Merchants Trust (ticker: MRCH) is one of the largest and oldest UK equity income funds with around £750m in assets and a history dating back to 1889. It has been managed by Allianz's Simon Gergel since 2006 and after a slow start, he has turned it into one of the better performers in the sector over the last decade with a particularly strong performance over the last two years. Merchants frequently commands a premium rating which has enabled it to increase its share count by around 25% in the last few years. It has a relatively concentrated portfolio of around 50 holdings and typically has a g...