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JP Morgan Claverhouse (JCH) dividend

Closed-end funds and OEICs
monabri
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JP Morgan Claverhouse (JCH) dividend

#431569

Postby monabri » July 30th, 2021, 7:25 pm

Second quarterly interim dividend

"The Directors have declared that a second quarterly interim dividend of 7.00 pence per share for the year ending 31st December 2021 will be paid on 6th September 2021 to shareholders on the register at the close of business on 13th August 2021. The ex-dividend date will be 12th August 2021.

As announced in the Annual Report, the Board has decided to increase the dividend payable in each of the first three quarters to 7.00 pence from the 6.50 pence paid in the previous period.

The Company has increased its total annual dividend for 48 consecutive years and the Board's dividend policy remains to seek to increase the dividend each year and, taking a run of years together, to pay dividends that at least match the rate of inflation."

https://www.investegate.co.uk/jpmorgan- ... 30241265H/

88V8
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Re: JP Morgan Claverhouse (JCH) dividend

#431574

Postby 88V8 » July 30th, 2021, 8:04 pm

monabri wrote:....taking a run of years together, to pay dividends that at least match the rate of inflation."

That seems a very sensible policy, albeit conveniently vague.

V8 (holds)

monabri
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Morgan Claverhouse (JCH) dividend

#452100

Postby monabri » October 21st, 2021, 7:56 pm

https://www.investegate.co.uk/jpmorgan- ... 35148233P/

"Dividend of 7.00 pence per share for the year ending 31st December 2021 will be paid on 1st December 2021 to shareholders on the register at the close of business on 29th October 2021. The ex-dividend date will be 28th October 2021."



"As announced in the Annual and Half Year Report, the Board has decided to increase the dividend payable in each of the first three quarters to 7.00 pence from the 6.50 pence paid in the previous period."



"The Company has increased its total annual dividend for 48 consecutive years and the Board's dividend policy remains to seek to increase the dividend each year and, taking a run of years together, to pay dividends that at least match the rate of inflation."

monabri
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Re: JP Morgan Claverhouse (JCH) dividend

#476643

Postby monabri » January 27th, 2022, 6:31 pm

https://www.investegate.co.uk/jpmorgan- ... 56288976Z/

"Fourth quarterly interim dividend
The Directors have declared that a fourth quarterly interim dividend of 9.5 pence per share for the year ended 31st December 2021 will be paid on 4th March 2022 to shareholders on the register at the close of business on 4th February 2022. The ex-dividend date will be 3rd February 2022. This payment will bring the total dividend for the year ended 31st December 2021 to 30.5 pence (2020: 29.5 pence), an increase of 3.4% over the previous year.

This declaration continues the Company's record of increasing the total dividend each year since 1972 and the growth of the total dividend for the 49th successive year."

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Re: JP Morgan Claverhouse (JCH) dividend

#565224

Postby mike » January 31st, 2023, 1:49 pm

The Directors have declared that a fourth quarterly interim dividend of 10.5 pence per share for the year ended 31st December 2022 will be paid on 17th March 2023 to shareholders on the register at the close of business on 10th February 2023. The ex-dividend date will be 9th February 2023. This payment will bring the total dividend for the year ended 31st December 2022 to 33 pence per share (2021: 30.5 pence per share), an increase of 8.2% over the previous year.

This declaration represents the growth of the Company's dividend for the 50th successive year. The Board's dividend policy remains to seek to increase the dividend each year and, taking a run of years together, to increase dividends at a rate close to or above the rate of inflation. Following payment of the fourth quarterly interim dividend, the Company will have paid dividends in excess of inflation over each of 3, 5 and 10 year periods.

My emphasis

A very welcome increase in annual dividend announced today, and not just a nominal increase to keep their 50-year AIC Dividend Hero status.

When I compare the increases in dividend over a 5 and 10 year period, JCH and AEI (Aberdeen Equity Income) leave more popular trusts like MRCH absolutely standing, although their capital performance does leave something to be desired.

https://www.investegate.co.uk/jpmorgan-claver-it--jch-/rns/dividend-declaration/202301310700103237O/

Itsallaguess
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Re: JP Morgan Claverhouse (JCH) dividend

#565248

Postby Itsallaguess » January 31st, 2023, 3:09 pm

mike wrote:
When I compare the increases in dividend over a 5 and 10 year period, JCH and AEI (Aberdeen Equity Income) leave more popular trusts like MRCH absolutely standing, although their capital performance does leave something to be desired.


