Regular as clockwork: 43% of investment companies pay quarterly dividends compared to 17% in 2010

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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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