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UK Equity Income

Update 9th February 2012: Regular readers of both TopFunds guide and our quarterly Dividend Watch newsletter will be aware of our view on the importance of dividend payouts to investment returns. The UK Equity Income sector is often dismissed as lacking diversity but the range of returns proves this to not be the case.

The best performing funds in 2011 have been those that shared our caution. Psigma Income (4.43% yield) and Neil Woodford’s income funds (both yielding 4.03%) are good examples of funds with an aversion to bank stocks, instead prefering large cap defensives. 

Invesco Perpetual Income’s 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 4%. Similarly PSigma Income has large exposure to large cap stocks and a preference for pharmaceuticals (accounting for 18.6% of assets) and global blue chips. Meanwhile, another top performer, Newton Higher Income benefited from avoiding low-yielding mining stocks, although its yield should be nearer 6% in 2012, as opposed to 7% historically.

Given the continued macro uncertainty and the possibility of a credit squeeze, a freeze on dividend growth amongst cyclical stocks in particular is possible during 2012/13. While a rapid rebound in the world economy would certainly see cyclical stocks rally, at the expense of defensives, this seems unlikely in the face of the huge amount of deleveraging still to take place.

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Growth (%)
1 Month 6 Month 1 Year Monthly risk
Fund name Value Rank Value Rank Value Rank Value Rank
Aberdeen UK Equity Income in GB -3.08 83 4.48 87 1.05 38 10.68 78
Acuim Acuim UK Multi Cap Income in GB -1.51 18 0 0 0 0 0 0
Alliance Trust UK Equity Income in GB -3.57 99 4.24 89 -3.77 87 8.36 27
Allianz RCM UK Equity Income TR in GB -2.94 77 5.08 76 -2.26 75 10.57 77
Artemis Income TR in GB -1.96 33 7.03 36 2.73 25 8.41 29
Aviva Inv UK Equity Income TR in GB -2.14 38 6 58 3.36 20 8.97 41
AXA Framlington Blue Chip Equity Income in GB -2.87 74 9.37 13 1.04 39 7.69 19
AXA Framlington Equity Income in GB -3.17 90 5.3 70 -2.64 78 11.35 95
AXA Framlington Monthly Income in GB -3.92 107 6.95 40 -1.66 70 10.73 82
Barclays UK Equity Income S2 Artemis in GB -1.77 25 4.89 82 0 0 0 0
Barclays UK Equity Income S2 in GB -1.5 17 7.04 35 3.45 19 8.71 32
Barclays UK Equity Income S2 Invesco in GB -0.4 4 6.82 45 0 0 0 0
Barclays UK Equity Income S2 Newton in GB -2.59 58 3.04 103 0 0 0 0
Barclays UK Equity Income TR in GB -1.42 15 8.24 21 3.17 23 8.86 37
BlackRock UK Income in GB -3.29 94 4.07 92 -3.65 86 10.83 84
Cazenove Equity Income Trust For Charities TR in GB -1.9 32 7.38 31 1.6 35 9.29 47
Cazenove UK Equity Income TR in GB -2.26 46 12.39 1 8.44 3 9.42 51
CF Canlife High Income TR in GB -2.79 68 3.01 104 -1.49 69 10.46 71
CF JM Finn UK Portfolio in GB -3.16 88 7.58 28 -4.66 95 10.52 75
CF KB Enterprise Equity Income in GB -2.76 67 6.63 51 -2.21 73 5.29 3
CF OLIM UK Equity in GB -2.28 47 8.21 22 1.53 37 9.48 54
CF Taylor Young Equity Income in GB -2.73 66 0.74 110 -3.18 85 9.95 62
