Shares, funds and trusts: how to generate £10,000 of income

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For investors looking to generate income from their investments, there are various ways to approach the task. For many years, interactive investor has complied three hypothetical portfolios to provide inspiration and support investors’ own wider research. In this episode, Kyle is joined by Lee Wild, head of equity strategy at ii, to explain this year’s portfolios for the £10,000 income challenges.

To read the £10,000 portfolio articles, follow the links below:

• 10 shares to give a £10,000 annual income in 2026
• 10 funds to produce a £10,000 income in 2026
• Nine investment trusts to generate a £10,000 income in 2026

Kyle Caldwell, funds and investment education editor at interactive investor: Hello, and welcome to our latest On the Money podcast episode.

Today’s episode is focused on three hypothetical portfolios that aim to deliver an annual income of £10,000. One is focused on shares, one on investment trusts, and one is focused on funds.

Joining me to discuss the shares portfolio is Lee Wild, head of equity strategy at interactive investor. Lee, welcome to the podcast.

Lee Wild, head of equity strategy at interactive investor: Thanks, Kyle. Thanks for having me.

Kyle Caldwell: So, Lee, before we delve into it, I want to kick off by saying that these portfolios are purely for educational purposes. The reason we produce them is to show investors how they can build their own diversified income portfolios alongside wider research.

The portfolios are very much designed to provide food for thought, although I do think they represent the challenges that DIY investors face when building such a portfolio.

All the investments that are chosen are picked on the basis that on a medium- to long-term view, we would hope and expect that the returns would grow both in terms of capital growth and income growth. However, there are, of course, no guarantees.

Each year, we review our choices and consider making changes in order to ensure that the exercise remains relevant whether you are an existing investor who’s been following the portfolios for many years or whether you are coming to the portfolios for the first time.

Lee Wild: Yeah. Well, we’ve been pretty successful over the years. They have proved incredibly popular with readers.

We’ve been running the equity portfolio for at least a decade, and I think the funds and trusts in a previous iteration for even longer.

One thing that has cropped up recently, and it was something we discussed following some reader communication about inflation. Now, we’ve said £10,000, that’s our target income for the year, but, obviously, we haven’t really factored in inflation over all that time. So, it’s something that the team and I are going to be talking about before the launch of the 2027 portfolios.

Kyle Caldwell: That’s a very good point. As you said the portfolios have been around for around a decade. So, yeah, if you factor in inflation then to generate £10,000 of income 10 years ago compared to today, you’d need a much higher sum. I wouldn’t know what the exact figure is, but I’d guess it’s around, or close to, £15,000 rather than £10,000.

Lee Wild: We’ll find out next year.

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Kyle Caldwell: So, Lee, let’s go into the shares portfolio and start with how the 2025 portfolio fared.

Lee Wild: It was the best year we’ve had so far. For most years, we’ve got the £10,000 there or thereabouts. Some years have been slightly below, other years slightly above, and obviously the capital side of things has been slightly more volatile.

But certainly in 2025, I expected to generate just over £10,300 of income, which would have given us a yield of about 6.8%. I ended up with just under £10,700 for a 7% yield.

A chunk of that came from Sainsbury (J) (LSE:SBRY). That was an unexpected special dividend, that was welcome. Most of the constituents otherwise delivered pretty much what I expected. Sainsbury’s gave us £1,400, the portfolio banked nearly £1,500 from M&G Ordinary Shares (LSE:MNG). I mean, M&G has been a favourite of mine for a very long while.

The biggest income generated was Legal & General Group (LSE:LGEN). I locked in a 9.2% yield a year ago that generated about £1,600 of income, but it’s the capital gain that really stood out this time. So, £152,000 it costs to put the portfolio together to get that £10,000 of income, and that was worth about £190,000 twelve months later.

So, again, HSBC Holdings (LSE:HSBA), M&G, they were up almost 50%, GSK (LSE:GSK), Rio Tinto Ordinary Shares (LSE:RIO), and British American Tobacco (LSE:BATS) were all up 30% or more. Didn’t expect to see that.

So, combined the income and the 25% capital gain, the total return was about 32%. If we could do that every year, happy days.

So, Kyle, you put together the £10,000 fund and investment trust portfolios. How did they do last year?

