I am happy with a steady SP and a maintained dividend. With 3% inflation and pretty well nothing available from Government bonds or High St banks, then the 7% offered here is very welcome!
Guitarsolo
20 Jul 2017
Re: Final Dividend So 1.45p it is.....bringing the total for the year to 4.39p (2016: 4.36p). Could have been better......but perhaps they have marginally improved the dividend cover? Will have to wait for the full results. GS
Guitarsolo
23 Jun 2017
Re: Final Dividend Any guesses what the final quarter's dividend will be? Last year it was 1.45p bringing the year to 4.36p We've had 3x0.98p which is the minimal tick-up (0.01p) per quarter. A 1.46p would bring it to 4.40p for the year but that is less than a 1% rise. Personally, I want dividends to be nicely covered and very likely to increase by inflation or above each year. NCYF should increase the divi, but at what rate one wonders. Guitarsolo - wouldn't mind a market correction to allow spare funds to be invested!
Windlesham Don
30 Dec 2016
Re: Final Dividend Just read back in the thread and noticed that IPE had been mentioned as similar. I forgot to mention this trust (which I also hold) and agree that they are a similar trust. IMO IPE have a similar quality of holdings to NCYF and should be treated with equal caution. Their lower yield may be due to them being part of the Invesco Perpetual group and so perceived as being 'safer'?
Windlesham Don
30 Dec 2016
Re: Final Dividend Guitarsolo, take a look at HDIV and CMHY, which I believe can be considered as similar ITs. I hold all 3, but more HDIV, which I feel has better quality holdings (hence the lower yield). In my view NCYF is useful to bump up the yield of a portfolio, but I am not totally comfortable with the quality of the holdings and so for my situation it would not be a core or significant holding. All IMHO of course.
Guitarsolo
29 Dec 2016
Re: Final Dividend "Something that I haven't yet fathomed though is why NCYF so underperforms the market and is consistently in the 3rd or 4th quartile compared to competitors. See the Factsheet tab above and Performance. Does this take into account total performance incl. the divi?Who are these better performing competitors?"I hope everyone had a very merry Christmas!I posed these questions a few months back and am still trying to work out the answer myself. As far as I can view it, NCYF has a solid and high dividend for which I excuse its lack of of capital growth. Does anyone know a direct competitor (similar fixed income) which would enable performance comparison?All the best, Guitarsolo
Guitarsolo
18 Oct 2016
Q1 Dividend Q1 dividend declared to be 0.98p (2015: 0.97p). Pleased to see a tick up in the dividend, even if it is about as small as you can get, to 0.98p for the first quarter. Last year's full year dividend was 4.36p made up of 3x0.97p and then a final dividend of 1.45p in Q4. I would be hoping for something exceeding 4.40p overall this year (that's less than a 1% increase after all), perhaps more. But I am heartened to see an increase in the Q1 dividend. My understanding (and hope) is that NCYF funds the dividend from income on its bonds and pref shares - rather than a need to be buying/selling for profit to generate the cash to pay the divi. (Any buying and selling is to balance the portfolio). If anyone knows that I am wrong, please feel free to correct me!I continue to view NCYF as a cornerstone to an income orientated portfolio. Guitarsolo
