Welcome
Welcome to the latest edition of The Bulletin.
Duration: 3 Mins
Date: 01 May 2026
A lot has changed since the last edition of The Bulletin, almost a year ago. Throughout 2025, global equity markets navigated a testing backdrop, with increased uncertainty resulting from geopolitical shocks. Fears relating to inflation, recession, US trade tariffs and the possibility of a stock market bubble have been plain to see. Now, as I write to you in April 2026, the Iran war is a huge concern for all. Apart from the obvious personal cost, this conflict has already precipitated a sudden increase in oil prices and has potential to cause significant long-term economic damage to economies around the world.
At times like this, it is wise to focus on the value of maintaining a diversified stock market portfolio. For all the challenges faced last year, it is important to remember that the average investment trust returned 12.1% over the course of 2025*. Noone knows what the future holds but building a diversified portfolio with the potential to meet your long-term investment needs will always be a sensible approach.
In this edition
On 17 March 2026, Shires Income merged into Aberdeen Equity Income Trust, with the combination of these two UK equity income trusts forming a larger, more liquid and lower cost trust. Our cover story explains the strategic rationale behind the merger, with both trusts coming from positions of strength. We also feature an interview with David Simpson, newly appointed Chairman of Aberdeen New India Investment Trust, in which he shares his long history of business and personal interests in India. And we welcome Tritax Big Box REIT, a leading logistics real estate investment trust that joined the Aberdeen stable in 2020 through acquisition and is a recent entrant to the blue-chip FTSE 100 Index.
Elsewhere, we look to identify opportunities where investors may be able to successfully navigate uncertainty amidst the current challenges. Samantha Fitzpatrick and Martin Connaghan, co-managers of Murray International Trust, reflect on how they are keeping their trust on track in such unpredictable times. As well as this, you will find a range of perspectives from several members of the Aberdeen team as well as from external contributors.
Awards recognition
It has been very satisfying to see Aberdeen and several of its investment trusts receiving awards recognition since the last edition of The Bulletin:
- The Association of Investment Companies (AIC) recognised three of our trusts as ‘ISA millionaires’, in a compelling demonstration of how investment trusts’ long-term approach can deliver impressively strong performance over the long term. Aberdeen Asia Focus (AAS) led the way: had investors invested their full ISA allowance annually from 1999 to 2025 a total of £346,560, into AAS, this would have generated a tax-free pot of £2,384.784. Two other Aberdeen trusts, Murray International (MYI) and Aberdeen UK Smaller Companies Growth (AUSC), also achieved ISA millionaire recognition, with equivalent figures of £1,301,882 (MYI) and £1,199,065 (AUSC).
- In March, the AIC listed Aberdeen Equity Income Trust and Murray International Trust as two of its resilient 'Dividend Heroes', both having delivered over 20 consecutive years of dividend growth. Aberdeen Asian Income Fund, with 17 consecutive years of dividend increases appears in the AIC’s ‘next generation of dividend heroes’ list.
- Three Aberdeen trusts were successful at the AJ Bell Investment Awards 2025, as voted for by the platform’s investors. The winners were: Aberdeen Asia Focus (Asian Equity – Active category); Murray International (Global Equity – Active); and Aberdeen UK Smaller Companies Growth Trust ('UK Smaller Companies – Active').
At the UK Investor Magazine Awards 2025, Aberdeen was named 'Best Investment Trust Manager' and ‘Best Fund Manager’ for the second consecutive year. At the Online Money Awards 2025, organised in partnership with The Armchair Trader, we were named ‘Best Overall Investment Trust Group’ and Aberdeen Equity Income Trust was voted Best Investment Trust for Income.
We value these achievements as they raise awareness for the relevant trusts, and stand to generate additional shareholder demand, to the potential benefit all investors.
Make the most of the new tax year
Now that we are into the 2026/27 tax year, it would be remiss of me not to mention the fresh opportunities that brings for tax-efficient investing. If you are an eligible UK investor you can invest up to £20,000 in a Stocks & Shares Individual Savings Account (ISA). Or, for those planning ahead for a financially secure retirement, you can invest up to £60,000 in a Self-Invested Personal Pension (SIPP), or 100% of your earnings, if less. The UK’s tax burden is at historically high levels so do explore ISAs and SIPPs to see whether either or both are suitable for you. I thought it was interesting that interactive investor* published data on their ISA millionaire customers who have an impressive on average return of 57% over the last six years and have 32.5% of their portfolio’s in investment trusts compared to 14.6% for all ISA portfolio’s. In full disclosure I have invested 100% of my SIPP investment trusts as I believe that investment trusts can be the best performing fund wrapper for any given investment strategy, better than open ended funds or ETFs over the long term. As investment trust do not have to manage the cashflows arising from daily investments/redemptions, so can invest in less liquid assets and can take advantage of gearing at a competitive cost. I invite you to look at our range of trusts, all of which are eligible for both products, plus details on how to invest.
I hope you enjoy this latest edition of The Bulletin and thank you enormously for your ongoing support. If you wish to contact us, please feel free to contact us at trusts@aberdeenplc.com.
Important information
Risk factors you should consider prior to investing:
- The value of investments and the income from them can fall and investors may get back less than the amount invested.
Past performance is not a guide to future results.
- If you require advice, please speak to a qualified financial adviser.
- Tax treatment depends on the individual circumstances of ach investor and may be subject to change in the future.
Other important information:
Issued by abrdn Fund Managers Limited, registered in England and Wales (740118) at 280 Bishopsgate, London EC2M 4AG, authorised and regulated by the Financial Conduct Authority in the UK.
