Aberdeen Standard Equity Income Trust plc

Equity income using an index-agnostic approach focusing on our best ideas from the full UK market cap spectrum


Daily prices as of 24 Jan 2022

Share Price 354.00p

Estimated NAV cum income 380.13p

Estimated NAV ex income 376.41p

Dividend Yield 5.9%

Premium / (Discount) to NAV cum income -5.0%

Premium / (Discount) to NAV ex income -4.1%

Online Shareholder Presentation

In advance of the AGM, in order to provide certainty, whilst encouraging and promoting interaction and engagement with our shareholders, the Board held an interactive Online Shareholder Presentation on Thursday 20 January 2022. At the presentation, shareholders received updates from the Chairman and Manager, followed by an interactive question and answer session. A recording of the presentation will be available here shortly, but in the meantime registered shareholders still have until 11:30GMT on 2 February 2022 to submit their proxy votes prior to the AGM and General Meeting and we would encourage all shareholders to lodge their votes in advance in this manner. Investors who hold shares through online platforms should contact the platform to confirm their internal deadline which may be different. 

Latest news

An update from our investment manager, Thomas Moore - 8 December 2021

Between mid-2018 and mid-2020, US 10 year Treasury yields slumped from over 3% to 0.5%, largely driven by the central bank policy of quantitative easing. This was the dominant driver of markets, including equities. The bull market in government bonds drove a bull market in quality growth stocks. Many cash-generative dividend-paying stocks got left behind, creating the abundance of valuation opportunities that we now see.  As it becomes clearer that inflation is taking hold and monetary policy is set to tighten, investors are reappraising which assets they should hold. Investors looking for hedges against inflation are beginning to see the logic of owning stocks with the ability to pass on rising input costs and benefit from rising prices. Three sectors stand out as particularly well positioned - Consumer Discretionary, Financials and Resources. These represent a significant proportion of the portfolio, underlining our conviction in their prospects.


Profile Information

The Company's objective is to provide shareholders with an above average income from their equity investment while also providing real growth in capital and income. The Directors set the investment policy which is to invest in a diversified portfolio consisting mainly of quoted UK equities which will normally comprise between 50 and 70 individual equity holdings. In order to reduce risk in the Company without compromising flexibility:• no holding within the portfolio will exceed 10% of aggregate net assets; and• the top ten holdings within the portfolio will not exceed 50% of net assets. The Company may invest in convertible preference shares, convertible loan stocks, gilts and corporate bonds. The Directors set the gearing policy which is to operate within parameters of between 5% net cash and 15% net gearing for the level of gearing that can be employed. The Directors have delegated responsibility to the Manager for the operation of the gearing level within the above parameters. The management of the Company’s investments and the day to day operation of the Company is delegated to Aberdeen Standard Fund Managers Limited (the “Manager”). Past performance is not a guide to future returns and future returns are not guaranteed. The price of assets and the income from them may go down as well as up and cannot be guaranteed; an investor may receive back less than their original investment. The fund may use derivatives to reduce risk or cost, or to generate additional capital or income at low risk. Usage of derivatives is monitored to ensure that the fund is not exposed to excessive or unintended risks.

Key people

Thomas Moore

Thomas Moore

Investment Manager

Thomas is an Investment Director within the UK equities team. He began his career in 1998, joining Schroder Investment Management as Assistant Fund Manager, UK Equities. He joined the company in 2002 as an Investment Analyst. He then managed EMEA portfolios before moving to the UK equities team in 2006. His responsibilities include managing the UK Equity Income Unconstrained Fund, an institutional fund, the Aberdeen Standard Equity Income Trust and analysing the banks and financial services sectors. Thomas began managing the Aberdeen Standard Equity Income Trust in November 2011.

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.

  • Thomas Moore

    Thomas Moore

    Investment Manager

    Thomas is an Investment Director within the UK equities team. He began his career in 1998, joining Schroder Investment Management as Assistant Fund Manager, UK Equities. He joined the company in 2002 as an Investment Analyst. He then managed EMEA portfolios before moving to the UK equities team in 2006. His responsibilities include managing the UK Equity Income Unconstrained Fund, an institutional fund, the Aberdeen Standard Equity Income Trust and analysing the banks and financial services sectors. Thomas began managing the Aberdeen Standard Equity Income Trust in November 2011.

  • 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.