Kyle Caldwell: Well, the overall total returns generated by both portfolios were lower than the very high returns that you produced, Lee. However, I was pleased with that aspect.

Less pleasing was the fact that the income generated from both the fund and the investment trust portfolios fell short of the £10,000 income target. However, there were some very specific reasons why that was the case, and I’ll go into them in a minute.

So, the fund portfolio in 2025 had an overall yield of 4.26%. You needed a pot size of £235,000 to try and generate £10,000 of income. I would have liked the overall yield for the fund portfolio to be higher than that when I put it together last year. However, most global equity income fund have yields of 3%, so if that’s going to be a core allocation in your income-producing portfolio, then that’s going to drag down the overall yield of a portfolio.

Unlike investment trusts, where you can gain exposure to all types of assets, like renewable energy infrastructure or property, I don’t think there’s the same scope to generate a high level of income from a diversified portfolio of funds.

So, the overall return for the funds’ portfolio was 17.2%, but the income generated came up short. So, £9,595 of income was produced and there was a shortfall of £400. But given the overall total return was just over £40,000, you could have dipped into some of that to fund that £400 shortfall.

The main reason why the funds’ portfolio had the £400 shortfall was because when the portfolio was put together at the end of last January, it was based on what the funds were yielding at that time. Of course, we know that fund yields are not static, and I was using the current yield figures at the time.

In 2025, fund yields declined, particularly for UK equity income funds. A lot of FTSE 100 companies had really strong share price returns in 2025, and that resulted in yields falling. So, for UK income funds, if they have a larger company focus, the yields on those funds has now reduced. Those yields reducing led to the £400 shortfall.

For the investment trust portfolio in 2025, it had a higher overall yield of 5.26%. So, you needed a sum of a £190,000 to try and obtain £10,000 of annual income. The overall total returns came in at 13.1%. So, a bit lower than what the funds’ portfolio produced - the return was 70.2%.

What didn’t help matters in terms of the total returns was that one of the holdings, Greencoat UK Wind (LSE:UKW), had a year to forget. It produced a loss of over 10%. The income generated also fell short by £1,000. That was also a function of some of the investment trust yields falling in 2025.

But the main reason why there was that big shortfall was the fact that one of the holdings I picked last year, Henderson International Income, merged into another investment trust, JPMorgan Global Growth & Income Ord (LSE:JGGI). That’s in the portfolio.

The merger was announced very shortly after the article was published early last February, and it went ahead in May. For the portfolio, it meant that only one-third of the income that was expected from Henderson International Income was produced.

It was just one of those things that’s completely outside my control. It was an unforeseen event. But, as mentioned, given the overall total returns, you could have quite comfortably used some…to get it up to £10,000.

Let’s now move on to the portfolios for 2026. Lee, you’re going to kick off with the shares you’ve picked for the 2026 line-up.

In the episode description for the podcast, you’ll find links to each article. So, there’s three separate links for the shares, funds, and investment trusts’ portfolios. Within those articles, there’ll be tables, but we’re also going to show the tables visually for those who are tuning in via YouTube. So, that table for the shares’ portfolio should now be on the screen.

So, Lee, go ahead and explain your choices.

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Lee Wild: Right, OK. Well, we both talked about share prices having risen so much over the past 12 months. That does make it more difficult when we’re looking for higher yields. I know, certainly on the equities side, I do have perhaps the luxury of taking a little bit more risk, which can mean higher yields.

I’ve had to spend a little bit more this year to get that hypothetical £10,000. So, £163,000 I’ve had to spend, which is an extra £11,000 from this time last year, to get that £10K target. That’s for a yield of about 6% compared with 7% in 2025.

I’m going to stick with L&G and M&G in 2026. They are yielding 8.4% and 6.9%, or they were at the time of writing the article and putting together the portfolio.

So, it’d be foolish to reject that level of consistency this time. M&G have been in the portfolio for quite a while. Those yields are down on the previous year, but they are still highly attractive.

Sainsbury’s - I’m sticking with that as well. Last year, I think the yield was 9.7%, thanks to the special, and it’ll probably be about half that this year, but it’s still, I think, the best income option in the grocery sector, and I want that diversification.

I’m keeping BP (LSE:BP.), again, it’s all about diversification in this portfolio, trying to pick something from a number of the main sectors. BP yields around 5.5% - that’s about 160 basis points more than Shell (LSE:SHEL), so there seems little reason to switch out of BP this time.

