Dunedin Income Growth Trust and Scottish American Trust (known as Saints) both celebrated their 150th anniversaries earlier this year.
Some 34 other trusts were launched before 14 November 1948, when the King was born, according to the Association of Investment Companies.
Annabel Brodie-Smith, communications director of the AIC, said investment companies are a “19th century invention” that remain just as relevant in the 21st century.
“As we celebrate King Charles’s coronation, it’s reassuring to think that one in ten investment companies that are around today were launched before he was born,” she said.
It is very important to maintain reliable dividend growth as well as pay a decent yieldNeil Rogan, Murray Income
David Barron, chairperson, Dunedin Income Growth, said in its early years, DIG offered professional management and access to a portfolio of US bonds, principally fixed income securities issued by railroads.
“As investors increasingly sought growth and growth of income through the mid years of the last century, through a period of both wars and periods of high inflation, DIG reacted to focus much more on equity investment.
More recently, DIG took powers to invest in non-UK equities to give greater scope to diversify the sources of income after BP’s dividend cut in 2010 following the Deepwater Horizon oil spill.”
Neil Rogan, chairperson of Murray Income, said reducing costs to investors is rightly one of the industry’s concerns at the moment.
“It’s also very important to maintain reliable dividend growth as well as pay a decent yield.”
The 36 companies that were launched before King Charles’s birth
Company name | AIC sector | Launch date | 10-year return on £1,000 | 20-year return on £1,000 | 30-year return on £1,000 |
F&C Investment Trust | Global | 19/03/1868 | £3,079 | £8,217 | £14,110 |
Investment Company | Flexible Investment | 14/11/1868 | £1,950 | £3,646 | £14,735 |
Dunedin Income Growth | UK Equity Income | 01/02/1873 | £1,842 | £5,111 | £8,591 |
Scottish American | Global Equity Income | 31/03/1873 | £3,167 | £8,912 | £10,780 |
JPMorgan American | North America | 18/06/1881 | £3,857 | £10,008 | £19,020 |
Mercantile Investment Trust | UK All Companies | 08/12/1884 | £2,130 | £8,797 | £19,223 |
Henderson Smaller Companies | UK Smaller Companies | 16/12/1887 | £2,404 | £14,258 | £8,302 |
JPMorgan Global Growth & Income | Global Equity Income | 21/04/1887 | £3,595 | £11,219 | £17,209 |
Alliance Trust | Global | 21/04/1888 | £2,879 | £6,774 | £12,268 |
The Global Smaller Companies Trust | Global Smaller Companies | 15/02/1889 | £2,185 | £13,450 | £16,230 |
Merchants Trust | UK Equity Income | 16/02/1889 | £2,337 | £6,392 | £11,236 |
Edinburgh Investment Trust | UK Equity Income | 01/03/1889 | £1,808 | £6,563 | £8,365 |
Bankers | Global | 13/04/1888 | £2,468 | £7,622 | £14,256 |
AVI Global Trust | Global | 01/07/1889 | £2,365 | £8,650 | £23,103 |
Law Debenture Corporation | UK Equity Income | 12/12/1889 | £2,561 | £9,206 | £19,348 |
City of London Investment Trust | UK Equity Income | 01/01/1891 | £1,918 | £5,768 | £10,635 |
abrdn Diversified Income & Growth | Flexible Investment | 05/01/1898 | £1,121 | £2,617 | £3,560 |
TR Property | Property Securities | 05/05/1905 | £2,160 | £9,240 | £35,310 |
BlackRock Smaller Companies | UK Smaller Companies | 02/05/1906 | £2,575 | £18,128 | £24,686 |
Baillie Gifford China Growth | China / Greater China | 24/01/1907 | £1,257 | £4,466 | £3,110 |
Murray International | Global Equity Income | 18/12/1907 | £1,819 | £9,883 | £15,110 |
Witan Investment Trust | Global | 17/02/1909 | £2,432 | £6,888 | £12,066 |
Scottish Mortgage | Global | 17/03/1909 | £4,452 | £17,222 | £27,887 |
Hansa Investment Company | Flexible Investment | 01/01/1912 | £1,322 | £5,553 | £16,539 |
Murray Income | UK Equity Income | 07/06/1923 | £1,808 | £5,468 | £9,575 |
Finsbury Growth & Income Trust | UK Equity Income | 15/01/1926 | £2,473 | £12,064 | £21,367 |
Temple Bar Investment Trust | UK Equity Income | 24/06/1926 | £1,584 | £5,761 | £13,064 |
Brunner | Global | 01/01/1927 | £2,883 | £7,765 | £12,163 |
JPMorgan Japanese | Japan | 02/08/1927 | £2,375 | £4,947 | £2,810 |
Monks | Global | 06/02/1929 | £2,972 | £8,125 | £16,047 |
JPMorgan European Growth & Income | Europe | 15/03/1929 | £2,719 | £8,035 | £15,317 |
Shires Income | UK Equity Income | 31/03/1929 | £1,864 | £6,724 | £6,481 |
Canadian General Investments | North America | 15/01/1930 | £3,184 | £9,408 | £29,323 |
Henderson Far East Income | Asia Pacific Equity Income | 30/05/1930 | £1,395 | £5,598 | £10,493 |
3i Group | Private Equity | 01/04/1945 | £7,786 | £17,610 | n/a* |
Henderson European Focus Trust | Europe | 01/01/1947 | £2,744 | £10,362 | £26,958 |
Source: theaic.co.uk / Morningstar (data to 18/04/23). * Data unavailable.
sally.hickey@ft.com
