Title: URL Source: https://is.gd/s5rqtn Published Time: Tue, 22 Apr 2025 12:57:36 GMT Markdown Content: # The Diverse Income Trust plc Factsheet 31 March 2025 This is a Marketing Communication. Objective The Company’s investment objective is to provide shareholders with an attractive and growing level of dividends coupled with capital growth over the long term. ## Awards and ratings > Ratings are not a recommendation. Please see page 4 for further information. ## Key facts Net assets £226.6m Shares in issue 236,393,165 Gearing 0.00% Share price 91.80p NAV 95.84p Premium/(Discount) (4.22)% No. of holdings 107 Domicile United Kingdom Launch date 28 Apr 2011 Reporting dates Final - 31 May Interim - 30 Nov ISA eligible Yes AIC sector IT UK Equity Income Performance comparators IT UK Equity Income sector (share price return) Deutsche Numis All-Share Index Deutsche Numis Smaller Companies + AIM (ex ICs) ## Trust managers Gervais Williams Joined Premier Miton Mar 2011 Manager since Apr 2011 Martin Turner Joined Premier Miton May 2011 Manager since May 2011 ## Directors Andrew Bell (Chairman), Charles Crole, Caroline Kemsley-Pein, Michelle McGrade, Calum Thomson Fund codes ISIN GB00B65TLW28 SEDOL B65TLW2 Bloomberg DIVI LN During the latter years of globalisation, the returns from investments in the very largest companies listed on stock markets were incredibly strong and consistent. With aggressive protectionist policies like tariffs, designed to help protect industries from foreign competition, the future is now clouded by uncertainty. We also expect reduced financial market liquidity, meaning it could become less easy to buy and sell investments at stable prices. Whilst all global companies face an uncertain future with trade tariffs, we believe the changing political and economic dynamics could specifically favour cash generative companies. For example, they could have opportunities to expand into vacated markets if competitors fail, or even to acquire otherwise viable businesses that have overborrowed – debt-free from the receiver for as little as £1. We believe the more that Trump injects uncertainty into financial markets, the more that funds will move away from volatile US companies into companies with greater resilience, such as those which generate income that are listed on a stock markets in the UK. In that context, we see the UK’s recent outperformance as presaging a new long-term trend. Between 1965 and 1985 when global uncertainty was rife, the FTSE All-Share Index outperformed the S&P 500 Index by a very, very considerable margin. Importantly, in time we believe that renewed flows of global finance into financial markets such as the UK could be reflected in a strong recovery of share prices of smaller companies listed on a stock market in the UK. We believe they stand on unusually low valuations currently, such that even the tiniest increase in interest could have the potential to drive them up considerably. We are incredibly upbeat about the potential for the trust’s strategy to perform well through these unsettled markets. Gervais Williams & Martin Turner 31.03.2025 ## Manager commentary ## Performance over 10 years (%) > Mar 17 Mar 19 Mar 21 Mar 23 Mar 25 -40 -20 020 40 60 80 100 Cumulative performance (%) 1m 3m 1y 3y 5y 10y n Share price 0.49 2.48 12.46 -0.66 65.11 61.46 n NAV -0.30 -0.60 9.82 0.16 51.73 69.24 n IT UK Equity Income sector -0.83 2.73 14.25 19.39 85.44 77.38 n Deutsche Numis All-Share Index -2.24 4.07 10.59 20.59 74.31 78.71 n Deutsche Numis -3.27 -5.88 -0.35 -11.12 49.01 47.66 Smaller Companies + AIM (ex ICs) 2020 2021 2022 2023 2024 YTD Share price 8.60 19.49 -16.82 -5.68 15.91 2.48 NAV 7.57 15.78 -13.39 -2.56 15.06 -0.60 IT UK Equity Income sector -7.84 18.67 0.08 3.91 10.32 2.73 Deutsche Numis All-Share Index -7.88 17.07 -2.54 7.82 9.72 4.07 Deutsche Numis 4.93 20.03 -21.93 3.21 5.02 -5.88 Smaller Companies + AIM (ex ICs) 31.03.20 31.03.21 31.03.22 31.03.23 28.03.24 31.03.21 31.03.22 31.03.23 28.03.24 31.03.25 Share price 69.85 -2.14 -13.63 2.28 12.46 NAV 48.13 2.26 -11.93 3.56 9.82 IT UK Equity Income sector 42.82 8.76 2.64 1.81 14.25 Deutsche Numis All-Share Index 30.56 10.72 0.77 8.21 10.59 Deutsche Numis 71.31 -2.14 -13.37 2.96 -0.35 Smaller Companies + AIM (ex ICs) Source of performance data: Morningstar, as at 31.03.2025, net income reinvested, bid to bid basis, Index on a total return basis. ©2025 Morningstar. All Rights Reserved. The information contained herein; is proprietary to Morningstar and/or its content providers; may not be copied or redistributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The performance information presented on this page relates to the past. Past performance is not a reliable indicator of future returns. Investing involves risk. The value of an investment can go down as well as up which means that you could get back less than you originally invested when you come to sell your investment. The value of your investment might not keep up with any rise in the cost of living. More information about the risks of investment is provided later in this document. Page 2 of 4 The Diverse Income Trust plc Charges Ongoing charges figure (OCF) 1.14% as at 31.05.2024 Ongoing charges are those expenses of a type which relate to the operation of the Company and are based on costs incurred in the year as being the best estimate of future costs. The ongoing charges figure (OCF) is made up of a number of elements including the investment management fee, Company secretarial services, administration expenses, depositary fees, auditor’s remuneration and directors’ fees and expenses. More details can be found in the Company’s Annual Report and Accounts which can be found on the Company’s website. Management fee on market capitalisation