I like utilities in the portfolio as well. Slightly more defensive. National Grid (LSE:NG.) yields just under 4%, but I do like the defensive appeal, it’s inflation-linked dividend, and the earnings growth forecast are attractive too.

The biggest headache, really, has been in the house builders. I want a house builder in the portfolio, and the sector’s cheap. I mean, we could argue all afternoon about the pros and cons of owning house builders, and what they may or may not do in 2026.

Taylor Wimpey (LSE:TW.) is not the analysts’ favourite, it’s more exposed than others to slower house price growth, but that 8.3% dividend yield, I just can’t ignore it. I could have looked at some of the other house builders, but it just didn’t stack up enough to ditch Taylor Wimpey. So, I’m sticking with it, and I hope it has a better year and that this is a turning point. But even if it’s flat and we get that 8.3% yield, that’s a success, I think.

So, I’ve made four changes for 2026. NatWest Group (LSE:NWG) is in. It’s the cheapest UK bank and yields about 5%. It is a little more sensitive to interest rates, but I do want that exposure to the banking sector and to an improving UK economy. Fingers crossed.

Land Securities Group (LSE:LAND): it’s the first time I’ve included property in the portfolio, I think. The sector’s steadier than it has been for a number of years and Land Sec has got a yield of about 6.4%, which is sector leading, so an attractive valuation made it, not a no-brainer, but it wasn’t a difficult decision, I don’t think.

Pennon Group (LSE:PNN): water companies have come in for a lot of stick recently, and Pennon’s underperformed in recent years. There has been a recovery, but the yield, again, of 6% is the best in the sector. I like the security of income and the five-year dividend policy out to 2030. That’s going to see profit grow in line with the consumer price index, CPIH. So, Pennon’s in.

In the tobacco sector, really, there isn’t really much choice. What do you want? Imperial Brands (LSE:IMB) or British American Tobacco (LSE:BATS)? I’ve switched out of BAT. It had a great year in 2025. Imperial Brands gives a 5.5% perspective dividend yield, the valuation’s undemanding, it’s cheaper than BAT, and the City likes the earnings visibility and opportunity for capital returns.

I’ve mentioned a couple of these, but British American Tobacco, GSK, HSBC, and Rio Tinto are the companies that miss out this year.

So, Kyle, what do your £10K fund and trust portfolios look like in 2026?

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Kyle Caldwell: Before I go through them, I wanted to start by sharing some of the things I think about when deciding whether to make any changes, including examining how each constituent has performed over different time periods, so particularly three and five years.

Ultimately, I want to see each fund or investment trust pull its weight in terms of performance in the portfolio, and I want to ensure that every single fund or investment trust picked are sufficiently different from one another. I want to make sure that they are offering a different element to give the portfolio diversification.

What I don’t want be doing is investing in any fund that’s quite similar to another fund in the portfolio. Because when you do that, the chances are you might get quite a similar return, and there’s also a risk of doubling up on the same types of companies, sectors, and industries that the fund is exposed to.

I’m also looking at whether the same fund manager is still in place compared to a year ago when I picked it. Is the fund manager sticking to his or her knitting in terms of how they are managing money? And is the objective of the fund the same as well?

If the fund is underperforming, is this owing to the style or the country that the fund is investing in being out of favour, or is it down to poor stock picking? If it’s the latter, I’d be more inclined to potentially remove the fund from the portfolio.

As mentioned earlier in the podcast, for an investor building an income portfolio today, it is more challenging than a year ago because yields have become less generous across the board.

In order to address this, for the funds’ portfolio for 2026, I’ve added two specialist funds that aim to deliver an extra chunk of income. So, overall, the 2026 portfolio has a yield of 4.67% and to generate £10,000 of income, you need a portfolio size of £215,000.

Those watching on YouTube will now see a graphic showing all 10 funds that have been chosen for the funds’ portfolio.

Those two specialist income funds that I picked are Schroder Income Maximiser A Inc and Fidelity Global Enhanced Income W Inc. These specialist funds are not for everyone and they are not straightforward to explain. But in a nutshell, what you are getting essentially is an extra chunk of income, but you are sacrificing some upside. So, in a rising market, these funds are not going to be top of the table. They are probably going to be below the sector average performer due to that.

