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AIC publishes dividend payment dates for member companies.
It’s no secret that in today’s low interest rate environment, investors are on the hunt for yield. And it would seem that many investors also value the regularity of dividend payments, judging by the way the investment company sector has evolved in recent years.
Research published today by the Association of Investment Companies (AIC) suggests that the percentage of member investment companies paying quarterly dividends has more than doubled since 2010. Some 92 conventional investment companies now pay a quarterly dividend (43%), compared to 82 by number a year ago (32%). In 2010, just 17% of AIC member companies paid a quarterly dividend.
Bi-annual dividends remain a common feature of the sector amongst 30% of AIC members, whilst just under a quarter (23%) of conventional investment companies pay an annual dividend. Just two investment companies, European Assets and Perpetual Income & Growth pay their dividends three times a year. Five investment companies now pay a monthly dividend, compared to four a year ago and only one at the beginning of 2014: Ediston Property, F&C Commercial Property, Fair Oaks Income, GLI Alternative Finance and TwentyFour Select Monthly Income.
Leanest months
Dividend payment dates amongst AIC member investment companies are relatively evenly spread throughout the year. This means that investors and advisers who want to develop a portfolio of investment companies which provide a regular income stream have a good deal of choice. The leanest months for dividend payments are March, April and September. In each of these months some 45 member investment companies pay a dividend.
Annabel Brodie-Smith, Communications Director, Association of Investment Companies (AIC) said: “Investment companies have been maximising their income advantages to deliver returns to shareholders for generations. Investment companies have a unique ability to hold back some of the income they receive for tougher times, and this is especially pertinent in the current volatile stock market conditions. Investment companies also offer access to a wider variety of investments such as commercial property, infrastructure and specialist debt and have the flexibility to pay dividends out of profits. The sector now offers more choice than ever before for income investors.”
The AIC has published this research as part of its series ‘Freedom in Pensions’ looking at how investment companies can be used to build a long-term pension portfolio, as well as their unique advantages in delivering a higher or growing income in retirement.
View the AIC guide to income
AIC video: How investment companies can meet your income needs
Visit the ‘Freedom in pensions’ area of the AIC website
Monthly dividend payers
Company
AIC sector
Dividend yield (%)
Ediston Property
Property Direct – UK
5.26
F&C Commercial Property
Property Direct – UK
4.54
Fair Oaks Income
Sector Specialist: Debt
11.89
GLI Alternative Finance
Sector Specialist: Debt
9.65
TwentyFour Select Monthly Income
Sector Specialist: Debt
7.38
Quarterly dividend payers
Company
AIC sector
Dividend yield (%)
Payment dates
Aberdeen Asian Income
Asia Pacific – Excluding Japan
5.82
Feb, May, Aug, Nov
Aberdeen Latin American Income
Latin America
8.07
Jan, April, Jul, Oct
Aberdeen Smaller Companies High Income
UK Equity & Bond Income
3.43
Jan, April, Jul, Oct
AEW UK REIT
Property Direct – UK
2.48
Mar, Jun, Sept, Dec
