A combination of share price gains and hefty dividends, particularly in the UK, proved useful for clients with income needs and investors seeking a more defensive source of equity exposure. 

But UK equity income funds have long remained reliant on a handful of big payers, creating dividend concentration risk, while other regions vary in terms of yield on offer and total returns. 

The average income-focused fund in the Investment Association (IA) North America sector yielded just 2.3 per cent in early January, according to FE data, compared with some 4.5 per cent from the average IA UK Equity Income fund and 4.6 per cent from the average IA Asia Pacific ex Japan fund with an explicit focus on income.

But if equity income investing seemed a daunting task even at the end of 2019, the impact of Covid-19 has entirely transformed the equation. 

So how can advisers build a diversified equity income portfolio for the long-term and amid the coronavirus crisis?

The report, which can be read by clicking the link in the image above, qualifies for an indicative 30 minutes' worth of CPD.