Queen’s Platinum Jubilee
Investment companies that have stood the test of time
As the UK prepares to celebrate Queen Elizabeth’s Platinum Jubilee on Sunday 6 February, figures from the Association of Investment Companies (AIC) demonstrate that almost a quarter of investment companies by assets (£63 billion) were in existence at the time of the Queen’s accession to the throne some 70 years ago (see table of companies below). In fact, many investment companies have been around since the late nineteenth century and continue to thrive, demonstrating the sector’s durability.
Annabel Brodie-Smith, Communications Director, Association of Investment Companies (AIC), said: “It’s a testament to the investment company sector that 35 companies were around at the time of the Queen’s accession to the throne and are still delivering excellent long-term performance to shareholders.
“It’s reassuring for investors to see that over the last 70 years, investment companies have survived bouts of market turbulence including the 1973 to 74 crash, Black Monday in 1987, the dot-com boom and bust, the financial crisis and the pandemic. Since the first investment company launched in 1868, the industry has weathered two World Wars and the Great Depression.
“Investment companies have pioneered investing in a wide range of assets including emerging markets, renewable energy infrastructure and unquoted companies. They also have unique income advantages and the benefit of an independent board of directors to look after shareholders’ interests, qualities that stand them in good stead for the future.”
John Newlands, Founder of Newlands Fund Research and Investment Trust Historian, said: “Fads, fashions and arcane financial schemes have come and gone over the past 70 years and more – everything from precipice bonds to sub-prime mortgages to the bursting of the internet bubble 20 years ago. Investment companies have long been founded on stronger, indeed granite-like foundations, their robustness tracing to the geniuses who devised and launched them almost 150 years ago, including the legal giants Philip Rose and Lord Westbury and, north of the Scottish border, Robert Fleming, son of an impoverished mill worker in Dundee.
“Private investors, whether wealthy or of ‘moderate means’ should look no further than the most platinum investment opportunity of them all, namely the opportunity to place their savings in a spread of quality investment companies.”
Investment companies launched at least 70 years ago. All performance data is share price total return (SPTR) to 31 January 2022. Source: AIC using Morningstar.
Launch date |
Company |
Sector |
SPTR 10yr % to 31/01/22 |
SPTR 20yr % to 31/01/22 |
SPTR 30yr % to 31/01/22 |
Total assets £m to 31/01/22 |
---|---|---|---|---|---|---|
19 Mar 1868 |
F&C Investment Trust |
Global |
258.36 |
484.29 |
1,631.90 |
5,546.40 |
14 Nov 1868 |
Investment Company |
Flexible Investment |
115.51 |
145.32 |
1,870.61 |
16.67 |
01 Feb 1873 |
Dunedin Income Growth |
UK Equity Income |
139.30 |
275.28 |
989.61 |
506.97 |
31 Mar 1873 |
Scottish American |
Global Equity Income |
235.03 |
473.88 |
1,145.51 |
979.60 |
18 Jun 1881 |
JPMorgan American |
North America |
363.31 |
510.76 |
2,581.32 |
1,561.47 |
08 Dec 1884 |
Mercantile |
UK All Companies |
247.04 |
704.26 |
2,537.64 |
2,541.76 |
21 Apr 1887 |
JPMorgan Global Growth & Income |
Global Equity Income |
294.46 |
594.83 |
2,014.65 |
769.33 |
16 Dec 1887 |
Henderson Smaller Companies |
UK Smaller Companies |
407.19 |
828.65 |
1,253.67 |
1,034.96 |
13 Apr 1888 |
Bankers |
Global |
273.90 |
552.70 |
1,966.10 |
1,668.69 |
21 Apr 1888 |
Alliance Trust |
Global |
244.98 |
443.88 |
1,396.90 |
3,628.90 |
15 Feb 1889 |
BMO Global Smaller Companies |
Global Smaller Companies |
216.27 |
917.92 |
2,414.52 |
1,027.79 |
16 Feb 1889 |
Merchants |
UK Equity Income |
169.10 |
332.51 |
1,203.13 |
832.02 |
01 Mar 1889 |
Edinburgh Investment |
UK Equity Income |
103.94 |
278.45 |
789.91 |
1,319.04 |
01 July 1889 |
AVI Global |
Global |
189.36 |
676.53 |
3,090.51 |
1,252.76 |
12 Dec 1889 |
Law Debenture Corporation |
UK Equity Income |
234.53 |
586.50 |
2,250.20 |
1,176.05 |
01 Jan 1891 |
City of London |
UK Equity Income |
119.20 |
323.16 |
1,142.20 |
1,955.47 |
05 Jan 1898 |
Aberdeen Diversified Income & Growth |
Flexible Investment |
40.59 |
101.19 |
428.29 |
395.30 |
05 May 1905 |
TR Property |
Property Securities |
343.79 |
1,431.39 |
4,933.26 |
1,890.48 |
02 May 1906 |
BlackRock Smaller Companies |
UK Smaller Companies |
375.91 |
1,425.40 |
3,442.70 |
1,072.96 |
24 Jan 1907 |
Baillie Gifford China Growth |
China / Greater China |
113.52 |
370.63 |
454.61 |
225.81 |
18 Dec 1907 |
Murray International |
Global Equity Income |
93.57 |
573.96 |
1,488.72 |
1,768.85 |
17 Feb 1909 |
Witan |
Global |
255.37 |
405.14 |
1,427.19 |
2,125.92 |
17 Mar 1909 |
Scottish Mortgage |
Global |
800.11 |
1,996.68 |
5,985.41 |
17,775.60 |
01 Jan 1912 |
Hansa Investment Company (A share) |
Flexible Investment |
42.28 |
356.36 |
2,062.39 |
369.09 |
01 Jan 1912 |
Hansa Investment Company (Ord) |
Flexible Investment |
48.44 |
345.45 |
1,954.37 |
369.09 |
07 Jun 1923 |
Murray Income |
UK Equity Income |
115.77 |
318.87 |
1,133.68 |
1,213.74 |
15 Jan 1926 |
Finsbury Growth & Income |
UK Equity Income |
219.86 |
750.96 |
2,318.77 |
2,056.20 |
24 Jun 1926 |
Temple Bar |
UK Equity Income |
100.45 |
350.95 |
1,591.46 |
908.22 |
01 Jan 1927 |
Brunner |
Global |
259.30 |
422.30 |
1,372.28 |
527.32 |
02 Aug 1927 |
JPMorgan Japanese |
Japan |
274.98 |
291.13 |
323.47 |
1,026.75 |
06 Feb 1929 |
Monks |
Global |
282.36 |
612.47 |
2,163.12 |
3,000.98 |
15 Mar 1929 |
JPMorgan European Growth |
Europe |
217.44 |
386.92 |
1,377.47 |
325.89 |
31 Mar 1929 |
Shires Income |
UK Equity Income |
145.07 |
201.28 |
698.40 |
105.05 |
15 Jan 1930 |
Canadian General Investments |
North America |
257.26 |
923.56 |
4,612.11 |
1,344.61 |
30 May 1930 |
Henderson Far East Income |
Asia Pacific Equity Income |
85.98 |
571.29 |
1,637.03 |
456.13 |
01 January 1947 |
Henderson European Focus |
Europe |
273.03 |
604.51 |
3,172.89 |
363.83 |
-ENDS-
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Notes to editors
- 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 360 members and the industry has total assets of approximately £277 billion.
- 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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