The City of London Investment Trust has become the first investment trust to reach 50 consecutive years of dividend increases as it releases its annual results for the last financial year.
Its dividend per share for the last financial year is 15.9p compared 15.3p in 2015.
The FTSE 250 company, managed by Henderson Global Investors, was founded in 1891.
The milestone comes despite the investment trust’s performance more than halving between 2015 and 2016 and its share price dropping from 392.5p to 378.1p.
The fund’s net asset value rose 3.1 per cent in the last financial year compared to 6.4 per cent the previous year.
However, the investment trust still bet its benchmark, the AIC UK Equity Income sector, which returned 2.3 per cent in 2016 compared to 6.2 per cent the previous year.
In the annual results, City of London chairman Philip Remnant said: “During the last year, City of London passed a major milestone in becoming the first investment trust to increase its dividend for the 50th consecutive year. The increase in the dividend was 3.9 per cent, well ahead of the rate of inflation.”