Although its corporate structure may be unusual, with ordinary and B shares aimed at investors with different tax positions, CT UK High Income Trust (CHI) is managed without bells and whistles, seeking to achieve income and capital growth from a sensibly constructed portfolio of predominantly UK equities chosen from across the market capitalisation spectrum, augmented by a modest level of gearing. Manager David Moss has a wealth of experience built through more than 25 years at the same firm, and has revitalised the trust's performance since taking it on in the summer of 2023. CHI also offers a three-yearly performance-conditional continuation vote, which we see as a good corporate governance point. The trust outperformed the FTSE All-Share index benchmark in the latest three-year measurement period to 31 March 2025, meaning no vote will be triggered until 2028 at the earliest.
