These 21 investment trusts have raised dividends for 20 years or more

One of the biggest appeals of investment trusts is their ability to pay out dividends, even during tougher economic times.

However, some investment trusts are better than others at consistently increasing the amount they return to their shareholders.

The Association of Investment Companies (AIC), an industry body representing investment trusts, tracks so-called ‘dividend heroes’ – investment trusts which have raised dividends for at least 20 consecutive years.

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Annabel Brodie-Smith, director at the AIC, said: “Investment trusts can achieve these impressive long records of dividend growth because they can smooth their flow of dividends.

The investment trust dividend heroes with the longest dividend-raising streaks

The City of London Investment Trust (LON:CTY) topped the AIC’s list, having increased its dividend payout every year for the last 60 years. The trust invests in UK-listed equities, with top holdings as of 31 July including HSBC, Shell and NatWest.

The trust says its focus is on providing a steady income stream to customers in dividends as well as delivering long-term growth on investments.

“By reaching this milestone we celebrate not only 60 years of consecutive annual dividend increases, but also the resilience of the UK market and indeed the benefits afforded to us by the investment trust structure,” said Job Curtis, fund manager at the investment trust.

“Our investment approach prioritises patience, valuation discipline and long-term thinking, all of which has allowed us to navigate the varied market conditions of the past six decades.”

Three investment trusts could join City of London in the 60+ threshold next year, having been consistently raising dividends for the last 59 years: Bankers Investment Trust (LON:NKR), Alliance Witan (LON:ALW) and Caledonia Investments (LON:LDN).

Bankers Investment Trust’s main focus is on holding a global portfolio of stocks selected for their potential to grow and generate increasing income over time.

Its largest holdings as of 31 August are in chip designer Nvidia, cloud and e-commerce giant Amazon and chipmaker Taiwan Semiconductor Manufacturing: holdings also include American aerospace and defence firm RTX as well as Japan Post Bank.

Alliance Witan is run by 11 fund managers who pick high-conviction stocks from around the world with the goal of delivering long-term returns through capital growth and a rising dividend.

Top holdings as of 31 July are Microsoft, Alphabet and Taiwan Semiconductor, alongside smaller holdings in drinks firm Diageo and Samsung Electronics.

Caledonia invests in public and private companies across the globe, but mostly in North American, UK and Asian-listed stocks, including family services company Stonehage Fleming and investment company Cobepa.

Which investment trust became a dividend hero in 2026?

BlackRock Greater Europe (LON:RGE) became a dividend hero in May, when it reached its twentieth consecutive year of increased dividends.

The investment trust invests in equities across more than a dozen European countries, with 22.5% based in the Netherlands, 16% in France and more than 16% in Switzerland.

Stocks are held across a range of sectors such as technology, energy and healthcare. The trust has a dividend yield of 1.22% and has grown its dividend at an annualised rate of 3.06% over the last five years as of 11 September, according to Morningstar data.

Andrew Impey, chair of BlackRock Greater Europe Investment Trust, said: “We are pleased to have delivered 20 consecutive years of dividend growth to our shareholders, reflecting the resilience of BlackRock Greater Europe’s underlying portfolio holdings through different market cycles.

“This resilience is underpinned by BlackRock’s highly regarded and well-resourced European team, which seeks to identify the best investment opportunities across Europe, focusing on companies with durable competitive advantages and quality management teams committed to long-term value creation.”

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Investment trust dividend heroes
Investment trust	AIC sector	Number of consecutive years dividend increased	Dividend yield (%)	5-year annualised dividend growth rate (%)
City of London Investment Trust	UK Equity Income	60	3.99	3.01
Bankers Investment Trust	Global	59	1.82	4.96
Alliance Witan	Global	59	2.17	14.52
Caledonia Investments	Flexible Investment	59	1.99	4.07
The Global Smaller Companies Trust	Global Smaller Companies	56	1.67	12.47
F&C Investment Trust	Global	55	1.21	6.53
Brunner Investment Trust	Global	54	1.76	4.50
JPMorgan Claverhouse	UK Equity Income	53	3.89	4.18
Murray Income Trust	UK Equity Income	53	4.22	3.51
Scottish American	Global Equity Income	52	2.90	5.82
Merchants Trust	UK Equity Income	44	4.55	1.64
Scottish Mortgage Investment Trust	Global	44	0.31	5.97
Value and Indexed Property Income	Property – UK Commercial	39	7.10	3.20
CT UK Capital & Income	UK Equity Income	32	3.76	2.48
Schroder Income Growth Fund	UK Equity Income	30	4.02	3.13
Aberdeen Equity Income Trust	UK Equity Income	25	5.17	2.23
Athelney Trust	UK Smaller Companies	23	6.06	1.25
BlackRock Smaller Companies	UK Smaller Companies	23	3.40	5.97
Henderson Smaller Companies	UK Smaller Companies	23	3.05	4.08
Murray International Trust	Global Equity Income	21	3.62	2.61
BlackRock Greater Europe	Europe	20	1.22	3.06