Investors Capital trust renamed to F&C UK High Income trust

stock-stockmarket-ftse-index700x450The £140m Investors Capital trust has changed its name to F&C UK High Income trust.

Iain McLaren, the trust’s chairman, says the renaming of the fund “more clearly reflects the investment aims of the company”.

The move, which will not bring any changes to the investment objectives of the fund, has immediate effect and won’t affect shareholders.

The firm’s net asset value total return per share was 84.6 per cent since its launch in 2007 to the end of January and outperformed returns from the FTSE All-Share Capped 5% index of 77.8 per cent over the same period, according to Lipper.

However, the trust lagged its sector, the UK Equity & Bond Income, over the last five years returning 62.4 per cent versus the sector’s 99.1 per cent, according to FE.

Meanwhile, as of 27 January, the yield on the company’s A shares and B shares was 4.8 per cent and 4.7 per cent respectively, compared to the 3.7 per cent yield on the index. The yield on the unit price at the same date was 4.8 per cent, the firm says.

The trust has ongoing charges of 1.06 per cent.