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The Company currently conducts its affairs so that securities issued by Shires Income PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.
The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.
The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Shires Income PLC, to make available to investors certain information prior to such investors’ investment in the Company.
The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.
The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.Read the detailed Risk Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 29-Jan-2015Ord
|Net Dividend Yield||4.80%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.
Bow Bells House
One Bread Street
Registered in England as an Investment Company Number 386561
To provide for shareholders a high level of income, together with growth of both income and capital from a portfolio of investments substantially invested in UK Equities
In this webcast, Ed Beal gives an update on a wide range of subjects including performance, a sector breakdown, the largest investments and an outlook for the Trust.
Markets finished the year in a downbeat mood with the FTSE All-Share Index registering a decline of 1.6% in December on a total return basis, resulting in it finishing the year only marginally up on where it had started it. The most notable event was the continuing decline in the oil price. Saudi Arabia has made it clear that they will seek to maintain market share rather than cut production to protect the oil price. Many theories have been suggested to explain their stance but the fact is that with production in excess of demand the decline in the price has been precipitous. Whilst this will be benefiting consumers of the commodity, there are a lot of businesses, not just the producers themselves, who are suffering from a combination of falling demand and prices.
In the portfolio we sold more puts over Ultra Electronics and Inchcape as we sought to build the holdings in these recently introduced companies. We sold calls over Prudential, Associated British Foods and Sage, all of which have performed well. Lastly we topped up Rolls-Royce and Cobham.
The themes that were impacting markets at the end of 2014 remain relevant as we start the new year. Investors expect the ECB to announce a sizable package of Quantitative Easing during the first quarter. Whilst this might be expected to support asset prices there is clearly the potential for the size or timing of the stimulus to disappoint the markets. The authorities believe that such measures are necessary to combat the risks of deflation. In this respect the decline in the oil price may prove unhelpful, especially if it doesn’t drive an increase in demand.
Greece is conducting elections. If the far left Syriza party win they will seek to renegotiate the terms of the country’s debt. The threat of a default could put the European sovereign debt crisis back at the forefront of investors’ concerns.
With risks such as these impacting on markets it seems reasonable to expect an increase in volatility. As such it will be as important as ever for us to remain true to our process of investing in good quality businesses that we believe have the ability to survive more difficult periods and to prosper over the long term.