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.
AIC video: How investment companies can meet your income needs |
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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 |
