Shires Income PLC: Differentiated income investing

Iain Pyle, manager of Shires Income PLC (SHRS), discusses the trust's performance over the past year, highlighting a total NAV return of nearly 9.5%. He delves into the sectors that have performed well, such as UK domestic banks and tobacco, and explains the impact of buybacks on shareholder value. Pyle also addresses the challenges faced by smaller and mid-cap companies and the importance of preference shares in maintaining high income for shareholders.