Investment Trusts  

The investment companies celebrating a Platinum Jubilee

The investment companies celebrating a Platinum Jubilee
The Queen, pictured in 2019, will celebrate her Platinum Jubilee this week (Yui Mok/Pool Photo via AP)

Some 35 investment companies were in existence at the time of the Queen’s accession in 1952.

The data, compiled by the Association of Investment Companies, showed that these firms have assets under management of £55bn.

James de Sausmarez, head of investment trusts at Janus Henderson Investors, said success for investment trusts is about doing what it says on the tin consistently through all the ups and downs of global markets and global events. 

“The AIC’s dividend heroes have increased the annual dividend through all major crises of the last 55 years – the three-day week, the 1974 crash, the winter of discontent, the 1987 crash, the Asian financial crisis, the dot-com boom and bust, the financial crisis and more recently Brexit, the global pandemic and the Russian invasion of Ukraine. 

“This long-term consistency coupled with good capital growth is the reason the investment company industry is over 150 years old and will continue to look after the wealth of many private investors for many generations to come.”

Speaking about how investment trusts have changed, Hamish Buchan, AIC chair from 2005 to 2007, said the growth of alternatives has really changed the face of the investment trust sector. 

“Without doubt this has greatly increased the size of the sector and its appeal. 

“Alternatives offer a service to private investors and wealth managers, who can’t invest in those assets themselves, whether it’s infrastructure or renewable energy companies for example.”

Max Ward, manager and director of Independent Investment Trust and manager of Scottish Mortgage Investment Trust from 1989 to 2000, said the most important change in the industry has been the move to make the product more attractive. 

“Included in this has been the big increase in the amount of information available to investors, simplification of the investment process (for example through savings schemes and platforms), use of buy-backs to increase liquidity and add value at the same time, and leadership in fee reduction.”

Investment companies launched at least 70 years ago

Launch date

Company

Sector

Share price total return 10yr to 20/05/22 (%)

Share price total return 20yr to 20/05/22 (%)

Share price total return 30yr to 20/05/22 (%)

Total assets

(£mn)

19 Mar 1868

F&C Investment Trust

Global

242.11

427.94

1.468.18

5,247.64

14 Nov 1868

Investment Company

Flexible Investment

90.26

131.34

1,601.09

16.69

01 Feb 1873

Dunedin Income Growth

UK Equity Income

118.96

221.43

749.90

470.26

31 Mar 1873

Scottish American

Global Equity Income

213.16

416.55

930.44

933.33

18 Jun 1881

JPMorgan American

North America

348.43

542.06

2,391.74

1,446.31

08 Dec 1884

Mercantile

UK All Companies

171.39

456.16

1,715.34

2,135.60

21 Apr 1887

JPMorgan Global Growth & Income

Global Equity Income

309.18

573.13

1,914.00

744.02

16 Dec 1887

Henderson Smaller Companies

UK Smaller Companies

279.02

670.44

813.49

863.67

13 April 1888

Bankers

Global

223.27

452.06

1,510.75

1,535.95

21 April 1888

Alliance Trust

Global

240.29

395.03

1,223.11

3,258.41

15 Feb 1889

BMO Global Smaller Companies

Global Smaller Companies

188.64

759.21

1,895.40

952.27

16 Feb 1889

Merchants

UK Equity Income

175.53

299.03

1,070.03

845.32

01 Mar 1889

Edinburgh Investment

UK Equity Income

97.50

261.27

687.32

1,259.44

01 Jul 1889

AVI Global

Global

194.05

568.97

2,534.25

1,126.14

12 Dec 1889

Law Debenture Corporation

UK Equity Income

203.70

537.67

2,015.79

1,159.56

01 Jan 1891

City of London

UK Equity Income

129.88

293.17

986.71

1,988.47

05 Jan 1898

Aberdeen Diversified Income and Growth

Flexible Investment

45.68

103.65

372.00

391.89

05 May 1905

TR Property

Property Securities

 

286.08

944.04

4,045.26

1,599.96

02 May 1906

BlackRock Smaller Companies

UK Smaller Companies

 

253.48

1,053.29

2,214.78

905.33

24 Jan 1907

Baillie Gifford China Growth

China/ Greater China

74.38

222.56

353.17

190.61

18 Dec 1907

Murray International

Global Equity Income

111.68

602.39

1,518.56

1,803.52

17 Feb 1909

Witan

Global

198.60

327.33

1,128.13

1,851.74

17 Mar 1909

Scottish Mortgage

Global

526.69

1,317.95

3,480.92

13,944.69

01 Jan 1912

Hansa Investment Company (Ord)

Flexible Investment

40.32

322.11

1,466.37

362.09

07 Jun 1923

Murray Income

UK Equity Income

113.75

268.22

949.06

1,153.85

sally.hickey@ft.com