Lee Wild: So, I guess decent yield is more difficult to come by, so you are taking a little bit of extra risk this year to get a good yield at a reasonable cost.

Kyle Caldwell: Yeah. I think it does mean that the funds’ portfolio has a bit more risk with these two funds, but I’ve done it to have a higher portfolio yield compared to a year ago. Those two funds account for 22.5% of the portfolio. So, I’m hoping all the funds in the portfolio will provide a bit more growth than those two, and, hopefully, the portfolio overall is well diversified enough to generate both income and capital.

The two funds I removed to make way for them have much lower yields. Fidelity Global Dividend W Acc is yielding 2.4%, and Vanguard FTSE All World High Dividend Yield ETF $Dis GBP (LSE:VHYL) is yielding 2.8%. So, the Fidelity Global Dividend fund, it’s obviously got ‘dividend’ in its name, but it’s also trying to give you capital growth. In a falling market, you’d expect this fund to hold up pretty well, it’s quite defensively positioned. So, it’s more of a total return approach, hence why the overall dividend yield’s only 2.4%.

But given that yields have become less generous across the board, I felt that to try and boost the overall yield of the funds’ portfolio and to lower the theoretical amount that you need to invest, I needed to go for these two specialist income funds.

We’ll see in a year’s time whether that impacts the overall total returns within 2026.

I made another change and removed Royal London Short Term Money Mkt Y Acc fund. So, for the past couple of years, and still today, money market funds have been a great option for investors to park some cash into because the yields have been at very attractive levels. So, the yields that money market funds produce are typically in line with UK interest rates.

We’ve seen UK interest rates fall last year, and they’ve been falling ever since they peaked at 5.25%. Now that UK interest rates are at 3.75%, money market fund yields are typically around that level, or a little bit higher at the moment, since there’s usually a bit of a lag between the yields being completely the same as the UK interest rates.

Given that the expectation is that there’s going to be a couple more interest rate cuts in the UK this year, what that’ll mean for money market funds is that the amount of income they are producing will fall. So, the overall total returns for money market funds will become less generous.

So, I wanted to cast my net wider, take a bit more risk and go for a bond fund offering a higher yield. That bond fund is the L&G Short Dated £ Corporate Bond Index I Inc. The distribution yield on that index fund at the end of January was 4.7%.

It’s a little bit of a step-up in terms of risk from a money market fund, but you are not going from very low risk to completely high risk, it’s just another notch in terms of going up the risk scale.

I think the gap between a money market fund and what that fund and other competitors are offering is sufficiently high enough to take on that risk for this portfolio.

The other seven funds in the portfolio have been retained. I’ll very briefly go through them, but as mentioned, you can find much more information in the published article.

So, for UK equity income, which comprises 32.5% of the portfolio, I’ve gone for Artemis Income I Inc, Man Income Professional Inc D, Schroder Income Maximizer, which I’ve already talked through, and the final one is Vanguard FTSE UK Equity Income Idx £ Inc.

As mentioned, I want the funds to be completely different in terms of how they invest. Artemis Income mainly focuses on FTSE 100 and quite reliable dividend-paying companies. Man Income has more of a value focus, so it invests very differently from Artemis Income. I really like the index fund from Vanguard. It tracks the ups and downs of companies that are expected to pay dividends that are generally higher than average. At the end of January, it was yielding 4.2%.

If you look at its long-term track record and, indeed, even over short time periods, actively managed funds really struggle to beat this index tracker. It’s a great one to consider even for a growth portfolio as well as an income one.

The next part of the portfolio, global overseas income, is 37.5%. I’ve already talked through Fidelity Global Enhanced Income. The other two funds in that section of the portfolio are Guinness Asian Equity Income Y GBP Dist, and Artemis Monthly Distribution I Inc.

Very briefly, the Guinness fund has an equally weighted approach and invests in equal proportion in 36 stocks. The Artemis Monthly Distribution fund has 60% in shares and 40% in bonds. It’s a very solid performer over the long term.

The final 30% of the portfolio is for bonds to give the portfolio exposure to a defensive asset. I’ve already talked through L&G Short Dated Sterling Corporate Bond Index, but the other two I’ve picked and retained are Royal London Global Bond Opportunities Z GBP and Jupiter Strategic Bond I Inc. They both invest very differently. The Royal London fund focuses on under-researched areas of the bond market. It has a lot of exposure to high-yield bonds and unrated bonds.