CF Walker Crips Equity Income in GB -2.47 54 5.12 74 0.08 51 9.77 60
EFA OPM Equity High Income TR in GB -2.83 71 5.57 66 -6.22 102 6.86 12
Elite Charteris Premium Income TR in GB -3.72 104 6.94 41 -1.43 68 10.69 79
Epworth UK Equity TR in GB -1.15 7 8.3 18 -2.65 79 0 0
F&C Stewardship Income in GB -1.04 6 8.03 23 1.88 32 7.69 18
F&C UK Equity Income in GB -3.15 86 4.94 81 -1.97 72 9.48 53
FF&P UK Equity Income TR in GB -2.67 63 3.33 100 -4.17 91 11.47 96
Fidelity Enhanced Income TR in GB -1.4 13 5.28 71 7.05 8 5.26 2
Fidelity MoneyBuilder Dividend TR in GB -1.41 14 5.03 79 7.21 7 8.41 28
Franklin UK Equity Income TR in GB -4.87 113 3.72 96 2.64 27 9.66 58
GLG UK Income in GB -4.04 111 6.94 42 -4.88 99 11.2 92
Halifax UK Equity Income in GB -3.45 97 3.83 95 -6.42 104 10.95 86
Henderson Global Care UK Income TR in GB -2.54 56 8.02 24 1.94 30 11.06 89
Henderson Higher Income TR in GB -2.61 59 6.77 48 1.69 34 12.46 99
Henderson UK Equity Income TR in GB -1.86 29 10.86 5 2.69 26 10.84 85
Henderson UK Equity Income Trust in GB -1.99 34 7.78 26 0.86 41 10.54 76
Henderson UK Strategic Income TR in GB 0.89 1 5.66 64 0.18 49 21.45 100
HL Multi Manager Income & Growth in GB -2.29 48 6.74 49 1.94 31 7.79 21
HSBC Income TR in GB -2.99 78 5.47 68 -0.39 57 9.62 55
IFSL Brooks Macdonald Cautious Growth TR in GB -1.38 12 4.68 85 -4.7 97 7.91 22
Ignis UK Enhanced Income in GB -3.29 93 3.99 93 -5.02 100 0 0
Ignis UK Equity Income in GB -2.69 64 9.62 9 -2.74 80 11.06 90
Insight Equity High Income in GB -3.28 92 7.45 30 -2.39 76 11.25 93
Insight UK Equity Income Booster TR in GB -3 79 6.96 39 -0.94 60 6.71 7
Invesco Perp High Income TR in GB -1.7 19 6.26 55 9.33 1 7.76 20
Invesco Perp Income & Growth in GB -1.9 31 8.28 19 6.12 9 8.84 35
Invesco Perp Income TR in GB -1.75 23 6.21 56 9.02 2 7.67 17
Invesco Perp UK Strategic Income TR in GB -1.37 11 5.27 72 5.93 10 8.57 31
JOHCM UK Equity Income in GB -2.24 45 8.55 17 -0.59 59 10.27 67
JPM UK Higher Income TR in GB -2.86 73 6.61 52 -0.99 61 10.72 80
JPM UK Strategic Equity Income in GB -2.91 75 5.97 59 -4.43 92 12.19 97
Jupiter Income TR in GB -3.57 100 4.79 83 -1 62 9.46 52
Jupiter Responsible Income in GB -2.48 55 7.46 29 0.5 48 9.66 59
Kames UK Equity Income in GB -3.25 91 5.83 63 -0.32 55 6.73 8
L&G UK Equity Income in GB -2.01 35 7.14 33 3.2 22 0 0
Lazard UK Income TR in GB -2.85 72 8.27 20 0.81 42 10.74 83
Liontrust Income TR in GB -1.79 26 5.39 69 0.59 45 10.2 66
M&G Charifund in GB -3.05 81 5.05 78 0.69 44 8.99 42
M&G Dividend in GB -1.31 10 9.84 7 -1.07 63 10.14 64
Marlborough Multi Cap Income in GB -0.17 3 11.76 2 0 0 0 0
Marlborough UK Income & Growth TR in GB -3.16 89 3.21 102 -10.24 106 10.43 70
MFM Slater Income TR in GB -1.71 21 4.67 86 0 0 0 0
Natwest Equity Income TR in GB -2.2 42 7.02 37 4.35 12 9.34 48
Natwest UK Equity Income TR in GB -3.95 108 5.51 67 -2.56 77 11.11 91
Neptune Income in GB -3.07 82 7.37 32 -1.37 66 9.36 49
Neptune Quarterly Income in GB -2.16 41 9.7 8 0.07 52 8.29 26
Newton Higher Income TR in GB -4.11 112 2.86 105 0.55 46 8.96 40
