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.
For many years UK equities have been a staple of income investors’ portfolios, and patient investors have contentedly watched dividends roll in year after year. Yet when the coronavirus outbreak struck in early 2020 and UK companies began cutting or suspending dividends, this changed rapidly. At the worst point in the decline, the dividends paid by listed UK companies had fallen c. 43% peak to trough on a 12-month basis (Source: Link Group). Whilst investors in UK Equity Income open-ended funds saw commensurate declines in income, investors in their closed-ended peers had a very different experience…
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