The Jupiter Strategic Bond fund, this is what they call a go-anywhere bond fund, and it looks to invest in the best opportunities it can find, but it also has a focus on trying to carefully manage downside risk.

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Moving on to the investment trust portfolio, the overall yield for the 2026 line-up is 5%. So, a nice round number. You’d need £200,000 to try and generate £10,000 of income.

Hopefully, now those watching on YouTube can see a table of the line-up of the investment trust portfolio. So, there’s been two exits from the portfolio. The first one was a forced change. It was the trust that merged with another last year, Henderson International Income.

The other change I made was removing Greencoat UK Wind (LSE:UKW). The main reason I removed it is because its longstanding fund manager Stephen Lilley stepped down last April from managing the trust. Prior to that, there was another fund manager who, along with Lilley, had managed Greencoat UK Wind since launch in 2013, and he stepped down a year prior to Lilley. As a result, the two managers now in charge haven’t been responsible for Greencoat UK Wind’s track record of increasing its dividend every year in line with RPI inflation since launch.

The two managers at the helm, I’m sure they’ll do a good job for investors. But given that the two people who were in place since it launched and who have been responsible for that outstanding track record are no longer running the money, I felt I wanted to make a change as a result of that.

Lee Wild: The new guys come in at a very difficult time for the sector, a difficult couple of years. So, not only have you got a new team essentially, the sector’s still in a bit of trouble, a difficult time.

Kyle Caldwell: Yeah. It wasn’t alone in being negatively impacted by higher interest rates. Whatever type of renewable energy an investment trust was focusing on, they really were hit by those interest rate rises from rock-bottom levels to peak at 5.25%.

Of course, we’ve seen interest rates fall, but we’ve not seen a recovery really start at all for the sector. Obviously, no one can really predict when it will start, but I’d have thought that maybe last year might have been the start of a potential recovery.

The trouble is you can get a pretty decent level of income from bonds. So, I think a lot of investors are thinking if they can pick up, 4%, 4.5%, 5% from bonds, a low-risk asset compared to, say, renewable energy infrastructure, they’d sooner take that than take on higher levels of risk even when those yields for renewable energy infrastructure investment trusts are over 10%.

Lee Wild: That’s what investors are tempted by though, isn’t it? You see something with 10%, you see the price has come off so significantly. It’s tempting to think that things are going to get better and you’re getting in at a low point and locking in a very attractive yield, but you’re not tempted?

Kyle Caldwell: In terms of our monthly articles on the most-bought investment trusts, renewable energy infrastructure trusts, some of them do appear. Greencoat UK Wind has appeared in the top 10 for, I think, the past three or four years, every single month. So, some investors are clearly tempted, and hoping for a recovery.

But the rationale for removing the trust, I think some investors are buying it based on its historical record of increasing its dividend in line with RPI inflation, and just purely down to the fact that the fund managers are no longer at the helm for this portfolio. That’s why I’ve removed it.

I introduced two new holdings. The first one was Schroder Japan Trust Ord (LSE:SJG). I was really keen to get some Japan exposure into this portfolio. I think there’s a lot of tailwinds going on at the moment for Japan’s economy.

I think it’s finally exited its three-decade period of being in a deflationary spiral. But the thing that I find most interesting is that Japanese companies have become more and more shareholder friendly, and corporate governance reforms have been introduced. As a result of that, companies in Japan are more prone to paying dividends compared to, say, 10 years ago. But when I was looking for a Japan-focused investment trust, the problem was that a lot of them are more growth-focused, and if they are paying an income, the yields are very low, typically around 2%.

However, a couple of years ago Schroder Japan Trust moved to an enhanced dividend policy. What that has resulted in is that it used to have a yield of 2%, and its current yield is now 3.5%. So, you’re getting a pretty good starting yield for investing in Japan through that investment trust.

The other investment trust I chose is TR Property Ord (LSE:TRY). We all know that it’s been a really tough time over the past four or five years for the property sector. Obviously, Covid was a real headwind for the sector, and the rise in interest rates that we’ve seen have been another headwind.

However, I do think interest rates falling is a potential tailwind for the sector. One thing that I picked up when researching TR Property, is that it mentioned that it’s quite close to returning to full dividend cover. That gave me a lot of comfort, really, when considering introducing it as a position for the investment trust line-up.

