UPDATE: Merchants produced a return of +8% in the year to January 2023, followed by -3% in 2024, +13.5% in 2025, +18.9% for the year to January 2026, and +115 for the six months to July 2026. Over the five years to July 2026, its total NAV return was 76% versus 73% for its benchmark. 

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 dec...