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Acorn Income Fund (AIF)

Business description

AIF's objective is to provide a high level of income with the opportunity for income growth and capital growth over the life of the company. AIF is geared through a ZDP stock. The portfolio is split into two pools, one (70-80% of assets) is invested in UK small-cap equities, the other is an income portfolio containing sterling fixed-interest instruments, reverse convertibles and high-yielding shares in other investment companies.

Stock data

Market cap.£57.7m
Last close365.00p
High / Low (52 weeks)478.0p / 364.0p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamInvestment Companies
SectorInvestment Companies

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Company news

Investment summary

Acorn Income Fund (AIF) is relatively unusual in that it seeks to generate a high income from investing predominantly in smaller companies, a sector more often seen as high-growth and lower yielding. The fund has a dual-portfolio structure, with c 70-80% invested in a portfolio of up to 50 well-financed, cash-generative UK small-caps (biased to those under £500m market cap), and the balance in an income portfolio of securities such as bonds, investment companies and structured notes. While the unexpected failure in March of former largest holding Conviviality highlights the risks inherent in equity investment, strong growth in capital and income from the rest of the portfolio has compensated in absolute terms. AIF’s long-term performance record remains impressive, with an NAV total return almost 150pp above that of its closest peer over 10 years. AIF currently yields 4.0%.

Last updated on 06/06/2018

Key management

Company address

Northern Trust International Fund Administration Services (Guernsey) Limited
PO Box 255, Trafalgar Court, Les Banques
St Peter Port
Guernsey
GY1 3QL
United Kingdom
01481 745001
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