Fund management fees are tiered and calculated based on the share price, so may vary in each year. With effect from 1 June 2024, the Manager receives a management fee of 0.80% per annum on the average market capitalisation of the trust up to £450m and 0.70% per annum on the average market capitalisation above £450m. Income Historic Yield 4.68% The historic yield reflects the distributions declared over the past twelve months as a percentage of the trust price as at the date shown. It does not include any preliminary charge and investors may be subject to tax on their distributions. The yield is not guaranteed and will fluctuate. Revenue reserve 7.11p per share* as at 31.05.2024 *before final dividend declared for the year Expected payment dates Feb, May, Aug, Nov Income distribution (pence per share) Total income distributions in each of the trust’s last 6 financial years. 1st 2nd 3rd Interim Interim Interim Final Total 2025 1.00p - - - 1.00p 2024 1.00p 1.00p 1.05p 1.20p 4.25p 2023 0.95p 0.95p 0.95p 1.20p 4.05p 2022 0.90p 0.90p 0.90p 1.20p 3.90p 2021 0.85p 0.90p 0.90p 1.10p 3.75p 2020 0.85p 0.90p 0.90p 1.05p 3.70p Portfolio breakdown Top 20 holdings (%) TP ICAP Group 3.1 Galliford Try Holdings 3.1 Pan African Resources 3.0 XPS Pensions Group 2.6 Aviva 2.5 Concurrent Technologies 2.4 Paypoint 2.4 CMC Markets 2.3 Greatland Gold 2.1 Kenmare Resources 2.0 Secure Trust Bank 2.0 Phoenix Group Holdings 1.9 Ithaca Energy 1.8 BT Group 1.8 NewRiver REIT 1.7 Plus500 1.7 Lloyds Banking Group 1.7 Legal & General Group 1.7 Yu Group 1.7 Hunting 1.6 Index weighting (%) n FTSE AIM 28.8 n FTSE Fledgling 0.4 n FTSE Small Cap 22.3 n FTSE 250 22.0 n FTSE 100 19.8 n UK-listed non-indexed shares 2.5 n Other 0.7 n Cash 3.5 Factsheet 31 March 2025 Investing involves risk. The value of an investment can go down as well as up which means that you could get back less than you originally invested when you come to sell your investment. The value of your investment might not keep up with any rise in the cost of living. Typically, there is less risk of losing money over the long-term (which we define as over 5 years) from an investment that is considered low risk, although potential returns may also be lower. Investments considered higher risk typically offer greater opportunities for better long-term returns, though the risk of losing money is also likely to be higher. Premier Miton is unable to provide investment, tax or financial planning advice. We recommend that you discuss any investment decisions with a financial adviser. Some of the main specific risks of investing in this trust are summarised here. Derivatives Derivatives may be used within funds for different reasons, usually to reduce risk, which can be called “hedging”. This can limit gains in certain circumstances as well. Derivatives can also be used to generate income or to increase the risk being taken, which can have positive or negative outcomes. The derivatives used can be options or futures which are types of contracts that are dealt on an exchange or negotiated with a third party. More complex derivatives may also be used. Derivatives can also introduce leverage to a fund, which is similar to borrowing money to invest. Equities Equities (company shares) can experience high levels of price fluctuation. Smaller company shares can be riskier than the largest companies, companies in less developed countries (emerging markets) can be risker than those in developed countries and funds focused on a particular country or region can be riskier than funds that are more geographically diverse. These risks can result in bigger movements in the value of the fund. Equities can be affected by changes in central bank interest rates and by inflation. Other investment risks Funds may have holdings in investments such as commodities (raw materials), infrastructure and property as well as other areas such as specialist lending and renewable energy. These investments will be indirect, which means accessing these assets by investing in companies, other funds or similar investment vehicles. These investments can also increase risk and experience sharp price movements. Funds focused on specific sectors or industries, such as property or infrastructure, may carry a higher level of risk and can experience bigger movements in value. Certain investments can be impacted by decisions made by third parties, such as governments or regulators. Other risks There are many other factors that can influence the value of a fund. These include currency movements, changes in the law, regulations or tax, operational systems or third-party failures, or financial market conditions that make it difficult to buy or sell investments for the fund. ## Other risks General risks The Diverse Income Trust plc Page 3 of 4 Factsheet 31 March 2025 The Diverse Income Trust plc Ratings, awards and other information The methodology and calculations used by the third parties providing the ratings/ awards are not verified by Premier Miton Investors and we are unable to accept responsibility for their accuracy, nor should they be relied upon for making an investment decision. Annual management charge (AMC) The yearly fee paid to Premier Miton for managing a trust, expressed as a percentage of your investment. The AMC does not typically change from year to year. Assets Different groups of investments such as company shares, bonds, commodities or property. Bonds (or fixed income) Types of investments that allow investors to loan money to governments and companies, usually in return for a regular fixed level of interest until the bond’s maturity date, plus the return of the original value of the bond at the maturity date. The price of bonds will vary and the investment terms of bonds will also