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Nearly half (46%) of investment companies now paying quarterly dividends in comparison to 17% in 2010

21 February 2017

AIC publishes dividend payment dates for member companies.

After a sustained period of record low interest rates, investors remain hungry for yield and more investment companies (46%) are paying quarterly dividends to meet this demand. 

Research from the Association of Investment Companies (AIC) suggests almost half (46%) of conventional member investment companies which pay a dividend, are now paying a quarterly dividend. That is, some 104 conventional member companies are now paying dividends on a quarterly basis, in comparison to 92 conventional member companies (43%) a year ago. In 2010 only 17% of investment companies paid a quarterly dividend.

The number of companies paying a bi-annual dividend has decreased from 30% in 2016 to 28% in 2017, while just under a quarter (23%) of conventional member companies continue to pay an annual dividend; the same as in 2016. Those companies paying a monthly dividend also remain the same as last year.  Five investment companies - Ediston Property, F&C Commercial Property, Fair Oaks Income, SME Loan and TwentyFour Select Monthly Income pay dividends on a monthly basis.

Annabel Brodie-Smith, Communications Director at the AIC said: “Investment companies have a number of income advantages, including the unique ability to hold back some of the income they receive to boost their dividends in tougher times. The closed-ended investment company structure also makes them particularly suitable for higher yielding illiquid assets like property and infrastructure. With investors still hungry for income from their investments, it’s not surprising that the number of investment companies paying quarterly dividends has increased since last year, to meet this demand.”

Full details of conventional AIC member companies’ dividend payment dates can be found in the tables below.

Monthly dividends

Company

AIC sector

Dividend yield (%)

Ediston Property

Property Direct - UK

5.16

F&C Commercial Property

Property Direct - UK

4.41

Fair Oaks Income

Sector Specialist: Debt

14.01

SME Loan

Sector Specialist: Debt

7.72

TwentyFour Select Monthly Income

Sector Specialist: Debt

7.28

Quarterly dividends

Company

AIC sector

Dividend dates

Dividend yield (%)

