Julian Cane, the well-regarded manager of CT UK Capital and Income (CTUK), plans to step down as manager of the trust with effect from 1 January 2026. He will be succeeded by Dominic Younger. Over Julian’s tenure, the NAV total return has been 535% and the share price return 567%. For contrast, the FTSE All-Share has returned 528%.

Those decent returns were achieved while growing the company’s dividend well ahead of inflation. The trust is an AIC Dividend Hero, with a track record of growing its dividend every year for the past 32 years. Over Julian’s tenure, the divided grew by 189%, while UK inflation – as measured by CPI – was 100%. For an investor looking for reliable income, this is an encouraging track record.

Dominic has been working with Julian since 2021 and for Columbia Threadnedle since 2013. He is the lead portfolio manager of the CT UK Monthly Income Fund and the CT Monthly Extra Income Fund. Dominic holds a BA (Hons) in History from Newcastle University. He also holds the Chartered Financial Analyst designation and the Investment Management Certificate.

Within the UK market, companies – with one eye to their lowly valuations – are increasingly buying back stock in preference to raising their dividends. The board wants to give the the trust more flexibility about the way that it finances its dividends and help reassure investors that it is possible to maintain the Dividend Hero status. To that end it is planning to convert the trust’s share premium account to a distributable reserve. This is something that many other trusts have already done.