A five-year total-return comparison between JCH, AEI and MRCH shows quite a stark difference in overall performance, however -

Image

Source - https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/fundsmith-equity-class-i-accumulation/charts

Cheers,

Itsallaguess

monabri
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Re: JP Morgan Claverhouse (JCH) dividend

#565253

Postby monabri » January 31st, 2023, 3:19 pm

That's a significant uptick in the dividend when considering the headwinds of rebuilding dividend cover post Covid and, taking into account the Link report on dividends (discussed viewtopic.php?p=565135#p565135 ) indicates total UK dividend payout level are still less than 2017.

Might be worth comparing and contrasting what JCH holds versus MRCH or CTY, maybe JCH' s fishes are better swimmers?

One has to ask "Why" do JCH feel confident enough to hike their dividend by that amount?

Edit....and especially whats in abrdn's AEI ?

p.s. if I've spelled abrdn's ticker incorrectly, it's because I can't be ar$ed to check..stupid name.

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Re: JP Morgan Claverhouse (JCH) dividend

#565269

Postby mike » January 31st, 2023, 3:59 pm

Itsallaguess wrote:
mike wrote:
When I compare the increases in dividend over a 5 and 10 year period, JCH and AEI (Aberdeen Equity Income) leave more popular trusts like MRCH absolutely standing, although their capital performance does leave something to be desired.


A five-year total-return comparison between JCH, AEI and MRCH shows quite a stark difference in overall performance, however -

Cheers,

Itsallaguess


Yes, very much so - perhaps I was too oblique in my critique of capital performance.

But looking at the dividend increases over the last 10- and 5-year periods as I mentioined shows the following -

Due to the timescale of recovery from pandemic, I think it would be fair to use the financial year ends as close as possible to each other. AEI is September, JCH December and MRCH January. AS MRCH's dividend for their FY ending today is not available, let us consider MRCH to Jan 22, and the other two to 2021 (Sept & Dec respectively, so very close in JCH's case)


.           Dividend for FY ending [see above]
AEI JCH MRCH
2011 12.40 18.25
Jan 2012 23.00

2016 15.40 23.00
Jan 2017 24.20
5-yr Change 24.2% 26.0% 5.2%
5-yr CAGR 4.4% 4.7% 1.0%

2021 21.20 30.50
Jan 2022 27.30
5-yr Change 37.7% 32.6% 12.8%
5-yr CAGR 6.6% 5.8% 2.4%
10-yr Change 70.1% 67.1% 18.7%
10-yr CAGR 5.5% 5.3% 1.7%


I don't think I was wrong when I said they both leave MRCH standing regarding increases in dividend.

So horses for courses - and arguments over TR and synthesizing dividends have been had elsewhere !

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Re: JP Morgan Claverhouse (JCH) dividend

#565277

Postby dundas666 » January 31st, 2023, 4:49 pm

mike wrote:.....I don't think I was wrong when I said they both leave MRCH standing regarding increases in dividend.

So horses for courses - and arguments over TR and synthesizing dividends have been had elsewhere !


As mentioned in a recent post, MRCH's latest dividend increase was just 0.7%

By contrast this increase from 9.5p to 10.5p by JCH is an increase of 10.5%

(oddly I hold exactly three UK Equity Income ITs - JCH, MRCH and AEI !)

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Re: JP Morgan Claverhouse (JCH) dividend

#565281

Postby Itsallaguess » January 31st, 2023, 5:13 pm

mike wrote:
But looking at the dividend increases over the last 10- and 5-year periods as I mentioned shows the following -

Due to the timescale of recovery from pandemic, I think it would be fair to use the financial year ends as close as possible to each other. AEI is September, JCH December and MRCH January.

