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UK Equity Income

Update 9th December 2011: UK equity income funds must sit at the heart of the medium risk bucket, the historical evidence for doing so being absolutely clear.

The UK equity income sector (often categorised as lots of funds doing exactly the same thing) includes a number of funds with very different strategies and distinguishing characteristics. By investing across a number of such equity income funds you will hopefully not be caught out as in 2008, when one dominating sector (banks in that case) is taken to the cleaners. And you should improve the stability of payouts, and the potential for those payouts to grow.

The best performing funds over the quarter have been those focused on large cap defensives and with an aversion to banks and cyclicals. Psigma Income (4.37% yield ) and Neil Woodford’s income funds (both yielding 3.92%) are good examples.

Over the quarter Invesco Perpetual Income was up 1.03% compared to a UK Equity Income sector average of -6.21%. The funds top holdings include tobacco companies as well as pharmaceutical companies such as AstraZeneca and GlaxoSmithKline (which together account for over 16% of the fund’s assets). A top class stock such as GlaxoSmithKline yields in excess of 5%. With the pharmaceutical sector now focusing on costs and improving shareholders returns, the relative attractions are obvious.

In 2011 UK dividend increases surprised on the upside. The continued macro uncertainty, and the likelihood of a credit squeeze, means a freeze on dividend growth is likely in 2012, amongst cyclical stocks in particular.

We cover this in detail in our latest Dividend Watch Newsletter. If you would like to receive a copy please contact damien@dwcifa.com.

