Company summary
Merchants Trust is a long-established UK equity-income investment trust managed by Allianz Global Investors. It invests mainly in large, higher-yielding UK companies and places particular emphasis on a reliable and growing dividend.
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MRCH
Merchants Trust
Investment Trusts
- Index
- FTSE 250
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Active investment in dividend-paying UK equities across financials, energy, consumer, healthcare, industrial and other sectors, with selective gearing.
Key markets
The UK equity market, although many holdings are multinational companies with significant overseas revenues.
Key drivers
Portfolio income, UK equity valuations, stock selection, dividend growth, value-sector performance, interest rates, gearing and the trust's ability to use revenue reserves when necessary.
Key risks
Dividend cuts by portfolio companies, UK market weakness, stock-selection errors, concentration in high-yield sectors, gearing and a widening discount to net asset value.
Recent Developments
7 July 2026: the Board declared the first FY2027 quarterly dividend at 7.5p, maintaining the level of the previous final payment. FY2026 had marked the trust's 44th consecutive year of dividend growth, with the annual distribution fully covered by revenue earnings.
Dividend notes
Pays quarterly and has increased its annual dividend for more than four decades. The 7.5p final dividend went ex-dividend on 16 April 2026 and was paid on 27 May, taking FY2026 dividends to 29.5p. The first FY2027 7.5p interim went ex-dividend on 9 July and is payable on 21 August.
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