Shires Income PLC

Looking for high-quality investments for a high, regular income

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Latest news

An update from our investment manager, Iain Pyle - 23 February 2021

A strong start to 2021 for markets quickly reversed in January as we saw Covid-19 cases rise sharply globally and restrictions increase. It is undoubtedly still a difficult time for individuals and for many companies and this is reflected by continued volatility in markets. This should not be unexpected, however, and the key number to watch in our view remains the number of people to have received a vaccine. The UK is performing best of all larger economies in this regard and looks set to hit its targets of vaccinating the most at risk groups by the end of February. This is a significant achievement and as we move through the year it could differentiate the economic performance of the UK compared to other countries. There are many caveats to the vaccination progress: only first doses have been administered and vaccine efficacy is reduced against new variants for example. However, data from Israel, which has led the world in the vaccine roll-out, shows a dramatic decrease in infection rates after the first dose. Furthermore, while vaccines are less effective at limiting infection from new variants, data suggests they remain very effective at reducing the risk of hospitalisation and death. These are the important figures, as hospitalisation of at-risk parts of society is the key limiting factor to opening up the economy.

UK equities as an asset class should be well positioned for a recovery scenario – and in recent weeks there has been a clear response to positive vaccination data in the strength of Sterling. We have also seen continued increase in benchmark bond yields. As bond yields rise we would expect to see an outperformance of value and commodities over long term growth companies. The UK index, with its heavy weighting to energy, miners and financials would be a beneficiary. The UK index has underperformed Europe by 30% since the 2016 referendum, a huge margin, and on earnings multiples it is at a relative trough versus other developed markets.

Importantly for Shires, a recovery should also allow for the resumption of dividend payments and for growth of pay-outs in the medium term. As stated above, dividends fell by almost half in 2020. Expectations are for modest growth in 2021 but we are already seeing companies resume payments and many management teams we speak to are emphasising the importance of distributions in delivering total shareholder return. For Shires, this provides many opportunities to find attractive sources of income and capital growth in 2021.

Key people

Iain Pyle

Iain Pyle

Investment Director

Iain has been an Investment Director in the UK Equities team for Aberdeen Standard Investments since 2015. He is the lead manager of Shires Income plc and is deputy manager for Murray Income Trust and Aberdeen Standard Equity Income Trust plc. Within his role, he manages the UK Equity High Income Fund and the Bothwell UK Equity Income Fund and has sector responsibility for oil & gas and banks.

Iain has been covering analyst for the pharmaceutical and healthcare sectors. He is also a member of the Pan-European fund management team. Prior to joining Standard Life Investments, Iain was a Vice President on the number one ranked European Oil & Gas research team at Sanford Bernstein from 2007. He also worked as a management consultant at PwC. Iain holds an MSc, Masters in Chemical Engineering, ACA, CFA and is a qualified accountant.

Charles Luke

Charles Luke

Senior Investment Director

Charles Luke is a Senior Investment Director on the UK and European equities team having joined Aberdeen in 2000. Charles started his career at Framlington Investment Management in 1998, covering UK equities.

Charles graduated with a BA in Economics and Japanese Studies from Leeds University and an MSc in Business and Economic History from the London School of Economics.

  • Iain Pyle

    Investment Director

    Iain has been an Investment Director in the UK Equities team for Aberdeen Standard Investments since 2015. He is the lead manager of Shires Income plc and is deputy manager for Murray Income Trust and Aberdeen Standard Equity Income Trust plc. Within his role, he manages the UK Equity High Income Fund and the Bothwell UK Equity Income Fund and has sector responsibility for oil & gas and banks.

    Iain has been covering analyst for the pharmaceutical and healthcare sectors. He is also a member of the Pan-European fund management team. Prior to joining Standard Life Investments, Iain was a Vice President on the number one ranked European Oil & Gas research team at Sanford Bernstein from 2007. He also worked as a management consultant at PwC. Iain holds an MSc, Masters in Chemical Engineering, ACA, CFA and is a qualified accountant.

  • Charles Luke

    Senior Investment Director

    Charles Luke is a Senior Investment Director on the UK and European equities team having joined Aberdeen in 2000. Charles started his career at Framlington Investment Management in 1998, covering UK equities.

    Charles graduated with a BA in Economics and Japanese Studies from Leeds University and an MSc in Business and Economic History from the London School of Economics.

