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Aberdeen Standard Equity Income Trust

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Aberdeen Standard Equity Income Trust 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 Investment Trust Performance Data and Analytics to 31 August 2021 Investment objective Morningstar Analyst RatingTM To provide shareholders with an above average income from their equity investment while also providing real growth in capital and income. Benchmark FTSE All-Share Index. Features of the Trust B Morningstar Analyst Rating™ Morningstar analysts assign the ratings globally on a Objective of increasing the dividend in real terms. five-tier scale with three positive ratings of Gold, Silver and Bronze. Cumulative performance (%) Morningstar RatingTM as at 31/08/21 1 month 3 months 6 months 1 year 3 years 5 years Share Price 359.0p 1.4 (1.6) 15.0 44.7 (11.0) 12.6 NAV 391.9p 2.3 1.3 15.9 38.4 (4.8) 15.2 B Morningstar RatingTM for Funds Morningstar rates funds from one to five stars based FTSE All-Share Index 2.7 3.4 13.3 26.9 11.4 33.3 on how well they’ve performed (after adjusting for risk FTSE 350 Higher Yield Index 1.5 0.5 9.3 31.9 (0.3) 17.4 and accounting for all sales charges) in comparison to similar funds. Discrete performance (%) Twenty largest equity holdings (%) 31/08/21 31/08/20 31/08/19 31/08/18 31/08/17 BHP 4.0 Rio Tinto 3.8 Share Price 44.7 (20.0) (23.1) 7.7 17.6 CMC Markets 3.5 NAV 38.4 (19.0) (15.1) 4.4 15.8 Close Brothers 3.5 FTSE All-Share Index 26.9 (12.6) 0.4 4.7 14.3 Vistry 3.1 FTSE 350 Higher Yield Index 31.9 (22.3) (2.7) 4.2 13.1 SSE 2.9 Source: Aberdeen Standard Investments, total returns. The percentage growth figures are calculated over periods on a mid to BP 2.8 mid basis. Past performance is not a guide to future results. Royal Dutch Shell 2.8 Glencore 2.7 1 year Premium/(Discount) Chart (%) Premier Miton 2.7 % Diversified Energy 2.4 0 British American Tobacco 2.3 Tyman 2.3 -5 Entain 2.2 OSB Group 2.1 DFS Furniture 2.0 -10 Chesnara 1.9 Randall & Quilter 1.9 -15 River & Mercantile 1.7 Legal & General 1.7 -20 Total 52.3 Aug-20 Oct-20 Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Sector allocation (%) Financials 38.3 Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party Basic Materials 13.3 supplier(s) (the “Owner”) and is licensed for use by abrdnA. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none Consumer Goods 12.1 A of the Owner, abrdn or any other third party (including any third party involved in providing and/or compiling Third Party Industrials 10.2 Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Consumer Services 9.6 Third Party Data relates. Oil & Gas 8.0 Utilities 4.7 A abrdn means the relevant member of the abrdn group, being abrdn plc together with its subsidiaries, subsidiary undertakings Telecommunications 2.6 and associated companies (whether direct or indirect) from time to time. B © 2021 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its Health Care 1.3 content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Cash & Other (0.1) Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For more detailed information about Morningstar’s Analyst Rating, Total 100.0 including its methodology, please go to: http://corporate.morningstar.com/us/documents/MethodologyDocuments/ AnalystRatingforFundsMethodology.pdf All sources (unless indicated): The Morningstar Analyst Rating for Funds is a forward-looking analysis of a fund. Morningstar has identified five key areas Aberdeen Standard Investments: 31 August 2021. crucial to predicting the future success of a fund: People, Parent, Process, Performance, and Price. The pillars are used in determining the Morningstar Analyst Rating for a fund. Morningstar Analyst Ratings are assigned on a five-tier scale running Private investors 0808 500 0040 from Gold to Negative. The top three ratings, Gold, Silver, and Bronze, all indicate that our analysts think highly of a fund; the difference between them corresponds to differences in the level of analyst conviction in a fund’s ability to outperform its Institutional investors benchmark and peers through time, within the context of the level of risk taken over the long term. Neutral represents funds in which our analysts don’t have a strong positive or negative conviction over the long term and Negative