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The Merchants Trust

LN: MRCH

Market Cap£650.5m

Last Close 525p

The Merchants Trust’s investment objective is to provide an above-average level of income and income growth, together with long-term growth of capital, through investing mainly in higher-yielding large-cap UK companies. With effect from 1 February 2017, the benchmark is a broad UK stock market index (previously an index of the 100 largest UK companies).

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Investment summary

The Merchants Trust (MRCH) is managed by Simon Gergel at Allianz Global Investors. He suggests the company is ‘in a much better place’ compared with early 2020. The manager now has more confidence in the trust’s income prospects as dividends are resuming and in some cases being raised, and he has been able to take advantage of stock market volatility to reposition the portfolio. Gergel believes MRCH’s shareholders appreciate how the trust’s investment process remains consistent despite periods of market volatility, while the board’s progressive dividend policy provides an attractive income stream in excess of the UK market. This is reflected in MRCH’s relative performance, which has improved considerably in recent months. The trust currently offers a 5.5% dividend yield, the second highest of the 17 larger-cap peers in the AIC UK Equity Income sector.

Content on The Merchants Trust

The Merchants Trust – Meaningful improvement in relative performance

Investment companies | Review | 18 March 2021

<img alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens">

The Merchants Trust – Distinguished history of dividend growth

Investment companies | Review | 26 November 2020

<img alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens">

Merchants Trust (The) – Opportune reduction in gearing in early 2020

Investment companies | Review | 26 May 2020

<img alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens" data-src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" class=" w-100 h-100 lazyload" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw=="><noscript><img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/money-pens-300x200.jpg" alt="Company profile - Aberdeen Asian income fund feature image - 28062019- JPGmoney & pens">

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<img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/Mel-Jenner-1-100x100.png" alt="">

Mel Jenner

<img class=" w-100 h-100" src="https://www.edisongroup.com/wp-content/uploads/2018/07/Sarah-G-100x100.png" alt="">

Sarah Godfrey

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Share price graph

Price performance

%

1m

3m

12m

Actual	1.1	6.1	33.9
Relative*	0.5	0.7	16.0
52-week high/low		532.0p/325.0p

*% relative to local index

Key management
Colin Clark	Chairman
Simon Gergel	Fund manager

Company website

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