NFU Mutual UK Equity Income TR in GB -3.1 84 6.79 47 2.78 24 6.84 11
Old Mutual Equity Income TR in GB -2.1 37 11.72 3 0.08 50 10.73 81
PFS Chelverton UK Equity Income TR in GB -0.92 5 9.99 6 0.76 43 5.65 6
Premier Castlefield Monthly Equity Income TR in GB -4 110 1.45 107 -3.06 84 9.8 61
Premier Income TR in GB -3.9 106 0.72 111 -1.29 65 8.95 38
Premier Monthly Income TR in GB -3.99 109 0.79 109 -0.39 56 8.81 34
Premier UK Alpha Income TR in GB -3.66 103 1.3 108 -0.51 58 9.07 43
Pru Newton Higher Income TR in GB -2.72 65 4.24 88 1.59 36 9.42 50
PSigma Income in GB -3.55 98 3.65 97 2.56 28 9.27 46
R&M UK Equity Income TR in GB -2.66 61 7.11 34 -3.88 88 7.05 16
Rathbone Blue Chip Income & Growth TR in GB -2.54 57 3.3 101 -2.22 74 8.73 33
Rathbone Hamilton TR in GB -1.47 16 6.4 54 -3.04 83 0 0
Rathbone Income TR in GB -2.34 50 5.05 77 3.99 16 8.95 39
Royal Bank of Scot Equity Income TR in GB -2.2 42 7.02 37 4.35 12 9.25 45
Royal London UK Equity Income TR in GB -1.79 27 9.47 12 3.75 18 10.02 63
S&W Church House Balanced Value & Income TR in GB -2.33 49 4.75 84 2.37 29 8.48 30
Santander Dividend Income Portfolio TR in GB -3.58 101 3.33 99 -1.1 64 0 0
Santander Enhanced Income Portfolio in GB -3.81 105 2.44 106 -4.5 93 6.75 9
Santander Equity Income Portfolio in GB -3.05 80 5.58 65 -1.78 71 5.15 1
Santander Equity Income TR in GB -3.58 102 3.48 98 1.81 33 10.51 73
Schroder Income in GB -1.8 28 6.72 50 -4.06 89 10.96 87
Schroder Income Maximiser in GB -1.7 20 6.45 53 -4.06 90 10.51 72
Scot Wid HIFML UK Equity Income in GB -3.43 96 3.9 94 -6.38 103 8.2 25
Scot Wid HIFML UK High Income in GB -3.4 95 4.11 91 -5.85 101 8.17 24
Scot Wid UK Equity Income in GB -3.13 85 4.17 90 -7.05 105 10.51 74
SJP Allshare Income in GB -1.71 22 8.55 16 0.5 47 6.96 14
SJP Equity Income in GB -1.31 9 4.94 80 -3.02 82 10.98 88
SJP UK & International Income in GB -1.9 30 6.91 43 3.85 17 0 0
SJP UK High Income in GB -1.29 8 6.79 46 7.89 5 8 23
Smith & Williamson UK Equity Income TR in GB -2.62 60 5.87 61 -4.67 96 9.62 56
Stan Life Inv UK Equity High Income in GB -3.16 87 9.54 11 -2.91 81 11.29 94
Stan Life Inv UK Equity Income Unconstrained TR in GB -1.76 24 9.55 10 -4.86 98 12.26 98
SWIP MultiManager UK Equity Income in GB -2.92 76 5.84 62 0.87 40 10.28 68
SWIP UK Income TR in GB -2.16 40 7.72 27 -4.58 94 10.18 65
Thesis Dunnottar in GB -2.41 51 -0.12 112 0 0 0 0
Threadneedle II UK Equity Income TR in GB -2.8 69 6.84 44 -1.42 67 7.01 15
Threadneedle UK Equity Alpha Income TR in GB -2.47 53 7.89 25 4.18 14 9.63 57
Threadneedle UK Equity Income TR in GB -2.2 44 8.64 15 4.08 15 9.11 44
Threadneedle UK Monthly Income TR in GB -2.67 62 5.89 60 3.34 21 8.85 36
Troy Asset Management Ltd Trojan Income in GB -2.44 52 5.11 75 8.21 4 6.96 13
UBS UK Equity Income in GB -2.83 70 5.18 73 -0.02 53 10.29 69
Unicorn UK Income TR in GB 0.81 2 11.17 4 -0.29 54 5.53 5
Vanguard FTSE UK Equity Income Index in GB -2.16 39 6.12 57 5.53 11 6.77 10
Wise Investments Evenlode Income in GB -2.03 36 8.81 14 7.26 6 5.4 4

 




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.