As MRCH's dividend for their FY ending today is not available, let us consider MRCH to Jan 22, and the other two to 2021 (Sept & Dec respectively, so very close in JCH's case)


.           Dividend for FY ending [see above]
AEI JCH MRCH
2011 12.40 18.25
Jan 2012 23.00

2016 15.40 23.00
Jan 2017 24.20
5-yr Change 24.2% 26.0% 5.2%
5-yr CAGR 4.4% 4.7% 1.0%

2021 21.20 30.50
Jan 2022 27.30
5-yr Change 37.7% 32.6% 12.8%
5-yr CAGR 6.6% 5.8% 2.4%
10-yr Change 70.1% 67.1% 18.7%
10-yr CAGR 5.5% 5.3% 1.7%


I don't think I was wrong when I said they both leave MRCH standing regarding increases in dividend.

So horses for courses - and arguments over TR and synthesizing dividends have been had elsewhere !


Absolutely, but I'm not sure that just looking at relative speed of dividend increases really tell us anything on their own, so I thought I'd look at a couple of other metrics as well, such as yield, gearing, and charges -

‏‏‎                        AEI        JCH        MRCH
Yield 6.46% 4.62% 4.68%
Gearing 14% 7% 9%
Ongoing charge 0.86% 0.66% 0.55%


Figures taken from the following AIC links -

AEI - https://www.theaic.co.uk/companydata/abrdn-equity-income

JCH - https://www.theaic.co.uk/companydata/jpmorgan-claverhouse

MRCH - https://www.theaic.co.uk/companydata/merchants

Personally, even primarily as an income-investor, I'm never too happy with dividend-payouts that feel like I'm just eating my own share-capital, and I'm not a huge fan of AEI's large gearing figure and comparatively high charges, along with such a poor showing in the 5-year total-return chart posted earlier, so then we're left with JCH, where even with the dividend-hikes that you've mentioned, it's still left with a yield that's lower than that currently available from MRCH, and where MRCH also has lower charges than JCH, albeit with slightly higher gearing.

Taken in the round though, and with an emphasis on the 5-year total-return comparison chart posted earlier, I think I'll stick with MRCH for now, and if a relatively small hike in recent dividend is the price I've got to pay for still receiving a worthwhile dividend along with that 5-year total-return performance, then I think I'll manage to live with it, and after spending a little time carrying out these relative-performance comparisons, I would probably have to ask if the relatively low rise in MRCH's most recent dividend is just the sort of prudent management that's provided them with such glowing 5-year returns, when the other two have decided to hike their own dividends much faster...
Cheers,

Itsallaguess

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Re: JP Morgan Claverhouse (JCH) dividend

#565284

Postby dundas666 » January 31st, 2023, 5:35 pm

Itsallaguess wrote:...so then we're left with JCH, where even with the dividend-hikes that you've mentioned, it's still left with a yield that's lower than that currently available from MRCH...
Cheers, Itsallaguess


I think MRCH's yield is 4.63% but JCH's has gone from 4.60% to 4.75% with this increase.

I'm happy to hold both though!

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Re: JP Morgan Claverhouse (JCH) dividend

#565285

Postby Itsallaguess » January 31st, 2023, 5:37 pm

One thing I did mean to add was to look at current dividend-cover levels between these three UK Equity Income IT's -

AEI - 0.95 years

JCH - 1.12 years

MRCH - 0.53 years

Figures taken from the AIC data-comparison link here - https://www.theaic.co.uk/aic/find-compare-investment-companies/advanced-compare?set=import

If MRCH are taking a bit of a breather with their recent dividend hike so as to allow cover to grow, then that might help to explain the relatively low rise this time around.

Cheers,

Itsallaguess

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Re: JP Morgan Claverhouse (JCH) dividend

#565289

Postby mike » January 31st, 2023, 6:20 pm

Itsallaguess wrote:Absolutely, but I'm not sure that just looking at relative speed of dividend increases really tell us anything on their own, so I thought I'd look at a couple of other metrics as well, such as yield, gearing, and charges -

‏‏‎                        AEI        JCH        MRCH
Yield 6.46% 4.62% 4.68%
Gearing 14% 7% 9%
Ongoing charge 0.86% 0.66% 0.55%


Figures taken from the following AIC links -

AEI - https://www.theaic.co.uk/companydata/abrdn-equity-income

JCH - https://www.theaic.co.uk/companydata/jpmorgan-claverhouse

MRCH - https://www.theaic.co.uk/companydata/merchants

Personally, even primarily as an income-investor, I'm never too happy with dividend-payouts that feel like I'm just eating my own share-capital, and I'm not a huge fan of AEI's large gearing figure and comparatively high charges, along with such a poor showing in the 5-year total-return chart posted earlier, so then we're left with JCH, where even with the dividend-hikes that you've mentioned, it's still left with a yield that's lower than that currently available from MRCH, and where MRCH also has lower charges than JCH, albeit with slightly higher gearing.