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Growth (%)
1 Month 6 Month 1 Year Monthly risk
Fund name Value Rank Value Rank Value Rank Value Rank
Aberdeen Multi Manager UK Income Portfolio TR in GB -0.21 45 -5.17 55 -5.52 63 9.26 31
Aberdeen UK Equity Income TR in GB 0.27 18 -2.63 19 -0.88 20 11.59 92
Alliance Trust UK Equity Income TR in GB 0 33 -6.72 74 -6.25 73 8.59 23
Allianz RCM UK Equity Income TR in GB -0.19 44 -5.69 62 -5.45 61 10.95 75
Artemis Income TR in GB 0.09 29 -3.35 27 -2.45 35 9.06 28
Aviva Inv UK Equity Income TR in GB -0.56 67 -3.81 34 -1.7 27 9.41 36
AXA Framlington Blue Chip Equity Income TR in GB 0.52 5 -5.18 56 -4.71 51 7.93 17
AXA Framlington Equity Income TR in GB -1.92 109 -9.22 102 -7.06 80 11.81 96
AXA Framlington Monthly Income TR in GB -1.32 98 -8.06 93 -5.34 56 11.04 79
Barclays UK Equity Income S2 Artemis TR in GB 0.02 32 -5.92 65 0 0 0 0
Barclays UK Equity Income S2 Invesco TR in GB -2.93 114 -9.54 103 0 0 0 0
Barclays UK Equity Income S2 Newton TR in GB 0.51 6 -3.92 39 0 0 0 0
Barclays UK Equity Income S2 TR in GB -1.71 105 -4.55 47 -2.28 32 9.27 32
Barclays UK Equity Income TR in GB -1.72 106 -3.9 37 -2.66 36 9.58 42
BlackRock UK Income TR in GB 0.27 17 -5.99 66 -7.1 82 11.19 81
Cazenove Equity Income Trust For Charities TR in GB -0.33 53 -4.55 46 -3.36 41 10.29 57
Cazenove UK Equity Income TR in GB -0.21 46 -3.51 28 -0.92 21 10.58 63
CF Acuim UK Multi Cap Income TR in GB -2.07 110 0 0 0 0 0 0
CF Canlife High Income TR in GB -0.42 60 -4.37 45 -3.36 42 11.02 78
CF JM Finn UK Portfolio TR in GB -1.07 92 -8.19 96 -8.03 86 10.84 71
CF KB Enterprise Equity Income TR in GB 0.08 30 -5.02 54 -3.42 44 5.81 4
CF OLIM UK Equity TR in GB -0.82 83 -4.65 49 -6.63 75 10.05 51
CF Taylor Young Equity Income TR in GB -0.56 68 -5.63 61 -5.5 62 10.45 60
CF Walker Crips Equity Income TR in GB 0.41 11 -2.8 22 -3.71 46 10.34 59
EFA OPM Equity High Income TR in GB -0.91 87 -10.01 105 -11.85 105 7.29 13
Elite Charteris Premium Income TR in GB -0.85 84 -4.86 51 -6.12 72 10.95 74
Epworth UK Equity TR in GB 2.67 1 -4.81 50 -3.72 47 0 0
F&C Stewardship Income TR in GB -1.21 96 -6.68 72 -4.36 50 8.57 22
F&C UK Equity Income TR in GB -0.72 76 -6.71 73 -5.36 58 10.33 58
FF&P UK Equity Income TR in GB 0.08 31 -7.1 80 -5.37 59 12.86 100
Fidelity Enhanced Income TR in GB 0.35 13 1.73 5 4.77 4 5.51 1
Fidelity MoneyBuilder Dividend TR in GB 0.43 10 1.78 4 5.49 3 9.28 33
Franklin Templeton Franklin UK Equity Income TR in GB 0.19 23 -1.56 11 1.63 9 9.68 44
GLG UK Income TR in GB 0.38 12 -6.99 76 -8.15 91 11.68 94
Halifax UK Equity Income TR in GB -0.76 79 -7.07 79 -8.05 87 11.45 90
Henderson Global Care UK Income TR in GB -0.37 55 -7.2 84 -2.9 37 11.72 95
Henderson Higher Income TR in GB -0.7 75 -4.01 41 -4.02 48 13.39 101
Henderson UK Equity Income TR in GB -0.46 61 -10.99 107 -5.58 65 11.35 83
Henderson UK Equity Income Trust TR in GB -0.69 74 -8.53 98 -5.3 55 11.38 86
Henderson UK Strategic Income TR in GB -3.33 116 -6.74 75 -6 71 21.82 102
HL Multi Manager Income & Growth TR in GB 0.24 21 -2.83 23 -1.82 28 8.54 21
HSBC Income TR in GB 0.26 19 -3.8 33 -3.35 40 10.23 56
IFSL Brooks Macdonald Cautious Growth TR in GB -0.48 63 -3.93 40 -5.68 66 8.8 26
IFSL Carbon Footprint UK350 Equity Index Tracker TR in GB 0.14 26 -3.65 30 0 0 0 0
Ignis UK Enhanced Income TR in GB 0.11 28 -6.19 69 -8.52 95 0 0
Ignis UK Equity Income TR in GB -0.11 39 -12.32 110 -12.75 106 11.61 93
Insight Equity High Income TR in GB -0.17 42 -6.3 70 -6.8 78 12.14 97
Insight UK Equity Income Booster TR in GB -0.93 88 -5.4 57 -5.82 70 6.83 7
Invesco Perp High Income TR in GB 1.82 2 2.52 1 7.05 1 8.27 19
Invesco Perp Income & Growth TR in GB -0.01 36 -1.82 14 2.27 8 9.83 46
Invesco Perp Income TR in GB 1.75 3 2.35 2 6.81 2 8.15 18
Invesco Perp UK Strategic Income TR in GB -0.32 52 -3.18 26 2.3 7 8.75 25
JOHCM UK Equity Income TR in GB -1.64 103 -9.13 101 -6.68 76 10.6 65
JPM UK Higher Income TR in GB -0.27 49 -5.71 63 -5.37 60 11.41 89
JPM UK Strategic Equity Income TR in GB -0.85 85 -8.23 97 -9.09 96 12.78 99
Jupiter Income TR in GB -0.08 38 -2.31 15 -2.13 31 9.85 47
Jupiter Responsible Income TR in GB 0.67 4 -5.91 64 -5.73 67 10.03 48
Kames UK Equity Income TR in GB 0.25 20 -2.85 25 -2.94 38 7.12 11
L&G UK Equity Income TR in GB -0.25 48 -2.8 21 0 0 0 0
