abrdn 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 01 Jul 2022

Share Price 335.00p

Estimated NAV cum income 346.07p

Estimated NAV ex income 342.41p

Dividend Yield 6.5%

Premium / (Discount) to NAV cum income -3.2%

Premium / (Discount) to NAV ex income -2.2%

Source: Morningstar

About us

Find out more about our investment objective, approach, portfolio and performance.

Insights

Our articles, podcasts and videos offer the latest perspectives from our managers on the evolving investment landscape.

How to invest

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Latest news

An update from our investment manager, Thomas Moore - 26 May 2022

Our investment process seeks to identify under-appreciated stocks that we believe are set to benefit from positive changes in their corporate fundamentals. Investors can be irrational, losing sight of company fundamentals, especially during periods of macroeconomic disruption. This can create an abundance of opportunities that can play out in the long sweeps of more stable market conditions in the wake of this macroeconomic turmoil. We have constructed the portfolio using a high-conviction, index-agnostic approach. This means that we ignore index weightings and invest in our best ideas where we see the greatest potential for total return. We see a benefit to shareholders over time from investing in small- and mid-cap stocks where inefficiencies are most prevalent, given the lack of research analysts covering these stocks. The current period of higher inflation is transforming the backdrop against which we are investing. With commodity prices and bond yields rising, it is becoming clearer that new stocks and sectors are taking over market leadership. In order to be capable of pivoting successfully in these changing market conditions, it is essential to follow a process that is dynamic – constantly focusing on change in company fundamentals and investing right across the UK equity market. We are identifying companies with strong cash flows, with the potential to drive growth in dividends. We have consciously positioned the portfolio in stocks and sectors that we believe have the most attractive dividend growth. As we enter more inflationary conditions, we are finding companies that can potentially help to protect against the rising cost of living. Higher inflation is a function of higher input prices, such as rising oil prices and commodity prices, higher interest rates and higher wages. We believe that there are certain sectors that will actually benefit from this environment, specifically financials and resources.

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 abrdn Equity Income Trust and analysing the banks and financial services sectors. Thomas began managing the abrdn 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 abrdn 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 abrdn Equity Income Trust and analysing the banks and financial services sectors. Thomas began managing the abrdn 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 abrdn 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

abrdn 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.