JEGI's managers describe the trust as offering ‘income without compromise', given its capital growth focus and NAV-based distribution policy. Nonetheless, the value tilt of the investment approach helps to ensure a decent underlying dividend yield, while the quality bias means the team is confident in avoiding value traps. The ‘go anywhere' nature of the portfolio means it can hold low-yielding growth stocks such as semiconductor equipment maker ASML (dividend yield of 0.7%) alongside the likes of Irish bank AIB, whose 4%+ yield has been boosted by buybacks in recent years to give a total shareholder return of more than 10% a year. This has helped JEGI to outperform in a range of market conditions, while paying out an attractive income without eroding its capital base.