Lazard UK Income TR in GB 0 33 -6.08 68 -4.81 52 11.45 91
Liontrust Income TR in GB -2.91 113 -7.18 82 -5.34 57 10.74 67
M&G Charifund TR in GB -1.11 93 -4.63 48 -1.94 30 10.1 53
M&G Dividend TR in GB -0.67 72 -8.11 94 -7.65 83 10.77 68
Marlborough Multi Cap Income TR in GB -1.19 94 0 0 0 0 0 0
Marlborough UK Equity Income TR in GB -0.67 71 -7 78 -9.47 97 11.13 80
Marlborough UK Income & Growth TR in GB -0.18 43 -9.79 104 -11.22 103 11.27 82
MFM Slater Income TR in GB -0.38 57 0 0 0 0 0 0
Natwest Equity Income TR in GB -1.66 104 -3.57 29 -1.27 24 10.03 49
Natwest UK Equity Income TR in GB 0.23 22 -6.04 67 -6.68 77 11.41 88
Neptune Income TR in GB -0.94 89 -7.19 83 -7.71 84 9.55 41
Neptune Quarterly Income TR in GB -0.47 62 -6.99 77 -8.06 88 9.2 30
Newton Higher Income TR in GB 0.12 27 -1.74 13 -1.86 29 9.6 43
NFU Mutual UK Equity Income TR in GB 0.33 15 -4.02 42 -1.26 23 7.08 10
Old Mutual Equity Income TR in GB 0.34 14 -6.65 71 -7.97 85 11 77
PFS Chelverton UK Equity Income TR in GB -1.22 97 -10.32 106 -6.37 74 6.11 5
Premier Castlefield Monthly Equity TR in GB -0.29 51 -4.92 52 -8.3 92 10.58 64
Premier Income TR in GB -0.54 66 -4.14 44 -0.5 19 9.53 39
Premier Monthly Income TR in GB -0.62 70 -2.57 18 0.75 11 9.39 35
Premier UK Alpha Income TR in GB -0.14 40 -3.8 32 0.01 15 9.54 40
Pru Newton Higher Income TR in GB -1.77 107 -3.66 31 -4.05 49 10.07 52
PSigma Income TR in GB 0.46 8 -0.55 8 1.23 10 10.22 55
R&M UK Equity Income TR in GB -0.51 65 -9.02 100 -8.35 94 7.5 16
Rathbone Blue Chip Income & Growth TR in GB -1.34 100 -7.51 86 -7.07 81 9.69 45
Rathbone Hamilton TR in GB -0.03 37 -4.98 53 -3.51 45 0 0
Rathbone Income TR in GB -0.91 86 -1.7 12 -1.09 22 9.39 34
Royal Bank of Scot Equity Income TR in GB -0.8 82 -3.92 38 -1.62 26 10.04 50
Royal London UK Equity Income TR in GB -0.8 81 -5.6 60 -3.4 43 10.66 66
S&W Church House Balanced Value & Income TR in GB -0.15 41 -0.94 10 -0.09 16 9.06 29
Santander Dividend Income Portfolio TR in GB 0.44 9 -2.33 16 0 0 0 0
Santander Enhanced Income Portfolio TR in GB -1.5 102 -8.19 95 -5.77 68 6.91 9
Santander Equity Income Portfolio TR in GB -0.75 78 -5.42 58 -5.1 53 5.53 2
Santander Equity Income TR in GB 0.49 7 -0.53 7 0.32 12 10.91 73
Schroder Income Maximiser TR in GB -0.98 90 -12.14 109 -11.6 104 10.96 76
Schroder Income TR in GB -1.03 91 -12.05 108 -10.85 101 11.37 84
Scot Wid HIFML UK Equity Income TR in GB -0.75 77 -7.1 81 -8.09 89 8.97 27
Scot Wid HIFML UK High Income TR in GB -0.23 47 -7.97 91 -9.7 98 8.69 24
Scot Wid UK Equity Income TR in GB -1.83 108 -7.44 85 -8.1 90 10.89 72
SJP Allshare Income TR in GB -0.49 64 -7.88 90 -5.8 69 7.49 15
SJP Equity Income TR in GB -1.2 95 -7.62 87 -6.96 79 11.37 85
SJP UK & International Income TR in GB -0.39 59 -2.68 20 -1.46 25 0 0
SJP UK High Income TR in GB 0.16 25 -0.29 6 3.93 6 8.42 20
Smith & Williamson UK Equity Income TR in GB -0.77 80 -8.05 92 -9.97 99 10.5 61
Stan Life Inv UK Equity High Income TR in GB -1.36 101 -7.72 89 -10.37 100 11.39 87
Stan Life Inv UK Equity Income Unconstrained TR in GB -2.99 115 -14.21 111 -10.99 102 12.42 98
SWIP MultiManager UK Equity Income TR in GB 0 33 -3.86 36 -2.37 33 10.8 69
SWIP UK Income TR in GB -1.33 99 -9.01 99 -8.31 93 10.82 70
Thesis Dunnottar TR in GB -0.56 69 0 0 0 0 0 0
Threadneedle UK Equity Alpha Income TR in GB -0.38 58 -3.85 35 -0.36 18 10.19 54
Threadneedle UK Equity Income TR in GB -2.62 111 -5.6 59 -2.44 34 9.41 37
Threadneedle UK Monthly Income TR in GB -0.29 50 -2.55 17 0.31 13 9.5 38
TIF II UK Equity Income TR in GB 0.17 24 -7.68 88 -5.55 64 7.28 12
Troy Asset Management Ltd Trojan Income TR in GB -0.37 54 2.16 3 4.69 5 7.29 14
UBS UK Equity Income TR in GB -0.37 56 -2.83 24 -3.27 39 10.5 62
Unicorn UK Income TR in GB -2.9 112 -14.88 112 -5.27 54 6.34 6
Vanguard FTSE UK Equity Income Index TR in GB -0.67 73 -4.11 43 -0.2 17 6.91 8
Wise Investments Evenlode Income TR in GB 0.3 16 -0.89 9 0.28 14 5.56 3

 




Dennehy Weller & Co Ltd, 3 High Street, Chislehurst, Kent, BR7 5AB. Tel: 020 8467 1666. Authorised and regulated by the Financial Services Authority (http://www.fsa.gov.uk/register/home.do). FSA Registration No: 114360. Registered in England & Wales, No. 1476316. Registered Office: 303 High Street, Orpington, Kent, BR6 0NN. The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at investors based in the UK.