Winners of the AIC Shareholder Communication Awards 2020

The Association of Investment Companies (AIC) has announced the winners of its Shareholder Communication Awards 2020. The awards recognise exceptional shareholder communication by AIC member investment companies and their managers.

The awards were judged by Simon Elliott, Head of Research at Winterflood Investment Trusts, Tim Cockerill, Investment Director at Rowan Dartington, Moira O’Neill, Head of Personal Finance at interactive investor, and David Stevenson, financial journalist and commentator.

Chairman of the judging panel, Simon Elliott, Head of Research at Winterflood Investment Trusts, said: “The standard of entries to the AIC Shareholder Communication Awards continues to be extremely high. More investment companies are incorporating imaginative design into their communications and more are making wider use of online media to reach investors. This year we were particularly impressed with the Best Report and Accounts – Alternative category. The entries combined graphics and design to bring to life a wide range of different strategies in an effective way. My congratulations go to all the winners.”

Ian Sayers, Chief Executive of the Association of Investment Companies (AIC), said: “COVID-19 has made the need for companies to provide clear and effective communication to shareholders even more important. The AIC Shareholder Communication Awards recognise the very best communicators in the investment company industry and I congratulate the winners for their outstanding work.”

The winners are:

Best Report and Accounts – Generalist

Winner: The Merchants Trust

The judges praised the winning entry for the quality of its case studies and investment report, its use of language that was easy to understand, and the level of detail provided on the portfolio.

The judges also noted the quality of AVI Global Trust’s entry in this category, commending the amount of information it provided and the thorough explanation of the manager’s process.


Best Report and Accounts – Specialist

Winner: Allianz Technology Trust

The panel thought the winning report was excellently designed and included engaging, educational content about the sector and its themes.


Best Report and Accounts – Alternative

Winner: 3i Infrastructure

The judges praised this entry for its clear and logical layout, its use of graphics and the quality of its review of investments and sustainability report.


Highly commended: GCP Student Living

GCP Student Living’s entry was highly commended for its modern design, its use of imagery which brought its portfolio to life, and the quality of the Q&A section with its manager.

The panel also highlighted Phoenix Spree Deutschland’s entry to this category, noting the high standard of its photography and its insightful exploration of the themes within its sector.


Best Report and Accounts – VCT

Winner: Triple Point VCT 2011

The judges praised the winning entry’s design, colour and imagery and its use of graphics which brought its portfolio to life.


Best Marketing Campaign

The judges selected two winners in this category in response to the quality of the two winning entries and their different aims.

Martin Currie Investment Management
for Securities Trust of Scotland – Generating Demand and Narrowing the Discount

The panel highlighted the campaign for its detailed and thoughtful strategy. They also commended its success which was evident in the narrowing of the investment company’s discount and successful share issuance.


Augmentum Fintech for TeenVC

The panel felt the winning campaign combined an imaginative idea with new channels of distribution and noted that it had been successfully adapted to COVID-19.


Best PR Campaign

Henderson International
Income Trust
The Global Dividend Cover Report

The judges praised the winning entry for its effectiveness. They noted that the campaign had been very successful, that it was on a topical subject given the impact of COVID-19 and that it had generated an impressive amount of media coverage.


Best Factsheet

Winner: ICG Enterprise Trust

The judges agreed the winning factsheet went over and above in terms of the level of information it provided, including detail on each of its top 10 holdings, and graphics which told its story well.


Highly commended: AVI Global Trust

The panel highlighted the significant improvement in AVI Global Trust’s factsheet. They noted its clear and logical layout and its use of colour which made it engaging to read.


Best Social Media

Martin Currie Investment Management

  • Securities Trust of Scotland
  • Martin Currie Global Portfolio Trust

The winner’s social media strategy combined paid and organic posts to achieve success across a wide range of measures, including a significant increase in website traffic.


Best Website

AVI Global Trust

The winning website used videos, portfolio analysis and graphics in an engaging design which the panel felt was clear and easy to navigate.


For pictures of the winners please contact the AIC communications team.



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  1. 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. As at the end of May, the AIC had 361 members and the industry had total assets of approximately £197 billion.
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