Aberdeen Asian Income

Asia Pacific - Excluding Japan

Feb May Aug Nov

4.35

Aberdeen Latin American Income

Latin America

Jan Apr Jul Oct

5.02

Aberdeen Smaller Companies Income

UK Equity & Bond Income

Jan Apr Jul Oct

3.22

AEW UK REIT

Property Direct - UK

Mar Jun Sep Dec

5.85

Alcentra European Floating Rate Income

Sector Specialist: Debt

Feb May Aug Nov

5.33

Alliance Trust

Global

Mar Jun Sep Dec

1.69

Amedeo Air Four Plus

Sector Specialist: Leasing

Jan Apr Jul Oct

7.93

Bankers

Global

Feb May Aug Nov

2.43

BlackRock Commodities Income

Sector Specialist: Commodities & Natural Resources

Jan Apr Jul Oct

5.61

Aberdeen Diversified Income & Growth

Flexible Investment

Jan Apr Jul Oct

6.03

BlackRock North American Income

North America

Jan Apr Jul Oct

2.88

Blackstone/GSO Loan Financing

Sector Specialist: Debt

Feb May Aug Nov

9.52

Bluefield Solar Income Fund

Sector Specialist: Infrastructure - Renewable Energy

Mar Jun Sep Dec

6.74

Brunner

Global

Mar Jun Sep Dec

2.45

City Merchants High Yield

UK Equity & Bond Income

Feb May Aug Nov

5.19

City Natural Resources High Yield

Sector Specialist: Commodities & Natural Resources

Feb May Aug Nov

4.03

City of London

UK Equity Income

Feb May Aug Nov

4.03

Civitas Social Housing

Property Specialist

Mar Jun Sep Dec

8.57

CQS New City High Yield

UK Equity & Bond Income

Feb May Aug Nov

7.17

CVC Credit Partners European Opps

Sector Specialist: Debt

Jan Apr Jul Oct

3.56

CVC Credit Partners European Opps Euro*

Sector Specialist: Debt

Jan Apr Jul Oct

3.62

Diverse Income Trust

UK Equity Income

Feb May Aug Nov

3.14

DP Aircraft I

Sector Specialist: Leasing

Feb May Aug Nov

8.82

Drum Income Plus REIT

Property Direct - UK

Feb May Aug Nov

5.39

Dunedin Income Growth

UK Equity Income

Feb May Aug Nov

4.68

Ecofin Global Utilities and Infrastructure

Sector Specialist: Utilities

Feb May Aug Nov

5.43

Edinburgh Investment

UK Equity Income

Feb May Aug Nov

3.50

Empiric Student Property

Property Specialist

Mar Jun Sep Dec

5.56

F&C Capital & Income

UK Equity Income

Mar Jun Sep Dec

3.62

Foreign & Colonial Investment Trust

Global

Feb May Aug Nov

1.78

F&C Managed Portfolio Income

Global Equity Income

Jan Apr Jul Oct

4.23

Investors Capital A

UK Equity & Bond Income

Feb May Aug Nov

4.97

F&C UK Real Estate Investments

Property Direct - UK

Mar Jun Sep Dec

4.98

Funding Circle SME Income Fund

Sector Specialist: Debt

Jan Apr Jul Oct

5.73

GCP Infrastructure Investments

Sector Specialist: Infrastructure

Feb May Aug Nov

6.14

GCP Student Living

Property Specialist

Mar Jun Sep Dec

3.93

Greencoat UK Wind

Sector Specialist: Infrastructure - Renewable Energy

Feb May Aug Nov

5.22

Hadrian's Wall Secured Investments

Sector Specialist: Debt

Jan Apr Jul Oct

5.66

Henderson Diversified Income

Global High Income

Mar Jun Sep Dec

5.59

Henderson Far East Income

Asia Pacific - Excluding Japan

Feb May Aug Nov

5.70

Henderson High Income

UK Equity & Bond Income

Jan Apr Jul Oct

5.06

Henderson International Income

Global Equity Income

Jan Apr Jul Oct

3.16

HICL Infrastructure

Sector Specialist: Infrastructure

Mar Jun Sep Dec

4.75

Honeycomb

Sector Specialist: Debt

Mar Jun Sep Dec

7.54

ICG-Longbow Senior Secured UK Property Debt Inv

Sector Specialist: Debt

Jan Apr Jul Oct

5.81

Invesco Income Growth

UK Equity Income

Mar Jul Oct Dec

3.78

Invesco Perpetual Select Global Equity Income

Global Equity Income

Feb May Aug Nov

3.11

Invesco Perpetual Select UK Equity*

UK All Companies

Feb May Aug Nov

3.52

Invesco Perpetual Enhanced Income

Global High Income

Jan May Jul Oct

6.47

Invesco Perpetual UK Smaller Companies

UK Smaller Companies

Mar Jun Sep Dec

3.31

Investment Company

UK Equity Income

Feb May Aug Nov

6.23

John Laing Environmental Assets Group

Sector Specialist: Infrastructure - Renewable Energy

Mar Jun Sep Dec

5.79

JPMorgan Claverhouse

UK Equity Income

Mar Jun Sep Dec

3.68

JPMorgan Elect Managed Growth

Global

Mar Jun Sep Dec

1.26

JPMorgan Elect Managed Income*

UK Equity Income

Mar Jun Sep Dec

3.65

JPMorgan European Income

Europe

Jan Apr Jul Oct

3.37

JPMorgan Global Convertibles Income