Taken in the round though, and with an emphasis on the 5-year total-return comparison chart posted earlier, I think I'll stick with MRCH for now, and if a relatively small hike in recent dividend is the price I've got to pay for still receiving a worthwhile dividend along with that 5-year total-return performance, then I think I'll manage to live with it, and after spending a little time carrying out these relative-performance comparisons, I would probably have to ask if the relatively low rise in MRCH's most recent dividend is just the sort of prudent management that's provided them with such glowing 5-year returns, when the other two have decided to hike their own dividends much faster...
Cheers,

Itsallaguess


Edit - IAAG, I see you've added revenue reserves while I was composing this, so have edited slightly since writing


AEI have in their latest Sept 2022 accounts increased their revenue reserves by 21% in absolute cash terms and from 9.9 to 11 months (my calculations, consistent over all figures*)
In their Sept 2021 accounts, their RR reduced by 3% in absolute terms, and from 10 to 9.9 months

JCH in their latest Dec 2021 accounts, the RR reduced by 0.5% in absolute terms, and from 14.8 to 13.7 months.

MRCH in their latest Jan 2022 accounts, the RR reduced by 7.5% in absolute terms and from 8.4 to 7.3 months.

AEI are obviously well ahead in their RR pandemic recovery due to the date of their accounts, so it will be interesting to see how the RRs have recovered when the JCH and MRCH accounts are published in March/April

Whereas yes, the TR comparison point strongly to MRCH, I am also an income investor but feel the yield, the rate of dividend increase combined with the direction of the revenue reserve to be the important factors in choosing my ITs. I ignore charges as those other factors are after charges so will take them into account.

Again, horses for courses and like you, I'm happy with my choices. For the UK, I hold JCH, AEI, CTY and SCF (Schroder Inc Growth) which give me around 25% of my IT income. The balance is from ITs investing mainly outside the UK.

Accounts
AEI Sept 2022 which inlude 2021 comparison https://www.investegate.co.uk/abrdn-equity-income--aei-/rns/annual-financial-report/202212010700031563I/
JCH Dec 2021 https://www.investegate.co.uk/jpmorgan-claver-it--jch-/rns/annual-financial-report/202203140700105808E/
MRCH Jan 2022 https://www.investegate.co.uk/merchants-trust./rns/final-results/202204070700055545H/

[*] My RR months calculation (Revenue Reserve/(Dividends Paid*(1+ % inc in dividend)))*12

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Re: JP Morgan Claverhouse (JCH) dividend

#565356

Postby scotia » January 31st, 2023, 10:32 pm

I have had a look at the (Predominately) UK Equity Income trusts mentioned in the discussions above, with the addition of Dunedin (DIG)



The outlier is ABRDN Equity Income - it has a higher yield than the others, however it is the only one which has lost investors' money over 5 yrs.

The yields of all of the others are similar, but their 5 yr total returns vary considerably. I own shares in Merchants, while my wife holds shares in Dunedin.

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Re: JP Morgan Claverhouse (JCH) dividend

#565366

Postby monabri » January 31st, 2023, 11:31 pm

AEI really has been a howler in terms of total return over the last 5 years!

Source: https://www.hl.co.uk/funds/fund-discoun ... ion/charts
Image

Image
Image

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Re: JP Morgan Claverhouse (JCH) dividend

#565382

Postby Itsallaguess » February 1st, 2023, 5:32 am

scotia wrote:


The outlier is ABRDN Equity Income - it has a higher yield than the others, however it is the only one which has lost investors' money over 5 yrs.


monabri wrote:
AEI really has been a howler in terms of total return over the last 5 years!


An outlier yield compared with it's direct peers, and with an outlier under-performance over the last five years.

This should come as no real surprise to anyone with any long-term experience of income-investing...

Don't. Chase. The. Yield...

