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AllianzGI Diversified Income & Convertible Fund Reports Results for the Fiscal Quarter and Six Months Ended July 31, 2020

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AllianzGI Diversified Income & Convertible Fund (NYSE: ACV) reported its financial results for the fiscal quarter and six months ending July 31, 2020. The Fund's net assets increased to $285.5 million, compared to $245.7 million in 2019. The Net Asset Value (NAV) is $27.58, with a market price of $25.42, reflecting a discount to NAV of (7.83)%. Income per common share was $1.2334 this quarter, up from $0.6710 last year, while Net Investment Income totaled $200,631. Overall, the results indicate a positive trend of growth despite market fluctuations.

Positive
  • Net assets rose to $285.5 million from $245.7 million YoY.
  • Income per common share increased to $1.2334 from $0.6710 YoY.
  • NAV increased to $27.58 from $23.79 YoY.
Negative
  • Net Investment Income decreased to $200,631 from $380,569 YoY.
  • Market price of $25.42 reflects a larger discount to NAV compared to $23.47 last year.

NEW YORK--()--AllianzGI Diversified Income & Convertible Fund (the "Fund") (NYSE: ACV), a diversified closed-end management investment company which provides total return through a combination of current income and capital appreciation, while seeking to provide downside protection against capital loss, today announced its results for the fiscal quarter and six months ended July 31, 2020.

 

At July 31,

2020

2019

Net Assets (a)

$285,529,371

$245,734,434

Common Shares Outstanding

10,353,920

10,329,326

Net Asset Value ("NAV")

$27.58

$23.79

Market Price

$25.42

$23.47

Discount to NAV

(7.83)%

(1.35)%

Undistributed Ordinary
Income Per Common Share (b)

$1.2334

$0.6710

 
 

Quarter ended July 31,

2020

2019

Net Investment Income (c)

$200,631

$380,569

Per Share (c)(d)

$0.02

$0.03

Net Realized and Change in Unrealized Gain (c)  

$60,589,110

$8,018,760

Per Share (c)

$5.85

$0.78

 

Six Months ended July 31,

2020

2019

Net Investment Income (c)

$349,224

$755,898

Per Share (c)(d)

$0.03

$0.07

Net Realized and Change in Unrealized Gain (c)  

$38,696,000

$27,579,181

Per Share (c)

$3.74

$2.67

(a)

Net assets are inclusive of Mandatory Redeemable Preferred Shares of $30 million.

(b)

Since the Fund's net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's undistributed ordinary income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed ordinary income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The undistributed ordinary income balance is exclusive of market premium amortization on corporate bonds in accordance with federal income tax treatment. The undistributed ordinary income balance includes realized gain (loss) on the sale of contingent debt and Section 305 sales adjustments for accrual of deemed dividends from investments in convertible debt, in accordance with federal income tax treatment.

(c)

Net Investment Income for the fiscal quarter and six months ended July 31, 2020 includes market premium amortization on corporate bonds of $89,476 ($0.01 per common share) and $167,098 ($0.02 per common share), respectively. Net Investment Income for the fiscal quarter and six months ended July 31, 2019 includes market premium amortization on corporate bonds of $68,974 (less than $0.01 per common share) and $142,503 ($0.01 per common share), respectively. For tax purposes, the Fund has elected not to amortize market premium on corporate bonds.

(d)

Calculated on average common shares outstanding.

Allianz Global Investors U.S. LLC, an indirect, wholly-owned subsidiary of PFP Holdings, Inc., serves as the Fund's investment manager and is a member of Munich-based Allianz Group.

The Fund's daily New York Stock Exchange closing market price, NAV, as well as other information, is available at us.allianzgi.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance the Fund will meet its stated objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

Contacts

For Information on Allianz Closed-End Funds:
Financial Advisors: (800) 926-4456
Shareholders: (800) 254-5197
Media Relations: (212) 739-3172

FAQ

What were AllianzGI Diversified Income & Convertible Fund's Q2 2020 results?

In Q2 2020, AllianzGI Diversified Income & Convertible Fund reported net assets of $285.5 million and income per common share of $1.2334.

How did the net asset value of ACV change compared to last year?

The net asset value of ACV increased to $27.58 in 2020, compared to $23.79 in 2019.

What is the market price and discount to NAV for ACV?

As of the report, ACV's market price was $25.42, reflecting a discount to NAV of (7.83)%.

How did net investment income for ACV compare year-over-year?

Net investment income for ACV decreased to $200,631 in 2020 from $380,569 in 2019.

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