Merchants Trust was incorporated in 1889 to invest in fixed interest railway company securities in the US, Canada and Latin America, which makes it the oldest investment trust under Allianz Global’s care, writes Warwick Lucas.

Merchants has an income focus. Its primary premise over many years has been to provide a high and growing dividend income yield, with some capital growth intended as an extra bonus. Accordingly the fund managers look for well-priced entry into companies with strong fundamentals that are likely to pay above market average dividends...

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