Dividend heroes: the investment trusts that have increased their dividends for 20+ years

Investment trusts can be a good option for income-focused investors – but which trusts have consistently increased their dividends over the past 20 years?

Dividend concept illustrated by share of the pie
(Image credit: Andriy Onufriyenko via Getty Images)

Twenty investment trusts have increased their dividend payment every year for two decades, according to the Association of Investment Companies (AIC). Ten of these so-called “dividend heroes” have gone a step further, stretching this track record to half a century or more.

The three trusts which top the list are the City of London Investment Trust (LON:CTY), the Bankers Investment Trust (LON:BNKRL) and Alliance Witan (LON:ALW). All three have increased their dividend for 58 consecutive years.

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Investment trust dividend heroes

Investment trust

AIC sector

Number of consecutive years dividend increased

Dividend yield (%)

5-year annualised dividend growth rate (%)

City of London Investment Trust

UK Equity Income

58

4.72

2.06

Bankers Investment Trust

Global

58

2.42

5.16

Alliance Witan

Global

58

2.29

13.85

Caledonia Investments

Flexible Investment

57

1.88

3.49

The Global Smaller Companies Trust

Global Smaller Companies

54

1.85

11.24

F&C Investment Trust

Global

54

1.35

5.97

Brunner Investment Trust

Global

53

1.87

3.52

JPMorgan Claverhouse

UK Equity Income

52

4.87

4.07

Murray Income Trust

UK Equity Income

51

4.68

2.52

Scottish American

Global Equity Income

51

3.00

4.61

Merchants Trust

UK Equity Income

42

5.41

1.78

Scottish Mortgage Investment Trust

Global

42

0.45

6.26

Value and Indexed Property Income

Property – UK Commercial

37

7.31

2.27

CT UK Capital & Income

UK Equity Income

31

4.05

1.86

Schroder Income Growth Fund

UK Equity Income

29

4.90

2.75

Aberdeen Equity Income Trust

UK Equity Income

24

7.20

2.24

Athelney Trust

UK Smaller Companies

22

5.60

1.26

BlackRock Smaller Companies

UK Smaller Companies

21

3.72

6.13

Henderson Smaller Companies

UK Smaller Companies

21

3.50

3.26

Murray International Trust

Global Equity Income

20

4.47

1.98

Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.