Alcentra European Floating Rate Income
Sector Specialist: Debt
5.56
Feb, May, Aug, Nov
Alliance Trust
Global
2.07
Mar, Jun, Sept, Dec
Amedeo Air Four Plus
Sector Specialist: Leasing
8.91
Jan, April, Jul, Oct
Bankers
Global
2.73
Feb, May, Aug, Nov
BlackRock Commodities Income
Sector Specialist: Commodities & Natural Resources
11.54
Jan, April, Jul, Oct
BlackRock Income Strategies
Flexible Investment
5.29
Jan, April, Jul, Oct
BlackRock North American Income
North America
3.76
Jan, April, Jul, Oct
Blackstone/GSO Loan Financing
Sector Specialist: Debt
8.26
Feb, May, Aug, Nov
Bluefield Solar Income Fund
Sector Specialist: Infrastructure – Renewable Energy
7.11
Mar, Jun, Sept, Dec
Brunner
Global
3.16
Mar, Jun, Sept, Dec
City Merchants High Yield
UK Equity & Bond Income
5.75
Feb, May, Aug, Nov
City Natural Resources High Yield
Sector Specialist: Commodities & Natural Resources
7.38
Feb, May, Aug, Nov
City of London
UK Equity Income
4.12
Feb, May, Aug, Nov
CQS New City High Yield
UK Equity & Bond Income
8.19
Feb, May, Aug, Nov
Diverse Income Trust
UK Equity Income
2.74
Feb, May, Aug, Nov
DP Aircraft I
Sector Specialist: Leasing
9.11
Feb, May, Aug, Nov
Drum Income Plus REIT
Property Direct – UK
34.59
Feb, May, Aug, Nov
Duet Real Estate Finance
Sector Specialist: Debt
40
Mar, Jun, Sept, Dec
Dunedin Income Growth
UK Equity Income
5.11
Feb, May, Aug, Nov
Edinburgh Investment
UK Equity Income
3.4
Feb, May, Aug, Nov
Empiric Student Property
Property Direct – UK
5.32
Mar, Jun, Sept, Dec
F&C Capital & Income
UK Equity Income
4.06
Mar, Jun, Sept, Dec
F&C Managed Portfolio Income
Global Equity Income
4.58
Jan, April, Jul, Oct
F&C UK Real Estate Investments
Property Direct – UK
5.05
Mar, Jun, Sept, Dec
Foreign & Colonial Investment Trust
Global
2.27
Feb, May, Aug, Nov
GCP Infrastructure Investments
Sector Specialist: Infrastructure
6.61
Feb, May, Aug, Nov
Greencoat UK Wind
Sector Specialist: Infrastructure – Renewable Energy
6.05
Feb, May, Aug, Nov
Henderson Diversified Income
Global High Income
5.85
Mar, Jun, Sept, Dec
Henderson Far East Income
Asia Pacific – Excluding Japan
7.27
Feb, May, Aug, Nov
Henderson Global
Global
2.89
Jan, April, Jul, Oct
Henderson High Income
UK Equity & Bond Income
5.19
Jan, April, Jul, Oct
Henderson International Income
Global Equity Income
3.88
Jan, April, Jul, Oct
HICL Infrastructure
Sector Specialist: Infrastructure
4.92
Mar, Jun, Sept, Dec
ICG-Longbow Senior Secured UK Property Debt Inv
Sector Specialist: Debt
5.8
Jan, April, Jul, Oct
Invesco Income Growth
UK Equity Income
3.75
Mar, Jul, Oct, Dec
Invesco Perpetual Enhanced Income
Global High Income
7.42
Jan, May, Jul, Oct
Invesco Perpetual Select Global Equity Income
Global Equity Income
3.95
Feb, May, Aug, Nov
Invesco Perpetual Select UK Equity
UK All Companies
3.8
Feb, May, Aug, Nov
Invesco Perpetual UK Smaller Companies
UK Smaller Companies
3.8
Mar, Jun, Sept, Dec
Investment Company
UK Equity Income
6.56
Feb, May, Aug, Nov
Investors Capital A
UK Equity & Bond Income
5.35
Feb, May, Aug, Nov
JPMorgan Claverhouse
UK Equity Income
3.81
Mar, Jun, Sept, Dec
JPMorgan Elect Managed Growth
Global
1.16
Mar, Jun, Sept, Dec
JPMorgan Elect Managed Income
UK Equity Income
3.82
Mar, Jun, Sept, Dec
JPMorgan European Income
Europe
3.75
Jan, April, Jul, Oct
JPMorgan Global Convertibles Income
Sector Specialist: Debt
5.23
Mar, Jun, Oct, Dec
JPMorgan Global Emerging Markets Income
Global Emerging Markets
6.41
Jan, April, Jul, Oct
JPMorgan Senior Secured Loan
Sector Specialist: Debt
6.01
Jan, April, July, Nov
Jupiter Global
Global
2.25
