Highlights

• Maven Income and Growth VCT 4 paid three dividends of 1.00p, 0.60p and 1.50p during the trailing twelve months.

• The total of 3.10p per share equates to a Yield of roughly 6.4% on a recent quote of 48.5p.

• The 1.50p summer Dividend went ex on 30 July 2026 and was paid on 28 August 2026.

• Amounts can vary considerably from one payment to the next.

Venture capital trusts pitch dividends to investors willing to accept small-company risk. Maven Income and Growth VCT 4 (LSE:MAV4) fits that mould, paying out three separate amounts over the past year. The sums changed each time, which makes the pattern worth a closer look.

Three payments

A 1.00p dividend was paid on 16 January 2026, followed by 0.60p on 15 May 2026. The largest, 1.50p, went ex on 30 July 2026 and was paid on 28 August. The three sum to 3.10p per share. For holders of LSE:MAV4, the payments arrive in winter, spring and late summer.

Yield workings

Using a recent quote of 48.5p, 3.10p represents a yield of 6.39%. The price carries no precise date, so a current quote is needed for an exact figure. The yield changes whenever the share price moves, even when the dividend does not.

A lower year

Calendar-year 2025 payments added up to 4.50p, so the trailing figure is well below it. The 2025 summer payment, at 2.75p, was nearly double this year's 1.50p. A fall of that size shows that the board adjusts payments to what the portfolio delivers, and that a high payment in one year is no guide to the next.

What a Venture Capital trust is

A venture capital trust is a listed company that invests in smaller, mostly unquoted UK businesses and offers tax reliefs to qualifying private investors. Because the holdings are hard to sell and hard to value, the trust's net asset value rests on judgement, and the share price often sits at a discount to it. Dividends are often funded partly from gains on sold holdings.

Risks to weigh

VCTs invest in small unquoted and AIM-listed firms, so value can shift quickly. Dividends depend on realised gains rather than a contracted income stream, which explains the uneven amounts. Shares can also be harder to sell than those of main-market companies.

Sustainability

Dividend cover and the board's stated policy should be checked in the trust's reports. The sharp fall in the summer payment suggests the board adjusts payments to what the portfolio delivers. A single year of lower payments does not show a trend, but it does remind investors that amounts can fall.

Putting 3.10p in context

A holder at 48.5p received 1.00p, 0.60p and 1.50p, equal to 6.39% in cash. If the same investor had held through 2025, the calendar-year total of 4.50p would have been about 9.3% of the same price. Comparing the two years shows how much the yield can move when payments change.

Dividend cover

Dividend cover measures how many times Earnings Per Share exceed the dividend per share. A figure above 1 means earnings are larger than the payment, and a figure below 1 means the company is paying out more than it earned. Cover is a useful guide, but Cash Flow also matters, because dividends are paid in cash, and one-off items can distort earnings in a single year.

Liquidity and dealing costs

The ease with which shares can be bought and sold affects the return an investor actually achieves. A wide gap between the buying and selling price, called the spread, adds to the cost, particularly for smaller companies and trusts. Using limit orders can help to control the price paid. Investors should also check how many shares typically change hands each day.

Looking beyond a single payment

One dividend does not show a trend. Looking at several years of payments, the split between interim and final amounts, and any special payments gives a clearer picture of how reliable the income is. It is also worth checking whether the dividend has been funded from profit, from reserves or from borrowing, because only the first can be repeated indefinitely.

Concentration and diversification

Relying on a single share for income exposes an investor to the fortunes of one business. Spreading holdings across sectors and types of company reduces the effect of a cut in any one dividend. Investment trusts and funds can offer built-in diversification, although they bring their own costs and risks. A balanced approach considers how each holding fits into the whole portfolio.

How to read a trailing yield

A trailing yield divides the dividends paid over the past twelve months by the current share price. It describes what has happened, not what will happen, and it changes whenever the price moves. A rising yield can reflect a higher dividend or a falling share price, so the reason behind the change matters. Comparing yields across companies is useful only when the same period and the same type of payment are used in each case.

What to watch next

The next payment will show whether the trust returns towards the larger amounts of 2025. Investors in LSE:MAV4 should follow net asset value, realisations and the discount to net asset value. Exits from the portfolio are the main driver of cash available for dividends.