Aberdeen Equity Income (AEI) was launched in 1991. It was initially managed by Morgan Grenfell/Deutsche Bank, but has been part of the Standard Life/Aberdeen stable since 2005, with Thomas Moore acting as its lead manager since late 2011. AEI has typically been one of the higher-yielding trusts in the UK Equity Income sector, and it is classed as a Dividend Hero by the AIC. Since Moore was appointed, it has returned around 8.3% a year in NAV terms, versus 8.9% a year for the All-Share. In early 2026, AEI completed a merger with its Aberdeen stablemate, Shires Income, with Iain Pyle becoming co...
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JPMorgan Claverhouse (JCH) was set up in 1963 and is a UK Equity Income trust with a market capitalisation of about £500m. Its dividend yield is 4.0%, a little higher than the sector average, and it sits in eighth position in the AIC's Dividend Heroes list with a 53-year record of increasing its payout. JCH is managed by the team of Anthony Lynch, Katen Patel, and Callum Abbot. Lynch and Patel were appointed in July 2024, while Abbot has been involved since 2018. JCH aims to hold between 60 and 80 companies and benchmarks itself against the FTSE All-Share with various weighting restrictions on...
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Law Debenture Corporation (LWDB) was launched in 1889 and has a unique structure with around one-sixth of its £1.2bn of net assets attributable to a three-pronged professional services business, and the remainder consisting of a UK equity portfolio of around 150 stocks managed by James Henderson and Laura Foll of Janus Henderson. Backed by a range of long-term debentures at an average interest rate of 4%, its steady approach has resulted in it becoming the best-performing UK Equity Income trust of the past decade with an annualised NAV return of 8.8% versus 6.2% for the FTSE All-Share and at l...
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Finsbury Growth & Income (ticker: FGT) was launched in 1926 and has been managed by Nick Train of Lindsell Train since December 2000. Lindsell Train is famous for its highly concentrated, low-turnover portfolios and the trust's current top ten makes up over 90% of its net assets. Over the last 24 years, its NAV per share has compounded at 8.4% a year, which is well ahead of the 5.3% a year generated by the FTSE All-Share. FGT has also beaten its benchmark by nearly two percentage points a year over the last decade, over which time it lies second out of seventeen trusts in the UK Equity Inc...
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Murray Income (MUT) was established in 1923 and is one of the larger trusts in the UK Equity Income sector with net assets of around £1bn. It holds around 50 stocks with a quality bias and usually has a low rate of portfolio turnover. Up to 20% of net assets can be held in overseas stocks and the trust typically takes full advantage of this option. MUT has been managed by Charles Luke of abrdn since 2006 and it has a 51-year record of consecutive dividend increases. Gearing is around 10% with a total of £100m borrowed via two fixed-rate notes, one of which was taken on as part of the merger wi...
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Temple Bar (TMPL) was launched in 1926 and has been a UK-focused equity trust for many decades although it has the flexibility to invest up to 30% of its portfolio overseas. The trust was run by Alastair Mundy of Investec/Ninety One from 2002 to early 2020, who was famous for his deep value approach, however, he left for health reasons soon after a very heavy fall in the share price when COVID first struck. RWC Asset Management was appointed as the trust's new managers and the team of Ian Lance and Nick Purves have been responsible for the portfolio since October 2020. The trust's share price ...
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Exclusive to subscribers to the Money Makers Circle Contents - On the podcast this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Thoughts on the news - Good reads - This week's biggest movers - Video reviews - Appendices
On the podcast this week On the podcast this week I talk to Elliott Hardy, an alternatives analyst at Winterflood Securities, about the listed private equity sector, the subject of a comprehensive recent note from the brokers, and catch up with Ian Lance, co-manager of Temple Bar (TMPL), the UK Equity Income trust, which produced...
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Edinburgh Investment Trust (EDIN) was launched in 1889 and has for many years been one of the largest trusts in the ever-popular UK Equity Income sector. However, EDIN has undergone numerous management firm changes since 2002 with Majedie Asset Management, now part of Liontrust, taking over most recently in 2020. Imran Sattar has just taken on the lead manager role from James de Uphaugh but the core strategy of holding around 40 to 50 (mostly) UK companies remains in place. The focus is on total return and owning either smaller FTSE 100 or larger FTSE 250 stocks. Buybacks have increased in rec...
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The City Of London Investment Trust (ticker: CTY) was launched in 1891. It has the longest run of consecutive dividend increases across the investment trust sector at 57 years and it has been managed by Job Curtis of Janus Henderson since 1991. Over the last thirty years, CTY's NAV return has been 7.9% a year versus 7.2% for the FTSE All-Share. Most of the trust's portfolio is invested in FTSE 100 firms but an increasing proportion, currently around 15%, is held in overseas companies. CTY uses structural gearing of around 10% and since 2010 has almost always traded at a premium, which has allo...
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Equity income compared I am of the view that boring old UK equity income trusts may perform quite well over the next few years, given that we seem set to move into a new investment environment in which dividend capacity becomes more highly valued than during the growth years of the post-GFC world. But which ones to choose? Here is a link to a comparison report I generated with the AIC's useful screener tool, looking at five of the bigger trusts in the sector. It reminds us how different the portfolios of the biggest equity income trusts can be, a point that came up in my recent conversations w...
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