Shires Income PLC

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

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An update from our investment manager, Iain Pyle - 18 January 2021

December drew to a close one of the most volatile and challenging years any of us can remember, for investing as well as for our day to day lives. As we enter 2021 the current situation remains difficult. The level of cases of Covid-19 in many countries is reaching new highs and restrictions on personal mobility are increasing again. Despite that, the roll out of vaccination programs offer a hope that this will be a temporary impact and that the new year will be one of recovery. Markets are clearly taking this view, with a strong finish to 2020 followed by a stronger start to 2021.

There are good reasons for this optimism. Global macroeconomic policy is as consistently expansionary as it has ever been. Massive stimulus and low interest rates should allow an increase in government and corporate spending, while the rise in consumer savings rates means people have more money in their pockets to spend. Of course, for this to come through in higher economic activity relies on them having the ability to get out there and spend it. If restrictions are lifted by the end of the year, however, we should expect to exit the year in a recovery scenario, with consumer demand coming back, corporate investment increasing and low inventory levels driving a period of restocking across sector to meet demand. The path from here to there remains uncertain, as highlighted by the new variations of the coronavirus appearing at the moment. And while vaccines are highly likely to work against these variations it is not a certainty, so some caution is warranted.

Shires has attempted to strike a balance between value and growth in our investments in the last year, while sticking to our preference for quality companies that can be winners over the long term. The approach will continue to be based on bottom up stock picking rather than trying to predict macro trends. However, the outlook of a cyclical recovery combined with dividend resumption for many companies provides many opportunities to find attractive sources of income and capital growth in 2021.

Read our interim report to 30 September 2020

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Key literature

Latest Factsheet

Annual Report

Interim Report

Savings Plan/ISA Brochure

Latest QuotedData Research Note

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Key people

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

Investment Director

Charles Luke is an 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

Investment Director
Charles Luke is an 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

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.

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.