Sector Specialist: Debt

Mar Jun Oct Dec

4.83

JPMorgan Global Emerging Markets Income

Global Emerging Markets

Jan Apr Jul Oct

4.06

JPMorgan Global Growth & Income

Global Equity Income

Jan Apr Jul Oct

2.32

Jupiter UK Growth

UK All Companies

Mar Jun Sep Dec

2.29

Kennedy Wilson Europe Real Estate

Property Direct - Europe

Jan Apr Jul Nov

5.06

London & St Lawrence

Global Equity Income

Feb May Aug Nov

3.87

Lowland

UK Equity Income

Jan Apr Jul Oct

3.21

Martin Currie Global Portfolio

Global

Jan Apr Jul Oct

1.85

Marwyn Value Investors

Global Smaller Companies

Jan Apr Jul Oct

5.79

MedicX

Property Specialist

Mar Jun Sep Dec

6.72

Mercantile

UK All Companies

Feb May Aug Oct

2.45

Merchants

UK Equity Income

Feb May Aug Nov

5.35

Middlefield Canadian Income Trusts

North America

Jan Apr Jul Oct

4.88

Murray Income

UK Equity Income

Jan Apr Jul Oct

4.47

Murray International

Global Equity Income

Feb May Aug Nov

4.07

NB Global Floating Rate Income

Sector Specialist: Debt

Feb May Aug Nov

4.15

NB Global Floating Rate Income USD*

Sector Specialist: Debt

Feb May Aug Nov

3.98

New City Energy

Sector Specialist: Commodities & Natural Resources

Jan Apr Jul Oct

6.50

North American Income

North America

Feb Jun Aug Nov

2.68

P2P Global Investments

Sector Specialist: Debt

Feb May Aug Nov

5.69

Perpetual Income & Growth

UK Equity Income

Mar Jun Sep Dec

3.60

Personal Assets

Flexible Investment

Jan Apr Jul Nov

1.43

Picton Property Income

Property Direct - UK

Feb May Aug Nov

4.13

Polar Capital Global Healthcare Growth & Income

Sector Specialist: Biotechnology & Healthcare

Mar May Aug Nov

2.14

Real Estate Credit Investments

Sector Specialist: Debt

Mar Jun Sep Dec

6.62

Regional REIT

Property Direct - UK

Jan Apr Jul Oct

6.68

Renewables Infrastructure Group

Sector Specialist: Infrastructure - Renewable Energy

Mar Jun Sep Dec

5.65

RM Secured Direct Lending

Sector Specialist: Debt

Mar May Aug Nov

4.04

Schroder European Real Estate

Property Direct - Europe

Feb May Aug Nov

9.05

Schroder Income Growth

UK Equity Income

Jan Apr Jul Oct

3.91

Schroder Oriental Income

Asia Pacific - Excluding Japan

Jan Apr Jul Oct

3.68

Schroder Real Estate

Property Direct - UK

Feb May Aug Nov

4.37

Scottish American

Global Equity Income

Mar Jun Sep Dec

3.46

Securities Trust of Scotland

Global Equity Income

Mar Jun Sep Dec

3.53

Seneca Global Income & Growth

Flexible Investment

Mar Jun Sep Dec

3.79

Sequoia Economic Infrastructure Income

Sector Specialist: Infrastructure

Mar Jun Sep Dec

4.48

Shires Income

UK Equity Income

Jan Apr Jul Oct

5.51

SQN Asset Finance Income

Sector Specialist: Leasing

Feb May Aug Nov

6.39

Standard Life Equity Income

UK Equity Income

Mar Jun Sep Dec

3.87

Standard Life Investments Property Income

Property Direct - UK

Feb May Aug Nov

5.50

Starwood European Real Estate Finance

Sector Specialist: Debt

Feb May Aug Nov

6.42

Target Healthcare REIT

Property Specialist

Feb May Aug Nov

5.64

Temple Bar

UK Equity Income

Mar Jun Sep Dec

3.29

Tetragon Financial Group

Flexible Investment

Mar May Aug Dec

5.10

Troy Income & Growth

UK Equity Income

Jan Apr Jul Oct

3.34

TwentyFour Income

Sector Specialist: Debt

Jan Apr Jul Oct

6.26

UK Commercial Property

Property Direct - UK

Mar May Aug Nov

4.38

UK Mortgages

Sector Specialist: Debt

Jan Apr Jul Oct

6.19

Utilico Emerging Markets

Global Emerging Markets

Mar Jun Sep Dec

3.30

Value and Income

UK Equity Income

Jan Apr Jul Oct

4.17

Volta Finance

Sector Specialist: Debt

Mar Jun Sep Dec

8.42

VPC Specialty Lending Investments

Sector Specialist: Debt

Mar Jun Sep Dec

10.29

Witan

Global

Mar Jun Sep Dec

2.00

Tri-annual dividends

Company

AIC sector

Dividend dates

Dividend yield (%)

European Assets

European Smaller Companies

Jan May Aug

0.25

Bi-annual dividends

Company

AIC sector

Dividend dates

Dividend yield (%)

Aberdeen New Dawn

Asia Pacific - Excluding Japan

Jan Sep

1.92

Aberforth Smaller Companies

UK Smaller Companies

Mar Aug

2.63

AcenciA Debt Strategies

Hedge Funds

May Sep

3.83

Artemis Alpha Trust

UK All Companies

Jan Aug

1.54

BBGI SICAV S.A.

