Document Library
| Factsheet | KIID |
| Interim report | Annual report |
| Holdings report | Monthly note |
| Quarterly note | Prospectus |
| Assessment of value | TCFD Report |
For additional fund documents and share classes visit our literature library
Awards and Ratings
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Why invest in the Rathbone Income Fund?
- Co-managers Alan Dobbie and Carl Stick have more than 45 years’ combined experience in UK equity income, 17 of them working as a team
- Their focus on dividend growth – ‘a pay rise every year’ – has helped the fund generate inflation-busting income over the past 30 years
- A flexible investment style, emphasising that valuations really matter, maximises investment opportunities across the UK market
We use our own Trinity of Risk framework to create a balanced portfolio of UK stocks that aims to pay you a better dividend than the FTSE All-Share stock market index and which grows over time. Because we own only a small number of companies compared with the wider UK stock market, our performance can deviate significantly from the return of the index. But we argue that to beat the index, you have to do something different.
Our Trinity of Risk incorporates:
- Business risk – how secure are company profits? How may this change?
- Financial risk – how does the company fund itself? How much has a company borrowed? Is it over indebted? Does it have sufficient cashflow to run its business and pay dividends?
- Price risk – is the share price higher or lower than it should be? Are we compensated for the risks we are taking?
We want to buy businesses that make strong and consistent profits with high-quality earnings – those that are backed by real cashflows rather than promises by customers to pay later. We are acutely aware that companies shouldn't have more debt than they can handle. We buy businesses with healthy cashflow because we believe it gives them the flexibility to repay debts when they come due, reinvest in their businesses to ensure profits that grow, and therefore be able to pay a dividend that increases over time.
The objective of our fund is to deliver an annual income that is in line with or better than that of the FTSE All-Share Index over any rolling three-year period. The fund also aims to increase income payments in line with the CPI measure of inflation over any rolling five-year period. The fund aims to generate a greater total return than the FTSE All-Share Index, after fees, over any five-year period.
There is no guarantee that this investment objective will be achieved over five years, or any other time period. We use this index as a target for our fund’s return and the income we pay because we want to offer you a better income and higher returns than the UK stock market. Increasing your income payments at least in line with the CPI measure of inflation protects your future spending power. You can find our fund’s full objective and investment policy in our Key Investor Information Document (KIID).
Click here for the latest assessment of our performance.
MiFID II charges
I class
Ongoing charges figure (OCF) as at 31.03.2023
0.78%
Transaction costs
0.09%
Total MiFID II charges
0.87%
The MiFID II charges include the Ongoing Charges Figure (OCF) and transaction costs.
I-Class Single Strategy application form (Individual Investor)
8 July 2024
I (acc), I (inc)
Download FileMEET THE FUND MANAGERS
Carl Stick
Fund manager and Executive director
Carl Stick
Fund manager and Executive director
Carl has managed the Rathbone Income Fund since the 1 January 2000, having joined Rathbones in 1998. He is one of the longest serving managers in the UK Equity Income sector, with one of the best performance records over that time. He has spent two decades holding executive roles within Rathbones Asset Management, and was closely involved in the creation and evolution of the team’s investment process. He is a member of the CFA Institute and a Chartered Fellow of the Chartered Institute of Securities & Investment.
Carl graduated in 1991 from the University of Southampton with a BA (Hons) degree in English Literature, and in 2021 was awarded an MA (Hons) degree in Modern History from King’s College London. A regular triathlete and ultramarathon runner, Carl has completed an Ironman distance triathlon, as well as two runs of the famous Comrades Marathon in South Africa. He and his wife are heavily involved in animal welfare; they have fostered over 60 rescue dogs, have adopted a dozen over the last 10 years, and are connected to New Hope Animal Rescue, a small animal sanctuary near Herne Bay in Kent. And with only a little encouragement, Carl will also tell you he is vegan.
Carl has managed the Rathbone Income Fund since the 1 January 2000, having joined Rathbones in 1998. He is one of the longest serving managers in the UK Equity Income sector, with one of the best performance records over that time. He has spent two decades holding executive roles within Rathbones Asset Management, and was closely involved in the creation and evolution of the team’s investment process. He is a member of the CFA Institute and a Chartered Fellow of the Chartered Institute of Securities & Investment.
Carl graduated in 1991 from the University of Southampton with a BA (Hons) degree in English Literature, and in 2021 was awarded an MA (Hons) degree in Modern History from King’s College London. A regular triathlete and ultramarathon runner, Carl has completed an Ironman distance triathlon, as well as two runs of the famous Comrades Marathon in South Africa. He and his wife are heavily involved in animal welfare; they have fostered over 60 rescue dogs, have adopted a dozen over the last 10 years, and are connected to New Hope Animal Rescue, a small animal sanctuary near Herne Bay in Kent. And with only a little encouragement, Carl will also tell you he is vegan.
Alan Dobbie
Fund manager
Alan Dobbie
Fund manager
Alan joined Rathbones in October 2005 and was made co-manager of the Rathbone Income Fund in October 2018. He has previously managed and co-managed a number of UK, European and global equity funds for Rathbones. Alan is a Chartered Financial Analyst (CFA) charterholder and holds the Investment Management Certificate.
Alan joined Rathbones in October 2005 and was made co-manager of the Rathbone Income Fund in October 2018. He has previously managed and co-managed a number of UK, European and global equity funds for Rathbones. Alan is a Chartered Financial Analyst (CFA) charterholder and holds the Investment Management Certificate.
In Conversation
Managers Alan Dobbie and Carl Stick review the first eight months of the year and, with a collective eye to the future, discuss their current positioning. Sensing a subtle, positive change in investor sentiment towards the UK, they explain why there are reasons to be a bit more hopeful as the year progresses. And they argue that now, more than ever, income mandates have a crucial role to play in investment and income planning.
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Longevity Matters I
In the first video of the series, Carl Stick, fund manager, discusses getting old, argues for the valuable contributions to society that ageing populations can make, thinks about the implications this has for investments, and reminds us that ‘longevity matters’.
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Longevity Matters II
In the next video of the series, Carl Stick, fund manager, looks at ageing demographics and the impact this is having on retirement age. As people live longer, the need to supplement their nest egg with an extra income to support a healthy and happy lifestyle in their retirement is growing. Carl also considers the health implications of an older workforce and the importance of the healthcare sector in keeping us working and playing as we get older.
