期待已久的加息在2014年并没有出现，似乎也不太可能出现在2015年。最新的货币政策委员会议中，面对通缩压力，成员一致投票决定维持利率的低位。货币市场显示，利率的提升最早也要到2015年年底。

这对所有金融资产有影响：它意味着债券收入（尤其是发达市场的政府债券）仍然很低。因此，我们认为，投资者现在需要寻找传统投资以外的、可以获得超过通胀的收入来源的投资方式。然而投资方式的匮乏伴生于人们对收入需求的增长，因为老年人口退休后需要维持生计。

好消息是，退休人员现在可以灵活的选择除退休金以外的资金来源方式，但他们需要考虑的是，它们将如何获得一个稳定的、可靠的收入来源。问题是，从传统的避险资产比如政府证券撤离会给投资组合带来很大的波动性，进而影响收入来源。

我们建议投资信托基金在这方面提供一些保护。它们通过这种方式收到以及支付收入有很多结构性优势。尤其是，它们有能力储备所获得的股息或者利息收入；相比之下，单位信托基金必须支付他们得到的一切。这意味着，投资信托基金可以将盈利年份的收入分配到不景气年份。这就可以帮助投资者获得一些稳定性。

一些信托公司已经很明智地应用这一机制，并预留大量储备资金。投资公司协会的统计数据显示，一些信托公司的储备金足以支撑10年，而1~2年的储备金则十分常见。如果投资者的投资组合中股票派息减少，这些储备金可以确保他们的收入不会发生显著变化——不论我们多么谨慎地选择所投资的股票，这种风险总是存在的。

这种储备收入的能力让投资信托基金有很长的股息历史。这听起来可能只有一点点，但是为了使投资者维持自己的购买力，投资收益增长应该至少与通货膨胀持平。根据AIC统计数据，有35家投资信托资金至少连续10年实现了它们的股息增长。这对于投资者来说是另外一种稳定的收入来源。

随着时间的推移，成本也有可能侵蚀投资资金以及收入。投资信托基金的成本历来比单位信托基金低，因为前者不需要向财务顾问支付佣金。现在佣金制度已经逐渐被淘汰，二者竞争力相对持平，但是投资信托部门在多种情况下降低信托资金的年度管理费，很多信托公司仍在寻找有竞争力的成本。

在全球的投资信托中，投资者获得“收入”有很多渠道：从标准股本收益基金到更加专业性的投资比如基础设施，可转换债券以及商业资产。投资者可以使投资收入来源多样化，我们相信在投资激活特殊以及稀缺的情况下这一点会变得越来越重要。

我们在阿伯丁的业务显示，有很多信托公司除了本金的增长外，也向投资者提供额外的可靠的收入增长。所有的这些公司都使用阿伯丁的投资方式，它可以确保收入的稳定并实现波动性最小化。我们的一个关键步骤是寻找那些可以弹性应对不同经济情况的高质量信托公司，然后进行长期投资。位于我们投资组合中的公司因此有能力并愿意支付我们股息。

穆雷收入信托是我们的一个旗舰收入信托。它创办于1923年,已经建立了一个冗长的股息的历史。它自1974年以来每年支付给股东的收益都在增加。它每股的年收益在4%。该基金集中于英国最高质量的蓝筹股公司，这些公司在全球都有很强的竞争力并且有很好的资产负债表：联合利华,葛兰素史克,皮尔森和保诚都是位于其持有量前10位。

它自2006年开始一直由查尔斯·卢克以及英国阿伯丁股权合作团队经营。除了寻找可以带来收入多样化的公司之外，卢克也买入期权。这或许会限制资本增长潜力，但可以确保股息持续地位于高位。

我从2009年开始经营丹尼丁收入增长投资信托，这是收入投资者的另外一个选择。同样基于阿伯丁投资理念，我也专注于那些我所了解的公司，我领略过它们的经营方式并长时间地测试它们的承诺与责任。同时，我也在寻找那些代表高价值的公司。尽管阿伯丁投资方式无疑是一种“价值”投资，我们仍然希望为自己所投资的公司付出合理的价钱。

寻求除英国以外的投资市场的优势已经有依据可寻。根据最近的亨德森全球股息指数显示，全球股息在2014年有可能达到1.2万亿美元，2015年将会进一步增长。它发现，每年潜在的股息增长率为9.7%。更重要的是，增长强劲的地区是在美国，欧洲，以及除日本以外的亚洲新兴市场，这些地区的股息增长都是两位数。相比来说，英国，加拿大，日本则相对落后。对于我们来说，这为我们寻求英国以外的股息收入提供依据。

近年来全球许多收益性信托基金成立并利用这种新兴的全球股息文化。穆雷国际投资信托公司，相比之下，成立于1907年，自2004年来由布鲁斯经营，历史收益连续达到4.2%。它的五年股息收益高达6.3%。

信托基金主要探寻26个经济体，重点是寻找那些可以带来收入以及股息收益的公司。这种方法保证了收益的安全性。多样性则带来了额外的稳定性。

利率上涨或许不会对收入投资者来说带来帮助，因为有别的方式可以帮助投资者带来多样性、稳定的、高于通胀率的收入来源。我们相信投资信托基金是收入投资者的一个自然而然的选择。