Mar, Jun, Sept, Dec
Kennedy Wilson Europe Real Estate
Property Direct – Europe
2.51
Jan, April, Jul, Nov
London & St Lawrence
Global Equity Income
4.32
Feb, May, Aug, Nov
Lowland
UK Equity Income
3.34
Jan, April, Jul, Oct
Martin Currie Global Portfolio
Global
2.37
Jan, April, Jul, Oct
Marwyn Value Investors
Global Smaller Companies
5.08
Jan, April, Jul, Oct
MedicX
Property Specialist
6.92
Mar, Jun, Sept, Dec
Mercantile
UK All Companies
2.72
Feb, May, Aug, Oct
Merchants
UK Equity Income
5.85
Feb, May, Aug, Nov
Middlefield Canadian Income Trusts
North America
7.14
Jan, April, Jul, Oct
Murray Income
UK Equity Income
4.93
Jan, April, Jul, Oct
Murray International
Global Equity Income
5.83
Feb, May, Aug, Nov
NB Global Floating Rate Income
Sector Specialist: Debt
4.24
Feb, May, Aug, Nov
New City Energy
Sector Specialist: Commodities & Natural Resources
8.51
Jan, April, Jul, Oct
North American Income
North America
3.87
Feb, Jun, Aug, Nov
P2P Global Investments
Sector Specialist: Debt
6.4
Feb, May, Aug, Nov
Personal Assets
Flexible Investment
1.59
Jan, April, July, Nov
Polar Capital Global Healthcare Growth & Income
Sector Specialist: Biotechnology & Healthcare
2.2
Mar, May, Aug, Nov
Ranger Direct Lending
Sector Specialist: Debt
10.4
Apr, Jun, Sept, Dec
Real Estate Credit Investments
Sector Specialist: Debt
6.84
Mar, Jun, Sept, Dec
Schroder Global Real Estate Securities
Property Securities
2.31
Mar, Jun, Sept, Dec
Schroder Income Growth
UK Equity Income
4.11
Jan, April, Jul, Oct
Schroder Oriental Income
Asia Pacific – Excluding Japan
4.69
Jan, April, Jul, Oct
Schroder Real Estate
Property Direct – UK
4.28
Feb, May, Aug, Nov
Scottish American
Global Equity Income
4.22
Mar, Jun, Sept, Dec
Securities Trust of Scotland
Global Equity Income
3.85
Mar, Jun, Sept, Dec
Seneca Global Income & Growth
Global Equity Income
4.16
Mar, Jun, Sept, Dec
Sequoia Economic Infrastructure Income
Sector Specialist: Infrastructure
4.95
Mar, Jun, Sept, Dec
Sequoia Economic Infrastructure Income C shares
Sector Specialist: Infrastructure
11.96
Mar, Jun, Sept, Dec
Shires Income
UK Equity Income
6.2
Jan, April, Jul, Oct
SQN Asset Finance Income
Sector Specialist: Leasing
7.09
Feb, May, Aug, Nov
Standard Life Equity Income
UK Equity Income
3.39
Mar, Jun, Sept, Dec
Standard Life Investments Property Income
Property Direct – UK
5.34
Feb, May, Aug, Nov
Starwood European Real Estate Finance
Sector Specialist: Debt
6.57
Feb, May, Aug, Nov
Target Healthcare REIT
Property Specialist
5.66
Feb, May, Aug, Nov
Temple Bar
UK Equity Income
3.98
Mar, Jun, Sept, Dec
Troy Income & Growth
UK Equity Income
3.37
Jan, April, Jul, Oct
TwentyFour Income
Sector Specialist: Debt
6.05
Jan, April, Jul, Oct
UK Commercial Property
Property Direct – UK
4.43
Mar, May, Aug, Nov
UK Mortgages
Sector Specialist: Debt
6.52
Jan, April, Jul, Oct
Utilico Emerging Markets
Global Emerging Markets
3.81
Mar, Jun, Sept, Dec
VPC Specialty Lending Investments
Sector Specialist: Debt
6.35
Mar, Jun, Sept, Dec
Witan
Global
2.19
Mar, Jun, Sept, Dec
Tri-annual dividends
Company
AIC sector
Dividend yield (%)
Payment dates
European Assets
European Smaller Companies
6.54
Jan, May, Aug
Perpetual Income & Growth
UK Equity Income
3.57
Jun, Sep, Dec
Bi-annual dividends
Company
AIC sector
Dividend yield (%)
Payment dates
Aberdeen New Dawn
Asia Pacific – Excluding Japan
2.71
Jan, Sep
Aberforth Smaller Companies
UK Smaller Companies
2.3
Mar, Aug
AcenciA Debt Strategies
Hedge Funds
4.68
May, Sep
Artemis Alpha Trust
UK All Companies
1.6
Jan, Aug
BBGI SICAV S.A.
