**Summary**
The North American Income Trust (NAIT) PLC released its annual financial report for the year ended January 31, 2026, highlighting strong performance and strategic initiatives. The trusts investment objective is to provide <mark style="background-color:yellow">above</mark>-average dividend income and long-term capital growth through a portfolio of S&P 500 US equities. Key performance highlights include
**Total Returns** NAV per share total return of 8.8% and share price total return of 13.8%, outperforming the Russell 1000 Value Index (4.9%) and S&P High Yield Dividend Aristocrats Index (3.1%).
**Dividends** Increased dividends by 4.9% to 12.8p per share, marking 15 years of consecutive dividend growth.
**Portfolio Performance** Strong stock selection across various industries contributed to outperformance, with financials and healthcare sectors being significant contributors.
**Discount Narrowing** The discount to NAV narrowed from 9.3% to 5.7% (or 8.5% to 4.9% with debt at par).
**Share Buybacks:** Bought back 8627316 sharesadding 4.2p per share to the NAV.
**Strategic Initiatives** Proposed special resolutions to cancel the share premium account (£51.8m) and capital redemption reserve (£16.3m) to increase distributable reserves and capital deployment flexibility.
The Chairmans statement emphasized the trusts resilience, steady dividend growth, and the positive relationship with Janus Henderson Investors. The Fund Managers report detailed market conditions, portfolio adjustments, and the impact of macroeconomic factors, including tariffs and AI-driven technological changes. The trust remains well-positioned for future growth, with a focus on high-quality, resilient companies.
**Key Financials**
**Net Assets** £458.3m (2025: £467.8m)
**Revenue Return per Share** 12.89p (2025: 12.44p)
**Ongoing Charges** 0.73% (2025: 0.77%)
**Top Holdings:** ChevronPhilip MorrisJohnson & JohnsonCVS Healthand PNC Financial Services.
The report also outlined risk management strategies, viability assessments, and related-party transactions, ensuring transparency and compliance with regulatory requirements.
| Financial Metric | 2025 | 2026 | Change |
|---|---|---|---|
| NAV per share total return | 23.8% | 8.8% | -15.0% |
| Share price total return | 24.9% | 13.8% | -11.1% |
| NAV per share at year end (with debt at fair value) | 382.5p | 402.8p | +20.3p |
| NAV per share at year end (with debt at par) | 379.2p | 399.5p | +20.3p |
| Share price at year end | 347.0p | 380.0p | +33.0p |
| Discount at year end (with debt at fair value) | 9.3% | 5.7% | -3.6% |
| Discount at year end (with debt at par) | 8.5% | 4.9% | -3.6% |
| Revenue return per share | 12.44p | 12.89p | +0.45p |
| Dividend total per share | 12.20p | 12.80p | +0.60p |
| Dividend yield at the end of the year | 3.5% | 3.4% | -0.1% |
| Dividend growth for the year | 4.3% | 4.9% | +0.6% |
| Net assets at year end | £467.8m | £458.3m | -£9.5m |
| Ongoing charges | 0.77% | 0.73% | -0.04% |
| Debt (Senior Loan Notes) | £40.184m | £36.386m | -£3.798m |