Merchants Trust turns defensive to protect dividend yield record
Rotating towards telecoms and housing-related stocks

Simon Gergel of Merchants Trust
The Merchants Trust shifted its exposure away from cyclical stocks towards more defensive sectors in 2020 in an effort to help sustain its 38-year dividend growth record, amid growing retail investor interest for the investment company.
Merchants, which currently offers a dividend yield of 6.1%, has been adding to telecoms, tobacco and housing-related stocks at the expense of holdings in sectors where "it will take some time for dividends...
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