Cheers,

Itsallaguess

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Re: JP Morgan Claverhouse (JCH) dividend

#565493

Postby sizzors » February 1st, 2023, 1:47 pm

i bought AEI on the 21/5/2019 at £4.33 yielding 4.5%.MRCH at the time was £4.84 yielding 4.6%.Since that time AEI has lost c19% in value and MRCH has increased by c22% in value. I wish i'd of chased that extra bit of yield at the time .

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Re: JP Morgan Claverhouse (JCH) dividend

#565498

Postby scotia » February 1st, 2023, 2:38 pm

sizzors wrote:i bought AEI on the 21/5/2019 at £4.33 yielding 4.5%.MRCH at the time was £4.84 yielding 4.6%.Since that time AEI has lost c19% in value and MRCH has increased by c22% in value. I wish i'd of chased that extra bit of yield at the time .

I sympathise with you. There is a lot of luck in picking the winners - as I know to my cost. Looking back at the prices of AEI and MRCH at the 5 years starting at the beginning of 2014, there was not much evidence to prefer MRCH to AEI. The most significant difference occurred later - in the recovery from the market collapse of early 2020 to the present. And you would have needed a very efficient crystal ball to have predicted this at mid 2019 when you purchased AEI. :)

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Re: JP Morgan Claverhouse (JCH) dividend

#565539

Postby ikethespike » February 1st, 2023, 3:56 pm

Scotia - I agree with everything you have said and I also sympathise with sizzors who understandably chose the lower yielding IT (AEI v MRCH) at the time of purchase.

I bought AEI in November 2020 and it has a TR so far of about 28%, with which I am perfectly happy. However, the graph above, by Itsallaguess, indicates that if I had purchased Merchants instead, the total return for the same period would have been about 70% !

I can see from HL comparison charts that AEI performed better in total return than MRCH between 2015 and 2018 by approximately 20%. So, without the crystal ball, which Scotia mentioned, it will be interesting to see if AEI will remain an outlier or not.

PS I also have JCH and MRCH but in smaller amounts unfortunately.

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Re: JP Morgan Claverhouse (JCH) dividend

#575532

Postby mike » March 14th, 2023, 9:16 am

JCH's final report for the year ending Dec 2022 have been released this morning.

The dividend increase of 8.2% from 30.5 to 33.0p has been discussed above, but we now have a couple of other pointers.

The revenue reserve has increased by 6.4% in absolute terms from £21.56m to £22.94m, but has decreased by 3.4% from 13.7 to 13.3 months in terms relative to the dividend.

For the current year "The Board intends to increase the first three quarterly interim dividends in 2023 to 8.0p per share from 7.5p per share in the previous financial year."

So if the final dividend remains constant, that would give an increase of 4.5%; a 0.5p increase in the final (half of this years increase) bumps the increase up to 6.1%.


A bit of trumpet blowing from them of course, but this is their dividend growth statement.

At a time when rising inflation is making dramatic inroads into household budgets, I am sure shareholders will be equally appreciative of the fact that following payment of the fourth quarterly interim dividend, the Company will have continued to pay dividends in excess of inflation over each of the past 3, 5 and 10 year periods, and above the dividend growth of the UK market as a whole (as measured by the constituents of the FTSE All-Share Index) as illustrated in the chart in the full annual report and table below.

Source: Bloomberg.
.                                           Claverhouse                UK Market
CPI DPS Growth Dividend Growth
(% per annum) (% per annum) (% per annum)

3 Year 4.1% 4.4% -7.1%

5 Year 3.3% 4.9% -1.2%

10 year 2.4% 5.7% 2.5%

Source: Office of National Statistics.

The Board's dividend policy remains to seek to increase the dividend each year and, taking a run of years together, to increase dividends at a rate close to or above the rate of inflation. With UK inflation now at a 30 year high, the Board will continue to monitor carefully the outlook for dividend income. However, given the Company's revenue reserves, built up over a number of years, and its ability, as an investment trust, to utilise these reserves if necessary to support the dividend, the Board currently expects future dividend increases to enable the Company to continue to meet its dividend policy objectives.


Overall happy, although the managers have been quite busy with stock turnover this year to meet circumstances - but that's what we pay them for !

https://www.investegate.co.uk/jpmorgan-claver-it--jch-/rns/final-results-for-year-to-31-dec-2022/202303140700088291S/

For holders, Final dividend of 10.5p payable this Friday, 17 March


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