Highlights

• Maven Income and Growth VCT paid 1.00p, 0.60p and 1.00p, with ex-dates between December 2025 and July 2026.

• The total of 2.60p per share equates to a Yield of about 8.1% on a mid-price of 32.2p.

• The board aims for an annual dividend yielding 6% on the prior year-end net asset value, subject to conditions.

• Net asset value per share fell from 39.37p to 36.18p over the year to 28 February 2026.

Most trusts talk about dividends in pence. Maven Income and Growth VCT (LSE:MIG1) talks about a percentage of net asset value. Its board guides to 6% of the prior year-end value, and that rule explains why payments move around. This year the rule met a falling net asset value.

Payments in the window

A first interim of 1.00p went ex on 11 December 2025. A 0.60p payment followed with an ex-date of 28 May 2026. A 1.00p first interim for the new year went ex on 30 July 2026 and was paid on 28 August. The three sum to 2.60p. For holders of LSE:MIG1, the timing follows the trust's financial year.

The 6% guide

The board states its aim is an annual dividend yielding 6% on the prior year-end net asset value, subject to distributable reserves, realised gains, surplus Revenue and VCT qualifying level. Applied to the year-end value of 36.18p, that implies about 2.17p for the year, which is below this year's 2.60p. The rule therefore points to a lower payment for the coming year if values do not recover.

Net asset value and returns

The Annual Report summary shows net asset value total return per share of 148.64p, up from 148.08p. Net asset value itself dropped to 36.18p from 39.37p, so dividends and valuation moves have pulled in different directions. Since launch, 114.06p per share will have been distributed once the latest payment is made.

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

A lower net asset value shrinks the base for the next guided payment. VCT shares carry a wide dealing spread, with the latest quote showing buy and sell prices two pence apart. Qualifying holdings are small companies that can fail.

Yield workings

On a mid-price of 32.2p, 2.60p represents 8.07%. A published figure of 9.63% uses a larger payout that does not match the payments in the window. The yield will change with the share price, and with a price this low, a small move makes a large difference.

Why a percentage policy helps

A policy tied to net asset value means that the payment rises when the portfolio grows and falls when it shrinks. This keeps the dividend in line with the Assets that fund it and avoids paying out more than the trust can afford. The cost is that income is less predictable than under a fixed pence-per-share rule.

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.

Ex-dividend dates explained

The ex-dividend date is the first day on which a buyer of the shares no longer qualifies for the next dividend. Anyone who holds the shares before that date receives the payment, normally a few weeks later. Share prices often fall by about the amount of the dividend on the ex-date, which is why a dividend on its own does not create value. The payment date is when the cash reaches the account.

Dividends are a board decision

A dividend is not a fixed obligation like interest on a loan. The board decides each payment after looking at profit, cash, Debt and future plans, and it can raise, hold, reduce or suspend the amount. A long record of payments is encouraging, but it describes the past. Investors who rely on dividends for income should look at the cash the Business generates as well as the amount it has paid.

What to watch next

The next net asset value announcement will set the base for the following guided payment. Investors in LSE:MIG1 should follow realisations, the discount and the board's statement on reserves. A recovery in net asset value would lift the guided payment, while a further fall would reduce it.