Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
Investment trust boards, being long-term stewards of shareholders’ wealth, are right to be wary of their trust living beyond its means. Ruination will be the result. Paying dividends from capital likely gives some boards the instinctive fear that, in doing so, they are selling off the family silver. But are they? And how does paying dividends from capital differ from using revenue reserves?
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