Robert Talbut

Robert Talbut

Chairman

Robert Talbut was formerly Chief Investment Officer of Royal London Asset Management and has over 30 years of financial services experience. He has represented the asset management industry through the chairmanship of both the ABI Investment Committee and the Asset Management Committee of the Investment Association. He has also been a member of the Audit & Assurance Council of the FRC and the FCAs Listing Authority Advisory Panel. He is a member of the M&G With Profits Committee and a non-executive director of Pacific Assets Trust plc, JPMorgan American Investment Trust PLC and Schroder UK Mid Cap Fund plc.

Robin Archibald

Robin Archibald

Non-Executive Director

Robin Archibald has a wide range of experience in advising and managing transactions in the UK closed-ended funds sector over his thirty five year career as a corporate financier including with Samuel Montagu, S G Warburg and Natwest Markets. He retired from Winterflood Investment Trusts in May 2014, where he was formerly Head of Corporate Finance and Broking. He is currently a non-executive director of Albion Technology & General VCT PLC, Ediston Property Investment Company PLC, Capital Gearing Trust PLC and Henderson European Focus Trust plc. He is Chairman of the Audit Committee.

Marian Glen

Marian Glen

Non-Executive Director

Marian Glen is a non-executive director of Martin Currie Global Portfolio Trust Plc and The Medical and Dental Defence Union of Scotland. She was a non-executive director of Murray Income Trust Plc, Friends Life Group Limited and other companies in the Friends Life group of companies. She was formerly the General Counsel of AEGON UK and prior to that was a corporate partner and head of funds and financial services at Shepherd and Wedderburn.

Jane Pearce

Jane Pearce

Non-Executive Director

Jane Pearce is a Co-opted External Member of the Audit and Risk Committee of the University of St Andrews. She had an executive career as an Equity Analyst at leading investment banks and latterly was an Equity Strategist at Lehman Brothers and Nomura International. She is a Chartered Accountant and was a Member of the Governing Council of the Institute of Chartered Accountants of Scotland from 1999-2000.
  • Robert Talbut

    Chairman

    Robert Talbut was formerly Chief Investment Officer of Royal London Asset Management and has over 30 years of financial services experience. He has represented the asset management industry through the chairmanship of both the ABI Investment Committee and the Asset Management Committee of the Investment Association. He has also been a member of the Audit & Assurance Council of the FRC and the FCAs Listing Authority Advisory Panel. He is a member of the M&G With Profits Committee and a non-executive director of Pacific Assets Trust plc, JPMorgan American Investment Trust PLC and Schroder UK Mid Cap Fund plc.

  • Robin Archibald

    Non-Executive Director

    Robin Archibald has a wide range of experience in advising and managing transactions in the UK closed-ended funds sector over his thirty five year career as a corporate financier including with Samuel Montagu, S G Warburg and Natwest Markets. He retired from Winterflood Investment Trusts in May 2014, where he was formerly Head of Corporate Finance and Broking. He is currently a non-executive director of Albion Technology & General VCT PLC, Ediston Property Investment Company PLC, Capital Gearing Trust PLC and Henderson European Focus Trust plc. He is Chairman of the Audit Committee.

  • Marian Glen

    Non-Executive Director

    Marian Glen is a non-executive director of Martin Currie Global Portfolio Trust Plc and The Medical and Dental Defence Union of Scotland. She was a non-executive director of Murray Income Trust Plc, Friends Life Group Limited and other companies in the Friends Life group of companies. She was formerly the General Counsel of AEGON UK and prior to that was a corporate partner and head of funds and financial services at Shepherd and Wedderburn.

  • Jane Pearce

    Non-Executive Director

    Jane Pearce is a Co-opted External Member of the Audit and Risk Committee of the University of St Andrews. She had an executive career as an Equity Analyst at leading investment banks and latterly was an Equity Strategist at Lehman Brothers and Nomura International. She is a Chartered Accountant and was a Member of the Governing Council of the Institute of Chartered Accountants of Scotland from 1999-2000.

 

Financial calendar

Year End 31 March
Accounts published June
Annual General Meeting July
Dividend Paid January, April, July, October

Trust details

Shires Income PLC

Registered Office:
Bow Bells House,
One Bread Street,
London
EC4M 9HH

Registered in England as an Investment Company Number 386561

Launch Date: March 1929

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. Please refer to the relevant Key Information Document (KID) prior to making an investment decision. Please be aware of scams that can affect investors.