Shires Income PLC

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

Daily prices as of 25 May 2022

Share Price 272.50p

Estimated NAV cum income 272.40p

Estimated NAV ex income 267.70p

Dividend Yield 5.1%

Premium / (Discount) to NAV cum income 0.0%

Premium / (Discount) to NAV ex income 1.8%

Source: Morningstar

About us

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Latest news

An update from our investment manager, Iain Pyle - 29 April 2022

March was another highly volatile month in an already volatile year for markets. Clearly the main event moving markets was the Russian invasion of Ukraine. Beyond the humanitarian impact, this will have a lasting impact on some important sectors of the UK market. Steps by the US and other Western countries to restrict Russian access to international markets, goods and services will likely continue for some time, even if the conflict is hopefully resolved more quickly. Commodity markets in particular are likely to remain tight as it is a very difficult task to replace Russian oil & gas supplies, particularly in continental Europe. Addressing this challenge will likely require some reinvestment in alternative sources of supply, but also an acceleration of energy transition and a restart of nuclear capacity additions. These decisions will have consequences for the energy sector but also for construction and industrial stocks to which we are exposed. Consumers and companies will also likely have to get used to higher energy prices and input costs for some time to come. The conflict also reinforces current inflation and adds more pressure to central banks to raise rates and normalise monetary policy after a period of easing. Assessing these factors and their impact on the companies we invest in is not simple. However, we should be optimistic. The equity portfolio is overweight energy and financials, two beneficiaries of the dynamic described above, while we are more cautious on sectors like consumer staples where we see pressure from rising input costs and slowing consumer demand. The focus on quality companies also works in our favour: Those with strong margins and market positions are better placed to absorb higher costs and to pass them onto their customers. It is also worth noting, that despite out performance year to date, UK markets are at their greatest ever discount to Europe and have a much higher dividend yield. That is a good place to start from for investors looking for a reliable source of income.

 
 
 
 

Key people

Iain Pyle

Iain Pyle

Investment Director

Iain has been an Investment Director in the UK Equities team for abrdn 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 the company, 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 the company 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

    Iain Pyle

    Investment Director

    Iain has been an Investment Director in the UK Equities team for abrdn 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 the company, 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 the company 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 Chairman of Schroder UK Mid Cap Fund plc and a non-executive director of Pacific Assets Trust plc and JPMorgan American Investment Trust 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.
Helen Sinclair

Helen Sinclair

Non-Executive Director

Helen Sinclair began her career in investment banking and spent nearly eight years at 3i plc focusing on management buy-outs and growth capital investments. She later co-founded Matrix Private Equity (which became Mobeus Equity Partners) in 2000 and subsequently became Managing Director of the company before moving to take on a number of non-executive director roles. She is a non-executive director of WH Ireland Group plc and BlackRock Smaller Companies Trust plc and Chairman of British Smaller Companies VCT. Ms Sinclair was previously a non-executive director of Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc.

  • 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 Chairman of Schroder UK Mid Cap Fund plc and a non-executive director of Pacific Assets Trust plc and JPMorgan American Investment Trust 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.
  • Helen Sinclair

    Helen Sinclair

    Non-Executive Director

    Helen Sinclair began her career in investment banking and spent nearly eight years at 3i plc focusing on management buy-outs and growth capital investments. She later co-founded Matrix Private Equity (which became Mobeus Equity Partners) in 2000 and subsequently became Managing Director of the company before moving to take on a number of non-executive director roles. She is a non-executive director of WH Ireland Group plc and BlackRock Smaller Companies Trust plc and Chairman of British Smaller Companies VCT. Ms Sinclair was previously a non-executive director of Mobeus Income & Growth 4 VCT plc and The Income & Growth VCT plc.

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.

 

Financial calendar

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