Highlights

• Gresham House Income & Growth 2 VCT paid two equal dividends of 2.0p in March and September 2026.

• The latest close of 44.30p compares with a net asset value of 46.50p per share.

• That puts the paid trailing Yield at 9.03% on the 5 November 2026 price.

• The September payout reached shareholders on 30 October 2026, completing the Dividend picture for the window.

Symmetry stands out in a sector known for irregular payouts. Gresham House Income & Growth 2 VCT (LSE:GHV2) paid 2.0p in the spring and another 2.0p in the autumn, giving a 4.0p total and a 9.03% paid yield on the 44.30p close of 5 November 2026. The Venture Capital trust belongs to no FTSE UK index.

Two payments, same size

The first dividend was declared on 2 March 2026, went ex on 12 March 2026 and was paid on 10 April 2026. The second was declared on 10 September 2026, went ex on 24 September 2026 and was paid on 30 October 2026. Each was 2.0p, and no Special Dividend appears. The previous year's pattern was identical, with 2.0p ex-dividend in March and again in September 2025, though the September 2025 payment falls outside the current window.

The yield calculation

Dividing 4.0p by 44.30p gives 9.03%. The price used is from 5 November 2026, so the yield could shift slightly on the most recent session. As with all yields calculated on past payments, the figure describes what has been received, not what will be received. A change in the share price changes the yield even if the dividend stays the same.

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 reported 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, which is why the amounts can differ from one payment to the next.

Value and discount

Net asset value stands at 46.50p per share. At 44.30p the shares trade at a 4.73% discount, so buyers acquire the portfolio for slightly less than its reported worth. As with any VCT, that reported worth rests largely on the valuation of smaller, often unquoted, holdings, and it can be revised at each reporting date.

What to weigh up

No dividend cover figure is published, so the comfort of the payout cannot be judged from the amounts alone. Venture capital trusts depend on the success of small companies and on realising gains, and share prices can trade at a gap to net asset value for long stretches. A steady pattern of 2.0p payments is encouraging but offers no promise for the future.

Putting 4.0p in context

A buyer at 44.30p received 2.0p in April and 2.0p in October, two equal cash payments equal to 9.03% of the outlay. The previous cycle matched it, with 2.0p in April 2025 and 2.0p in October 2025. That repetition makes the pattern easier to read than the uneven schedules seen at several other trusts.

Why equal payments help

A fixed 2.0p twice a year lets shareholders plan their income and shows that the board has chosen a rate it believes it can maintain. It does not mean that the underlying profits are equal each year. The board may be using reserves and realised gains to smooth the payment, which is sustainable only while those resources last.

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. Investors following LSE:GHV2 should apply these checks to each new announcement.

What to watch next

The next spring dividend will show whether the 2.0p level holds. Watch the discount of 4.73% and net asset value of 46.50p. Investors in LSE:GHV2 should keep an eye on the trust's own reports for the split between income and gains in funding the payout.