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Data as at: 12/11/2025
In
Objective
To provide an above average level of income and income growth together with long term capital growth through a policy of investing mainly in higher yielding large UK companies.
AIC sector
Management group
Company website
Launch date
16/02/1889
January
Domicile
United Kingdom
Fund manager
Richard Knight, Andrew Koch, Simon Gergel
Dividend frequency
Quarterly
Wind-up provisions
The Company has an unlimited life.
| Market Cap (m) | Total assets (m) | Price (last close) | NAV | Discount / premium (%) | Gearing (%) | Dividend yield (%) | Dividend dates | Ongoing charge (%) |
|---|---|---|---|---|---|---|---|---|
| 856.87 | 1,029.13 | 579.00 | 624.96 | -7.35 | 10 | 5.04 | Mar, Jun, Sep, Dec | 0.52 (31/01/2025) |
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Dividends
Dividends declared in last 12 months
| Ex-dividend date | Payment date | Dividend amount | Special dividend | Financial year |
|---|---|---|---|---|
| 09/10/2025 | 20/11/2025 | 7.300 | No | 2026 |
| 10/07/2025 | 22/08/2025 | 7.300 | No | 2026 |
| 17/04/2025 | 29/05/2025 | 7.300 | No | 2025 |
| 06/02/2025 | 19/03/2025 | 7.300 | No | 2025 |
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Performance (%)
| Return type | 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|---|
| Merchants Trust | Share price total return | 10.2 | 22.7 | 85.7 | 133.0 |
| UK Equity Income AIC sector | Share price total return | 21.6 | 37.8 | 68.4 | 112.4 |
| Morningstar UK * | Total return | 26.8 | 49 | 81.1 | 125.3 |
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* The Morningstar market index is not necessarily the official benchmark of the investment trust, but it has been identified as an appropriate comparative index. Please hover over the definition for further detail on the index construction.
Share structure
Number of shares
147,990,725
374,162
Traded volumes (number of shares)
| Yesterday | 1 month | 1 year | 5 years | |
|---|---|---|---|---|
| Total | 226,525 | 7,236,074 | 65,557,730 | 283,760,072 |
| Average | N/A | 314,612 | 259,121 | 225,028 |
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Traded values (m)
| Yesterday | 1 month | 1 year | 5 years | |
|---|---|---|---|---|
| Total | 1.31 | 40.67 | 358.68 | 1,541.94 |
| Average | N/A | 1.77 | 1.42 | 1.22 |
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Trading details
Top holdings
Data as at : 30/09/2025
| Investment | % of total assets |
|---|---|
| GSK PLC | 5.9 |
| Lloyds Banking Group PLC | 5.7 |
| British American Tobacco PLC | 4.1 |
| Shell PLC | 4.0 |
| Rio Tinto PLC Ordinary Shares | 3.8 |
| BP PLC | 3.4 |
| Barclays PLC | 3.3 |
| DCC PLC | 3.2 |
| SSE PLC | 3.1 |
| National Grid PLC | 2.9 |
Data provided by Morningstar.
Company documents provided by FE fundinfo.