Mark White

Mark White

Chairman

Appointed to the Board on 1 November 2013 and as Chairman on 5 February 2021, Mr White is a director of LGT Capital Partners UK Holding Limited. He is also a non-executive Director of Aviva Investors Holdings Limited and Chairman of Aviva Investors UK Fund Services Limited. He was previously Joint Head of JP Morgan Asset Management in Europe and Chief Executive of Jardine Fleming Investment Management in Hong Kong.
Caroline Hitch

Caroline Hitch

Non-Executive Director

Appointed to the Board on 1 January 2017 and as Chair of the Remuneration & Management Engagement Committee on 5 February 2021, Ms Hitch is also a non-executive Director of Schroder Asian Total Return Investment Company plc and Chair of CQS New City High Yield Fund Ltd. Her career in financial services was mainly with the HSBC group and most recently she was Head of Wealth Portfolio Management at HSBC’s asset management arm with investment responsibility for their flagship retail multi asset funds. She has worked in London, Jersey, Monaco and Hong Kong.
Sarika Patel

Sarika Patel

Non-Executive Director

Appointed to the Board on 1 November 2019, Sarika Patel is a business leader with nearly 30 years' experience. She is a Chartered Accountant and a Chartered Marketer. Sarika Patel is a non-executive director and Chair of the Audit Committees of Sequoia Economic Infrastructure Fund Limited, SDCL Energy Efficiency Income Trust plc and  of Foresight Sustainable Forestry Company.

Previously a partner at Zeus Caps, Sarika has been on a host of public and private sector boards. She is currently Chair of Action for Children, one of the UK's leading charities for children, and a Board Member of the Office for Nuclear Regulation where she chairs the Audit, Risk and Assurance Committee.

Jeremy Tigue

Jeremy Tigue

Senior Independent Director

Appointed to the Board on 1 October 2014 and as the Senior Independent Director with effect from 15 December 2016. Mr Tigue is a Non-Executive Director of The Mercantile Investment Trust plc and The Monks Investment Trust PLC. He was the Fund Manager of Foreign & Colonial Investment Trust PLC from 1997 to June 2014 and a Director of the Association of Investment Companies ("AIC") from 2003 to 2013.

  • Mark White

    Mark White

    Chairman

    Appointed to the Board on 1 November 2013 and as Chairman on 5 February 2021, Mr White is a director of LGT Capital Partners UK Holding Limited. He is also a non-executive Director of Aviva Investors Holdings Limited and Chairman of Aviva Investors UK Fund Services Limited. He was previously Joint Head of JP Morgan Asset Management in Europe and Chief Executive of Jardine Fleming Investment Management in Hong Kong.
  • Caroline Hitch

    Caroline Hitch

    Non-Executive Director

    Appointed to the Board on 1 January 2017 and as Chair of the Remuneration & Management Engagement Committee on 5 February 2021, Ms Hitch is also a non-executive Director of Schroder Asian Total Return Investment Company plc and Chair of CQS New City High Yield Fund Ltd. Her career in financial services was mainly with the HSBC group and most recently she was Head of Wealth Portfolio Management at HSBC’s asset management arm with investment responsibility for their flagship retail multi asset funds. She has worked in London, Jersey, Monaco and Hong Kong.
  • Sarika Patel

    Sarika Patel

    Non-Executive Director

    Appointed to the Board on 1 November 2019, Sarika Patel is a business leader with nearly 30 years' experience. She is a Chartered Accountant and a Chartered Marketer. Sarika Patel is a non-executive director and Chair of the Audit Committees of Sequoia Economic Infrastructure Fund Limited, SDCL Energy Efficiency Income Trust plc and  of Foresight Sustainable Forestry Company.

    Previously a partner at Zeus Caps, Sarika has been on a host of public and private sector boards. She is currently Chair of Action for Children, one of the UK's leading charities for children, and a Board Member of the Office for Nuclear Regulation where she chairs the Audit, Risk and Assurance Committee.

  • Jeremy Tigue

    Jeremy Tigue

    Senior Independent Director

    Appointed to the Board on 1 October 2014 and as the Senior Independent Director with effect from 15 December 2016. Mr Tigue is a Non-Executive Director of The Mercantile Investment Trust plc and The Monks Investment Trust PLC. He was the Fund Manager of Foreign & Colonial Investment Trust PLC from 1997 to June 2014 and a Director of the Association of Investment Companies ("AIC") from 2003 to 2013.

Financial calendar

Year End 30 September
Accounts Published December
Annual General Meeting February
Dividend Paid March, June, September, January

Trust details

Aberdeen Standard Equity Income Trust plc

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

Registered in England & Wales. Company number 2648152

Launch date: 14 November 1991

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.