Sector Specialist: Infrastructure
4.63
Jun, Oct
BlackRock Frontiers
Global Emerging Markets
5.71
Feb, Jul
BlackRock Greater Europe
Europe
2.03
May, Dec
BlackRock Income & Growth
UK Equity Income
3.39
Mar, Sep
BlackRock Latin American
Latin America
7.34
May, Oct
BlackRock Smaller Companies
UK Smaller Companies
1.76
Jun, Dec
BlackRock Throgmorton Trust
UK Smaller Companies
1.44
Apr, Aug
BlackRock World Mining
Sector Specialist: Commodities & Natural Resources
12.28
May, Sep
Blue Capital Global Reinsurance Fund
Sector Specialist: Insurance & Reinsurance Strategies
6.63
Feb, Aug
British & American
UK Equity Income
9.41
Jun, Nov
British Empire
Global
2.75
Jan, Jun
Caledonia
Global
2.33
Jan, Aug
CC Japan Income & Growth
Japan
3.58
Mar, Jul
Dunedin Smaller Companies
UK Smaller Companies
2.9
Feb, Jul
Establishment Investment Trust
Global
3.24
Aug, Dec
F&C Global Smaller Companies
Global
1.07
Jan, Aug
F&C Private Equity
Private Equity
4.65
May, Nov
Fidelity Special Values
UK All Companies
1.76
May, Dec
Finsbury Growth & Income
UK Equity Income
2.07
May, Nov
Hansa Trust (A Ord)
Global
2.12
Aug, Dec
Hansa Trust (Ord)
Global
2.08
Aug, Dec
Henderson European Focus
Europe
2.62
Feb, Jun
Henderson EuroTrust
Europe
2.19
Apr, Nov
Henderson Opportunities
UK All Companies
1.75
May, Sep
Henderson Smaller Companies
UK Smaller Companies
2.15
Mar, Oct
Independent Investment Trust
Global
1.52
Apr, Aug
International Public Partnerships
Sector Specialist: Infrastructure
4.59
Jun, Oct
John Laing Environmental Assets Group
Sector Specialist: Infrastructure – Renewable Energy
6.19
Jun, Dec
John Laing Infrastructure
Sector Specialist: Infrastructure
5.66
May, Oct
JPMorgan American
North America
1.24
May, Oct
JPMorgan Elect Managed Cash
Sector Specialist: Liquidity Funds
0.35
Mar, Sep
JPMorgan European Growth
Europe
2.86
Apr, Oct
JPMorgan European Smaller Companies
European Smaller Companies
1.17
Jan, Jul
JPMorgan MidCap
UK All Companies
2.45
Apr, Nov
Keystone
UK All Companies
2.99
Jun, Dec
Law Debenture Corporation
Global
3.63
Apr, Sep
Majedie
Global
3.23
Jan, Jun
Martin Currie Asia Unconstrained
Asia Pacific – Excluding Japan
3
Aug, Dec
Mid Wynd International
Global
1.26
Apr, Oct
Mithras
Private Equity
0.69
May, Oct
Monks
Global
1
Jan, Aug
Montanaro European Smaller Companies
European Smaller Companies
1.48
Jan, Jul
NextEnergy Solar
Sector Specialist: Infrastructure – Renewable Energy
6.68
Jun, Dec
Phoenix Spree Deutschland
Property Direct – Europe
1.55
Jun, Oct
Polar Capital Global Financials
Sector Specialist: Financials
3.32
Mar, Sep
Princess Private Equity Holding
Private Equity
7.11
Jun, Dec
Renewables Infrastructure Group
Sector Specialist: Infrastructure – Renewable Energy
6.24
Mar, Sep
RIT Capital Partners
Flexible Investment
1.84
Apr, Oct
Ruffer Investment Company
Flexible Investment
1.67
Mar, Oct
Schroder UK Growth
UK All Companies
3.96
Jan, Jul
Schroder UK Mid Cap
UK All Companies
2
Feb, Jul
Scottish Investment Trust
Global
2.74
Feb, Jul
Scottish Mortgage
Global
1.17
Jul, Dec
Standard Life UK Smaller Companies
UK Smaller Companies
1.97
Apr, Oct
Threadneedle UK Select Trust
