97. Why we could be through the worst of the UK dividend cuts

Job Curtis, manager of City of London investment trust, tells us how he dipped into the revenue reserves to enable the trust to increase its dividend payment for the 54th consecutive year. He reassures investors that he still has around four years’ worth of reserves should the challenges continue, but that he believes we could be through the worst and that UK dividends could already be starting to recover.
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Launched in 1891, City of London is one of the longest-running investment trusts in the UK. It aims to provide growth in income and capital by investing predominantly in larger UK companies with international exposure. It has increased its dividend payment every year for the past 54 years and has been managed by Job Curtis for almost 30 years.

Read more about City of London investment trust

What’s covered in this podcast:

  • How the dividends of companies in the portfolio have held up and how much of the revenue reserve is left should the challenges continue [0:56]
  • The outlook for UK dividends [3:07]
  • How to make money out of a declining industry like tobacco… [5:03]
  • … and why oil and gas companies are still of interest [5:36]
  • The manager’s thoughts on Brexit [7:07]
  • Why the UK stock market could enjoy a bounce [9:19]
The views of the author and any people interviewed are their own and do not constitute financial advice. However the knowledge that professional analysts have analysed a fund or trust in depth before assigning them a rating can be a valuable additional filter for anyone looking to make their own decisions. Before you make any investment decision make sure you’re comfortable and fully understand the risks. If you invest in fund or trust make sure you know what specific risks they’re exposed to. Past performance is not a reliable guide to future returns. Remember all investments can fall in value as well as rise, so you could make a loss.

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