represents funds InvestmentTrustInvestorRelations-UK that possess at least one flaw that our analysts believe is likely to significantly hamper future performance over the long term. Long term is defined as a full market cycle or at least five years. Past performance of a security may or may not be sustained in @aberdeenstandard.com future and is no indication of future performance. For detailed information about the Morningstar Analyst Rating for Funds, +44 (0)20 7463 5971 | +44 (0)13 1222 1863 please visit http://global.morningstar.com/managerdisclosures. Page 1 of 4 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 Ten largest positions relative to the benchmark (%) Key information Overweight Stocks Portfolio Benchmark Relative Calendar CMC Markets 3.5 0.0 3.5 Launch Date 14 Nov 1991 Close Brothers 3.5 0.1 3.4 Accounts Published December Vistry 3.1 0.1 3.0 Annual General Meeting February Premier Miton 2.7 – 2.7 Dividends Paid March, June, Tyman 2.4 0.0 2.4 September, December Diversified Energy 2.3 0.0 2.3 Trust information SSE 2.8 0.7 2.1 DFS Furniture 2.1 0.0 2.1 Trust Managers Aberdeen Standard Investments OSB Group 2.0 0.1 1.9 Fund Manager Thomas Moore Randall & Quilter 1.9 – 1.9 Gross Assets £214.5 million Fund managers’ report Borrowing £25.0 million Yield (Net) 5.7% Market review Current Annual Dividend 20.6p UK equities advanced strongly over August, with the FTSE All-Share Index rising by 2.7%. In Rate (Per Share) a month of relatively quiet news flow, UK stocks performed well, helped by company Market Capitalisation £173.5 million earnings and further easing of restrictions. However, Covid-19, the resulting ‘pingdemic’ (Discount)/Premium (8.4)% and Brexit have caused staff shortages and supply chain issues that peaked in August, 12 Month High (2.0)% hindering the UK hospitality and retail sectors. 12 Month Low (15.3)% Current Equity Net 11.6% Small and mid-sized companies once again beat larger companies, as supply chain Gearing disruption across the UK and Europe affected the share prices of blue-chip firms. Software Potential Gearing 5% to 25% and technology hardware companies outperformed, due to their sensitivity to changes in Trust Annual 0.65% per annum of Management Fee net assets up to £175 the economy. Insurance companies also did well, following a rise in bond yields over million, 0.55% per August. By contrast, the materials, banks and consumer staples sectors underperformed. annum of net assets above £175 million Performance Ongoing ChargesC 0.87% The Trust delivered a NAV total return of 2.3%, compared with the FTSE All-Share Index Active Share 84.8% total return of 2.7%. Over the financial year to date, performance is almost 10% ahead of percentageB the index return. Composition by market capitalisation Despite waning economic optimism, many of our holdings reported positive results and (Ex Cash) (%) gave confident outlook statements. FTSE 100 43.1 Holding Litigation Capital Management weighed on returns, retracing recent gains despite FTSE 250 31.0 no new company-specific news. Elsewhere, our holdings in mining companies Rio Tinto and FTSE AIM 8.3 BHP also held back performance, as both declined on weaker iron-ore pricing concerns. Other 17.7 Total 100.0 On the upside, we benefited from holding thermal coal exporter Thungela Resources, which rallied on good results and continued commodity price strength. Pension and life insurance business Chesnara also outperformed after investors responded positively to its results. Management gave a confident outlook statement, supporting investor confidence in its ability to make accretive acquisitions while continuing to grow the dividend. Lastly, not owning Unilever helped relative returns, as it underperformed on concern that input cost pressures would drag on its earnings. Fund managers’ report continues overleaf Receive the factsheet by email as soon as it is available by registering at B The ‘Active Share’ percentage is a measure used to describe what portion of the Trust’s holdings differ from the benchmark index holdings. www.invtrusts.co.uk/ITemail C Expressed as a percentage of average daily net assets for the year ended 31 January 2021. The Ongoing Charges Figure (OCF) is the overall cost shown as a percentage of the value of the assets of the Company.
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