The trust has been tapping into its revenue reserves to pay a rising dividend over the past couple of years. It has a 4.8% dividend yield, a 15-year track record of growing its dividends each year, and a very experienced manager in Marcus Phayre-Mudge who’s been at the helm for two decades.

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Very briefly, I’ll run through the rest of the portfolio. So, UK equity income comprises 40%, and I’ve opted for City of London Ord (LSE:CTY), Dunedin Income Growth Ord (LSE:DIG), Diverse Income Trust Ord (LSE:DIVI), and Merchants Trust Ord (LSE:MRCH).

I feel that each of those UK equity income trusts invest sufficiently differently from one another and each one earns the right to be in the portfolio. City of London is managed by Joe Curtis. We’ve interviewed him many times over the years and he’s been in charge since 1991. He mainly focuses on reliable, FTSE 100 dividend-paying companies.

Dunedin Income Growth has a sustainable investment approach. It has moved to paying an enhanced dividend - that was announced, I think, last September or October. What this means is that the yield is now 6.2%.

Diverse Income has another really experienced manager in Gervais Williams. This trust has a particular focus on UK smaller companies, bringing that exposure to the portfolio.

And then there’s Merchants Trust. It, typically, has a higher yield than most of the UK equity income trusts. Its yield at the end of January was 4.6%, and it does tend to focus on higher-yielding companies.

When I was researching the trust when putting the portfolio together, I found it really interesting that the manager Simon Gergel says that he’s been looking for more opportunities within UK medium-sized companies because the overall yield in that part of the market is now higher than the FTSE 100.

So, it’ll be interesting to see how that trust performs and the others over the next year.

For global overseas income, I’ve already mentioned Schroder Japan. The other two I’ve opted for are JPMorgan Global Growth & Income Ord (LSE:JGGI) and Utilico Emerging Markets Ord (LSE:UEM). Global overseas income is 35% of the portfolio.

I like the JPMorgan Global Growth and Income trust because it’s a ‘best ideas’ portfolio. Performance hasn’t been as good as it was previously over the past one and three years, but it’s still ahead of competitors over five years. This trust gives the portfolio exposure to the US as it has 70% in the States. It has a lot of exposure to the so-called Magnificent Seven and owns all of them in its top 10 apart from Tesla.

Utilico Emerging Markets is a bit more of a defensive way to gain exposure to a high-risk area, so it invests in infrastructure and utility companies across the emerging markets, and it has both a growth and an income focus, but its yield is higher than most of the emerging market investment trusts at 3.3%.

The final portion of this portfolio, 25%, is a trust I’ve already mentioned TR Property, which accounts for 10%, and the other 15% is to a bond investment trust called TwentyFour Income Ord (LSE:TFIF). So, TwentyFour Asset Management specialise in investing in bonds.

They’re not a jack of all trades. They don’t have equity funds, multi-asset funds, etcetera. All they do is bonds, and they’re very, very good at it. Again, it’s not a simple strategy, I’m just looking at my notes to explain. So, it invests in high-yielding UK and European asset-backed securities.

If you want to do a bit of digging, there’s a great educational piece that TwentyFour have written explaining, in a really good way what types of companies they are and how they invest. But, basically, these companies, they include pools of corporate loans or packages of loans linked to mortgages. When I was reading up on it, I thought, OK, that’s all I feel like I need to know. Then I can hand the exposure over to the experts. They’re the experts. This is an investment trust that’s performed very well over the long term.

All the income it generates is handed back to shareholders, and the yield at the end of January is an eye-catching 9.8%. So, that concludes the investment trusts’ portfolio.

Lee, thank you very much for coming on to discuss the shares portfolio. I’m sure at this point next year, we’ll have you back on again to see how it fared and to see what future changes you’ve made.

Lee Wild: Yeah. I look forward to it, Kyle. Thank you.

Kyle Caldwell: Thank you for listening to this episode of On the Money. I hope you’ve enjoyed it. As ever, we love to hear from listeners, and the best way to get in touch is emailing OTM@ii.co.uk.

In the meantime, you can find lots of interesting insights and practical pointers related to investments and pensions on the interactive investor website, which is ii.co.uk. I’ll see you again next week.