vary. Capital Describes financial assets, particularly cash, or other assets, such as shares, owned by a person or organisation. Capital growth The increase in the value of an asset or investment over time, measured by its current value compared to its purchase cost. Collective Investment Schemes A generic term for investment funds with more than one investor, such as unit trusts, Open Ended Investment Schemes (OEICs) and investment trusts. Discount The shares of investment trusts can have a price below the value of their net assets, this difference is known as the discount. The shares can also be at a premium to their net assets. Dividends The portion of its capital that a company chooses to return to its shareholders. For a trust, this is the payment of trust’s income to its shareholders. Equities Another name for shares (or stock) in a company. FTSE 100 Put Option A type of derivative contract in which the underlying value is based on the level of the FTSE 100 index which tracks the performance of the top 100 largest companies by market value listed on the London Stock Exchange. Such contracts can be used to protect the value of an underlying investment or group of investments against a fall in the value of those 100 largest companies and can be thought of as an insurance policy. Gearing The level of a company’s debt in relation to its capital. A company with significant debt compared to its capital is considered to be highly geared. Individual Savings Account (ISA) A type of tax-free scheme, set up by the government, designed to help people make the most of their savings and investments. All income and gains from an ISA investment are exempt from UK Income Tax and Capital Gains Tax. HM Revenue and Customs sets the maximum amounts that you are allowed to invest into an ISA each tax year. Micro-Cap A company with a market capitalisation (the total value of all a company’s shares) of below £250 million. Multi-Cap A type of equity fund or investment trust that invests in companies across all market capitalisations (the market capitalisation is the total value of all a company’s shares). Net Asset Value (NAV) The total of a company’s assets minus its liabilities. The net asset value per share is the total of a company’s assets minus its liabilities divided by the number of shares in issue. Ongoing Charges Figure (OCF) As recommended by the Association of Investment Companies in its guidance, ongoing charges are the Company’s annualised revenue and capital expenses (excluding finance costs and certain non- recurring items) expressed as a percentage of the average monthly net assets of the Company during the year. Please note this figure is different to what is stated in the PRIIPS KID. Revenue reserve An investment trust has to pay a minimum of 85% of the income it receives each financial year to shareholders, usually via a dividend. Up to 15% can be retained in a revenue reserve account to be paid in the future. Share price yield The dividend per share divided by the stock’s or fund’s price per share and expressed as a percentage. The historic yield is the dividend income distributed during the past year and expressed as a percentage of the share price on a particular day. Total return A way of showing how an investment has performed, and is made-up of the capital appreciation or depreciation and includes any income generated by the investment. Measured over a set period, it is expressed as a percentage of the value of the investment at the start of that period. ## Glossary Factsheet 31 March 2025 Page 4 of 4 Contact us From 9:00am to 5:30pm, Monday to Friday, excluding bank holidays. 0333 456 4560 contactus@premiermiton.com Investment Manager Premier Fund Managers Limited Eastgate Court High Street Guildford Surrey GU1 3DE Secretary and Registered Office MUFG Corporate Markets Broadwalk House Southernhay West Exeter EX1 1TS Registrar and Transfer Office MUFG Corporate Markets Central Square 29 Wellington Street Leeds LS1 4DL ## Corporate contacts 01483 306 090 investorservices@premiermiton.com shareholderenquiries@cm.mpms.mufg.com 01392 477 500 Whilst every effort has been made to ensure the accuracy of the information contained within this document, we regret that we cannot accept responsibility for any omissions or errors. Any views and opinions expressed here are those of the author at the time of writing and can change; they may not represent the views of Premier Miton and should not be taken as statements of fact, nor should they be relied upon for making investment decisions. Reference to any particular stock or fund does not constitute a recommendation to buy or sell the stock or fund. Persons who do not have professional experience in matters relating to investments should > not rely on the content of this document. We are unable to give financial advice. If you are unsure about the content contained within/suitability of the funds mentioned, please speak to a financial adviser. > All data is sourced to Premier Miton unless otherwise stated. > A free, English language copy of the trust’s full prospectus, the Key Information Document and Pre-investment Disclosure Document are available on the Premier Miton website, or you can request copies by > calling us on 01483 306090. For your protection, calls may be monitored and recorded for training and quality assurance purposes. Financial Promotion issued by Premier Portfolio Managers Limited which is registered in England no. 01235867, authorised and regulated by the Financial Conduct Authority and a member of the ‘Premier > Miton Investors’ marketing group and a subsidiary of Premier Miton Group plc (registered in England no. 06306664). Registered office: Eastgate Court, High Street, Guildford, Surrey GU1 3DE. 0871 664 0300