Investment trust opportunities for steady income
The long-awaited interest rate rise did not appear in 2014 and increasingly it seems unlikely to appear in 2015 either. In the latest Monetary Policy Committee minutes, the members voted unanimously to keep rates at record lows in the face of deflationary pressures. Money markets are now suggesting there will be no rise until the end of 2015 at the earliest.
This has an impact for all financial assets: It means that the income available from bonds, particularly developed market government bonds, remains low. We believe, therefore, that investors now need to look beyond these traditional sources to achieve an above-inflation income. This paucity of income options comes at a time when income is in increasing demand, as an ageing population needs to support itself in retirement.
The good news is that retirees now have the flexibility to seek alternative options beyond annuities for income, but they need to consider how they are going to achieve a steady and reliable income stream. The problem with moving away from traditionally ‘safe haven’ assets, such as government bonds, is that it can introduce greater volatility into an investor portfolio and – perhaps more importantly – into the income stream received.
We would suggest that investment trusts offer some protection in this respect. They have a number of structural advantages in the way they receive and pay out income. Notably, investment trusts have the ability to reserve income they receive from dividend or interest payments; in contrast, unit trusts have to pay out everything they receive. This means investment trusts can set aside income in fat years, to pay it out in lean years. This helps give investors some stability.
Many trusts have used this facility wisely and built up significant reserves. Statistics from the Association of Investment Companies show a number of trusts have up to 10 years’ worth of reserves, while one to two years’ worth of reserves is commonplace. These reserves can help ensure investors do not see significant variability in their income if there are dividend cuts for stocks within the portfolio – which is always a risk, however scrupulously we select our stocks.
This ability to reserve income has helped ensure that many trusts have a lengthy dividend history, growing their dividends year on year. This may sound like a niche point, but those relying on income from their investments need it to grow at least in line with inflation, in order to preserve their purchasing power. According to AIC statistics, there are 35 investment trusts that have grown their dividends for at least 10 years in a row. This is another source of stability for income investors.
Costs can also erode both income and capital from investments over time. The costs for investment trusts have historically been lower than those for unit trusts because investment trusts do not pay commission to financial advisers. Now commission is being phased out and the playing field has levelled a little, but the investment trust sector has reduced the annual management fee of trusts in many cases, leaving many trusts still looking competitive on costs.
Within the investment trust universe, there is a range of options for income seekers. These range from standard equity income funds to more esoteric options such as infrastructure, convertible bonds or commercial property. This allows investors to diversify their income stream, which – we believe – is increasingly important at a time when income opportunities are becoming more idiosyncratic and scarce
Within our range at Aberdeen, there are a number of trusts that aim to provide this reliable, growing income stream to investors, alongside some growth in capital. All of these trusts use the Aberdeen investment approach, which we have designed to ensure stability and minimise volatility. A key part of our process is uncovering those quality companies with resilience in different economic conditions and investing in them for the longer term. The companies in our income portfolios will therefore have the ability and appetite to pay dividends consistently. 
Murray Income trust is one of our flagship income trusts. It launched in 1923 and has built a lengthy dividend history. It has increased its payout to shareholders every year since 1974 and its shares currently yield around 4% income annually. The fund is focused on the highest quality UK blue-chip companies, all of which will be globally competitive and have strong balance sheets: Unilever, GlaxoSmithKline, Pearson and prudential all form part of its top 10 holdings.
It has been managed by Charles Luke since 2006, in collaboration with the wider Aberdeen UK equity team. As well as targeting a diversified blend of income-generative companies, Luke writes call options to boost the income on the trust. This may limit capital growth potential, but ensures that the dividend remains high and consistent.
I have managed the Dunedin Income Growth Investment trust since 2009, which is another option for income seekers. This is also underpinned by the Aberdeen investment philosophy. I focus on those companies I know well, where I’ve met management and tested their commitment and responsibility over time. I also want companies that represent good value. Although Aberdeen’s style is by no means ‘value’ investment, we always want to ensure that we are paying a fair price for the companies in which we invest.
The advantages of looking to markets outside the UK for income have been well-documented. According to the most recent Henderson Global Dividend index, global dividends are likely to hit $1.2 trillion in 2014, with further growth expected in 2015. It found that underlying dividend growth was 9.7% year on year. perhaps more importantly, it found that the strongest areas of growth were in the Us, Europe, emerging markets and Asia pacific ex Japan, which all saw double-digit dividend increases. In contrast, the UK, Canada and Japan lagged behind. For us, this makes the case for looking beyond the UK for income.
A lot of global income-focused unit trusts have been launched in recent years to capitalize on this burgeoning global dividend culture. Murray International Investment trust, in contrast, was launched in 1907. Managed by Bruce stout since 2004, Murray International has a 4.2% historic yield and has grown that income consistently for more than a decade. Its five-year dividend growth has been 6.3%.
The trust has exposure to 26 economies and stout’s focus is on identifying firms that are increasing both earnings and dividends. This approach helps ensure that the dividend is secure and comes from a variety of different companies. Diversity should bring additional stability. 
Interest rates rises may not bail out income seekers, but there are other options available to create a diversified, stable and inflation-protected income stream. We believe investment trusts are a natural option for income seekers. 

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