Sector Specialist: Infrastructure

Jun Oct

4.41

BlackRock Frontiers

Global Emerging Markets

Feb Jul

3.52

BlackRock Greater Europe

Europe

May Dec

1.86

BlackRock Income & Growth

UK Equity Income

Mar Sep

3.28

BlackRock Latin American

Latin America

May Oct

3.29

BlackRock Smaller Companies

UK Smaller Companies

Jun Dec

1.75

BlackRock Throgmorton Trust

UK Smaller Companies

Apr Aug

1.90

BlackRock World Mining**

Sector Specialist: Commodities & Natural Resources

May Sep

4.71

Blue Capital Global Reinsurance Fund

Sector Specialist: Insurance & Reinsurance Strategies

Feb Aug

3.42

British & American

UK Equity Income

Jun Nov

10.25

British Empire

Global

Jan Jun

1.80

Caledonia

Global

Jan Aug

1.91

CC Japan Income & Growth

Japan

Mar Jul

2.43

Dunedin Smaller Companies

UK Smaller Companies

Feb Jul

2.97

Establishment Investment Trust

Flexible Investment

Aug Dec

2.62

F&C Global Smaller Companies

Global

Jan Aug

0.88

Fidelity Special Values

UK All Companies

May Dec

1.64

Finsbury Growth & Income

UK Equity Income

May Nov

2.02

Gabelli Value Plus+

North America

Jan Sep

0.22

Hansa Trust (Ord)

Global

Aug Dec

1.86

Hansa Trust (A Ord)*

Global

Aug Dec

1.87

Henderson European Focus

Europe

Feb Jun

2.32

Henderson EuroTrust

Europe

Apr Nov

2.04

Henderson Opportunities

UK All Companies

May Sep

1.94

Henderson Smaller Companies

UK Smaller Companies

Mar Oct

2.23

Independent Investment Trust

Global

Apr Aug

1.91

International Public Partnerships

Sector Specialist: Infrastructure

Jun Oct

4.44

John Laing Infrastructure

Sector Specialist: Infrastructure

May Oct

5.19

JPMorgan American

North America

May Oct

1.11

JPMorgan Elect Managed Cash*

Sector Specialist: Liquidity Funds

Mar Sep

0.35

JPMorgan European Growth*

Europe

Apr Oct

2.21

JPMorgan European Smaller Companies

European Smaller Companies

Jan Jul

1.05

JPMorgan MidCap

UK All Companies

Apr Nov

2.80

Keystone

UK All Companies

Jun Dec

3.25

Law Debenture Corporation

Global

Apr Sep

3.04

Lazard World Trust Fund

Global

Jul Dec

3.34

Majedie

Global

Jan Jun

2.90

Martin Currie Asia Unconstrained

Asia Pacific - Excluding Japan

Aug Dec

2.29

Mid Wynd International

Global

Apr Oct

1.04

Mithras

Private Equity

May Oct

0.54

Miton UK Microcap

UK Smaller Companies

Apr Oct

0.24

Monks

Global

Jan Aug

0.25

Montanaro European Smaller Companies

European Smaller Companies

Jan Jul

1.17

NB Distressed Debt

Sector Specialist: Debt

Jun Dec

15.47

NB Distressed Debt Extended Life shares*

Sector Specialist: Debt

Jun Dec

7.03

NB Distressed Debt New Global shares*

Sector Specialist: Debt

Jun Dec

2.50

NextEnergy Solar

Sector Specialist: Infrastructure - Renewable Energy

Jun Dec

5.68

Phoenix Spree Deutschland

Property Direct - Europe

Jun Oct

1.68

Polar Capital Global Financials

Sector Specialist: Financials

Mar Sep

2.50

Princess Private Equity Holding

Private Equity

Jun Dec

5.85

Rights & Issues

UK Smaller Companies

Mar Sep

2.03

Ruffer Investment Company

Flexible Investment

Mar Oct

1.44

Schroder UK Growth

UK All Companies

Jan Jul

3.20

Schroder UK Mid Cap

UK All Companies

Feb Jul

2.56

Scottish Investment Trust

Global

Feb Jul

2.95

Scottish Mortgage

Global

Jul Dec

0.87

Standard Life UK Smaller Companies

UK Smaller Companies

Apr Oct

1.76

Threadneedle UK Select Trust

UK All Companies

May Oct

2.40

TR Property

Property Securities

Jan Aug

2.91

Tritax Big Box REIT

Property Specialist

Aug Dec

4.62

Witan Pacific

Asia Pacific - Including Japan

Jun Oct

1.66

Worldwide Healthcare

Sector Specialist: Biotechnology & Healthcare

Jan Jul

0.77

Annual dividends

Company

AIC sector

Dividend dates

Dividend yield (%)

