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Where are trusts getting their dividends?

When an investment trust board talks about “resetting” its dividend, we might normally view this as code for a cut. But not so with Alliance Trust (ATST), whose board recently announced that it will increase this year’s third interim dividend to 5.825p, with the same level expected for the fourth interim dividend. 2021's payouts should represent a 32.5 per cent increase on 2020, with the dividend continuing to rise each year beyond that.