"The Questor Column:
A dividend-focused global trust to buy, and a widely held rival that remains a sell: It?s hard to dislike an investment that has paid an increasing income every year for half a century, especially when it is available at an appreciable discount to the value of its underlying assets. The 50-year record of rising dividends has recently been achieved at Bankers investment trust, which dates back to 1888. The portfolio trades at a discount of about 8% to its underlying asset value.
Among the trust?s other advantages are quarterly dividend payments, a low annual charge and a history of outperformance. The payment in 2013 was 14.13p, rising to 14.8p in 2014, 15.8p in 2015 and 17p last year. This year the board has signalled a likely rise of about 6% to 18p and Mr Holder said that, given the long record of increases, the board would ?do anything not to cut? the dividend.
We would happily recommend it even if it were trading at par relative to the value of its assets, so the current discount offers a pleasing opportunity. Questor says ?Buy?."