UK All Companies
2.71
May, Oct
TR Property
Property Securities
2.77
Jan, Aug
Tritax Big Box REIT
Property Direct – UK
4.77
Aug, Dec
Value and Income
UK Equity Income
4.11
Jan, Jul
Volta Finance
Sector Specialist: Debt
10.26
Mar, Sep
Witan Pacific
Asia Pacific – Including Japan
1.97
Jun, Oct
World Trust Fund
Global
1.43
Jul, Dec
Worldwide Healthcare
Sector Specialist: Biotechnology & Healthcare
0.74
Jan, Jul
Annual dividend
Company
AIC sector
Dividend yield (%)
Payment dates
Aberdeen Asian Smaller Companies
Asia Pacific – Excluding Japan
2.05
Dec
Aberdeen Japan
Japan
0.58
Jul
Aberdeen New Thai
Country Specialists: Asia Pacific
2.17
Jun
Aberdeen Private Equity
Private Equity
2.52
Sep
Apax Global Alpha
Private Equity
11.4
Mar
Asian Total Return
Asia Pacific – Excluding Japan
1.63
Apr
Athelney
UK Smaller Companies
3.12
Apr
Aurora
UK All Companies
2.53
Jul
Baring Emerging Europe
European Emerging Markets
5.2
Feb
Blue Planet Investment Trust
Global Equity Income
8.95
Aug
Capital Gearing
Flexible Investment
0.6
Jul
CATCo Reinsurance Opportunities
Sector Specialist: Insurance & Reinsurance Strategies
5.3
Jan
Crystal Amber
UK All Companies
3.44
Aug
Dunedin Enterprise
Private Equity
1.61
May
Edinburgh Dragon
Asia Pacific – Excluding Japan
1.32
Dec
EP Global Opportunities
Global
1.49
May
European Investment Trust
Europe
2.44
Jan
Fidelity Asian Values
Asia Pacific – Excluding Japan
0.84
Dec
Fidelity China Special Situations
Country Specialists: Asia Pacific
1.07
Jul
Fidelity European Values
Europe
1.88
May
Henderson Alternative Strategies
Flexible Investment
1.56
Feb
HgCapital
Private Equity
3.17
May
ICG Enterprise
Private Equity
1.83
Jun
Impax Environmental Markets
Sector Specialist: Environmental
0.94
May
Invesco Asia
Asia Pacific – Excluding Japan
2.15
Aug
JPMorgan Asian
Asia Pacific – Excluding Japan
1.25
Feb
JPMorgan Brazil
Country Specialists: Latin America
1.08
Sep
JPMorgan Chinese
Country Specialists: Asia Pacific
1.24
Feb
JPMorgan Emerging Markets
Global Emerging Markets
1.14
Nov
JPMorgan Japanese
Japan
1.03
Dec
JPMorgan Overseas
Global
1.68
Dec
JPMorgan Russian Securities
Country Specialists: Europe
4.39
Mar
JPMorgan Smaller Companies
UK Smaller Companies
1.31
Dec
Jupiter European Opportunities
Europe
0.68
Oct
Jupiter Green
Sector Specialist: Environmental
0.43
Jul
Lindsell Train
Global
1.44
Sep
Montanaro UK Smaller Companies
UK Smaller Companies
1.85
Aug
Northern Investors Company
Private Equity
3.3
Jul
Pacific Assets
Asia Pacific – Excluding Japan
1.38
Jun
Pacific Horizon
Asia Pacific – Excluding Japan
0.22
Nov
Qatar Investment
Country Specialists: Other
3.9
Jan
Sanditon Investment
Europe
0.44
Dec
Schroder AsiaPacific
Asia Pacific – Excluding Japan
1.69
Feb
Schroder Japan Growth
Japan
1.26
Nov
Scottish Oriental Smaller Companies
Asia Pacific – Excluding Japan
1.6
Feb
Standard Life European Private Equity
Private Equity
2.6
Jan
Strategic Equity Capital
UK Smaller Companies
0.41
Nov
Templeton Emerging Markets
Global Emerging Markets
2.09
Dec
TR European Growth
European Smaller Companies
1.17
Nov
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