North American Income (NAIT) was set up in 1902. It was originally known as the American Trust, but from 1997 to 2012, it passively tracked the S&P 500 and was called Edinburgh US Tracker. These 15 years were a poor period for US market returns, and net assets shrank dramatically due to ongoing buybacks and a large tender offer. In 2012, the company reverted to an active approach and became North American Income Trust. In May 2024, Janus Henderson announced it would take over from Aberdeen, with Fran Radano, the lead manager since 2015, moving to co-manage the trust alongside Jeremiah Buck...