Having entered the FTSE 100 index for the first time in 2017, the trust cut its annual management fee to ensure that shareholders were able to benefit from its growing economies of scale. The flat rate of 0.3 per cent on the first £4bn of assets was already one of the lowest among investment trusts, and this drops to 0.25 per cent on assets above this level.
And as if all that wasn't enough to convince you to take a closer look, it has another similarity with the character of Mr Budd: during its entire history it has only cut its dividend once – back in 1933 – and, having increased the dividend in each of the past 35 years, it is a dividend 'hero'.
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Darius McDermott is managing director of FundCalibre
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