Rathbones' Carl Stick on the one stock that has been in the Income fund for 20 years

Back in 2000, the privatised utilities were a somnolent bunch, unattractive in contrast to the fireworks of the TMT bubble.

Yet they promised income investors cash returns on defensive regulated assets, and very healthy dividend yields. In the intervening decades, utilities' fortunes have waxed and waned. In the early days, shareholders were well rewarded, latterly, consumers less so, as prices have risen and competition has lessened.  Just one stock has been ever-present in the Rathbone Income fund over the past 20 years: SSE, formerly Scottish & Southern Energy. We still hold it, though this article is of course not a recommendation to either buy or sell.  Over that time we have experienced the highs ...