CT UK Capital & Income (CTUK)

Julian Cane, a long-standing and highly regarded UK equity income manager, stepped down as lead manager of CT UK Capital & Income (CTUK) with effect from 01/01/2026, marking the end of a tenure that began in 1997. Over that period, the trust delivered strong long-term outcomes for investors, combining capital growth with a consistently rising income stream.

Dominic Younger has assumed responsibility as lead manager following a planned and orderly succession process. Dominic has worked closely alongside Julian in recent years and is well embedded within Columbia Threadneedle’s UK Equity Income team. He brings relevant experience, having managed several UK income mandates, including the CT UK Monthly Income Fund, where he has established a modest record of outperformance versus the FTSE All-Share (see Performance).

The core investment philosophy underpinning CTUK remains unchanged. The portfolio continues to be managed using a bottom-up, fundamentals-driven approach, focussing on under-appreciated UK businesses with durable competitive advantages, strong cash generation and management teams aligned with shareholders. Valuation discipline remains central, with a preference for companies where share prices do not fully reflect long-term earnings potential. Whilst still early in Dominic’s tenure, selective Portfolio changes have begun to emerge, including the addition of Croda, reflecting a slightly more contrarian, value-aware approach at the margin.

CTUK maintains a strong income profile, having grown its Dividend for 32 consecutive years, with the most recent annual dividend rising 4.0% to 13.0p per share, ahead of inflation. Revenue per share also increased meaningfully, rising from 11.18p to 12.13p, an 8.5% uplift year-on-year.

At the time of writing, CTUK trades on a Discount of 4.1%, wider than its five-year average of 3.0%.