Cockerill’s analysis looked at the income levels generated by funds in the sector and the capital growth they achieved separately. While the Smith & Williamson Income fund topped the list in terms of total return, Carl Stick’s Rathbone Income fund was the top producer of capital.Cockerill says: “The huge income generated by David Myrddin-Evans’ Smith & Williamson fund was enough to put it top. However, it generated a fairly low capital return. I prefer Stick’s fund as it was the second best income generator and the top capital producer.” Cockerill’s research demonstrated the funds that fell short on their capital performance almost always performed poorly on the income side as well. He says: “Not all equity income funds have achieved the dual aim of producing income and capital growth. “There is actually quite a divergence in performance, with many funds not preserving the original capital over five years.” Other funds that were able to produce high returns of income and capital were Nick Purves’ £588m Schroder Income fund and the £1.59bn Newton Higher Income fund, managed by Tineke Frikkee.