Aberdeen Asian Smaller Companies

Asia Pacific - Excluding Japan

Dec

1.07

Aberdeen Frontier Markets

Global Emerging Markets

Dec

1.49

Aberdeen Japan

Japan

Jul

0.78

Aberdeen New Thai

Country Specialists: Asia Pacific

Jun

1.70

Aberdeen Private Equity

Private Equity

Sep

3.36

Apax Global Alpha

Private Equity

Mar

5.06

Athelney

UK Smaller Companies

Apr

3.28

Aurora

UK All Companies

Jul

0.56

Baring Emerging Europe

European Emerging Markets

Feb

3.23

Blue Planet Investment Trust

Global Equity Income

Aug

7.06

Capital Gearing

Flexible Investment

Jul

0.52

CATCo Reinsurance Opportunities

Sector Specialist: Insurance & Reinsurance Strategies

Jan

5.53

Crystal Amber

UK All Companies

Aug

2.39

Dunedin Enterprise

Private Equity

May

1.53

Edinburgh Dragon

Asia Pacific - Excluding Japan

Dec

1.02

EP Global Opportunities

Global

May

1.09

European Investment Trust

Europe

Jan

1.99

Fidelity Asian Values

Asia Pacific - Excluding Japan

Dec

1.24

Fidelity China Special Situations

Country Specialists: Asia Pacific

Jul

1.01

Fidelity European Values

Europe

May

1.78

Henderson Alternative Strategies

Flexible Investment

Feb

1.36

HgCapital

Private Equity

May

2.66

ICG Enterprise

Private Equity

Jun

1.57

Impax Environmental Markets

Sector Specialist: Environmental

May

0.67

Invesco Asia

Asia Pacific - Excluding Japan

Aug

1.54

JPMorgan Asian

Asia Pacific - Excluding Japan

Feb

1.07

JPMorgan Brazil

Country Specialists: Latin America

Sep

0.78

JPMorgan Chinese

Country Specialists: Asia Pacific

Feb

0.79

JPMorgan Emerging Markets

Global Emerging Markets

Nov

1.28

JPMorgan Japanese

Japan

Dec

1.08

JPMorgan Russian Securities

Country Specialists: Europe

Mar

2.65

JPMorgan Smaller Companies

UK Smaller Companies

Dec

2.22

Jupiter European Opportunities

Europe

Oct

0.99

Jupiter Green

Sector Specialist: Environmental

Jul

0.39

Lindsell Train

Global

Sep

1.17

Montanaro UK Smaller Companies

UK Smaller Companies

Aug

2.13

Northern Investors Company

Private Equity

Jul

4.32

Pacific Assets

Asia Pacific - Excluding Japan

Jun

0.96

Pacific Horizon

Asia Pacific - Excluding Japan

Nov

0.16

Qatar Investment

Country Specialists: Other

Jan

3.69

Sanditon Investment

UK All Companies

Dec

1.06

Schroder AsiaPacific

Asia Pacific - Excluding Japan

Feb

1.35

Schroder Asian Total Return

Asia Pacific - Excluding Japan

Apr

1.43

Schroder Japan Growth

Japan

Nov

1.46

Scottish Oriental Smaller Companies

Asia Pacific - Excluding Japan

Feb

1.25

Standard Life Private Equity

Private Equity

Jan

4.03

Strategic Equity Capital

UK Smaller Companies

Nov

0.36

Templeton Emerging Markets

Global Emerging Markets

Dec

1.34

Third Point Offshore Investors

Hedge Funds

Jan

4.91

Third Point Offshore Investors USD*

Hedge Funds

Jan

4.96

TR European Growth

European Smaller Companies

Nov

1.10

Woodford Patient Capital

UK All Companies

Jun

0.26

* indicates additional share class 
** BlackRock World Mining has announced it will be moving to quarterly dividend payments

-Ends-

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Notes

  1. The dividend payment data and dividend yield data correct as at 01 February 2017. Source: AIC using Morningstar.
  2. The Association of Investment Companies (AIC) was founded in 1932 to represent the interests of the investment trust industry – the oldest form of collective investment. Today, the AIC represents a broad range of closed ended investment companies, incorporating investment trusts and other closed ended investment companies and VCTs. The AIC’s members believe that the industry is best served if it is united and speaks with one voice. The AIC’s mission statement is to help Members add value for shareholders over the longer term. The AIC has 344 members and the industry has total assets of approximately £159 billion.
  3. Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all.

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Media enquiries

Annabel Brodie-Smith
Communications Director
Tel: 020 7282 5580
annabel.brodie-smith@theaic.co.uk
@annabelbrodies
@aicpress

Laura Thomas
PR & Marketing Executive
Tel: 020 7282 5551
laura.thomas@theaic.co.uk
@aicpress