The 36 投資 信用s that have 統治するd longer than the Queen: From cheap 全世界の 投資するing to reliable （株主への）配当s, which are 価値（がある） 支援?

By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY

Updated:

Any 投資 that has 生成するd wealth since before the 載冠（式）／即位（式） must have 会社／堅い 創立／基礎s. That is true for the 36 投資 信用s that predate the Queen's 即位 to the 王位.?

They have 生き残るd the 株式市場 衝突，墜落s that peppered the 早期に 1970s, October 1987 (黒人／ボイコット Monday), 2000 (the bursting of the dotcom 泡), 2008 and 2020 in the wake of the pandemic. Some of the oldest 信用s have 投資するd 顧客s' money through the 統治する of six 君主s.?

So what is the secret to their longevity??

Looking ahead:?Among the 36 trusts in existence longer than the Queen's reign, some could provide excellent future returns

Looking ahead:?の中で the 36 信用s in 存在 longer than the Queen's 統治する, some could 供給する excellent 未来 returns

The earliest 信用s were created under Queen Victoria to 許す ordinary 投資家s to 利益 from 全世界の 産業の 拡大.?

Foreign & 植民地の was the first, 設立するd in 1868 and 投資するing in 政府 社債s from across the world, 含むing South America. Later, Scottish American 基金d the construction of the US 鉄道s while Scottish Mortgage 申し込む／申し出d mortgages to Malaysian 農園 owners who produced the rubber used in the tyres of the Model T Ford car.?

Several 信用s have the word 'Scottish' in their 指名する as they were 設立するd so that Dundee merchants, who were 利益（をあげる）ing from a にわか景気 in sales of jute ? a natural fibre ? had somewhere to stash their money.?

John Newlands, an 投資 信用 historian, says F&C was started to give the 投資家 of '穏健な means' a chance to make money. It is a 役割 the 信用 still fulfils. He says: 'Fads, fashions and arcane 財政上の 計画／陰謀s have come and gone over the past 70 years, but 投資 信用s have 生き残るd and 栄えるd, based on granite-like 創立／基礎s.'?

Since their inception, the 資産s held by the UK's oldest 信用s have changed. For example, F&C's biggest holdings are now 株 in tech 巨大（な）s Microsoft, Alphabet and Apple, while Scottish Mortgage 持つ／拘留するs Covid ワクチン 製造者 Moderna and electric car 巨大（な） Tesla in its 大臣の地位.?

Myron Jobson, 長，率いる of personal 財政／金融 at 投資 壇・綱領・公約 Interactive 投資家, says the 信用s' 'nimbleness to adapt to 根底となる 経済的な 転換s' by changing the 投資s they favour 確認するs 'the robustness of their 戦略'.?

Annabel Brodie-Smith, a director of the 協会 of 投資 Companies, says 大臣の地位 changes 証明する the ability of these stalwarts to adapt. She 追加するs: 'It's 安心させるing for 投資家s to see that over the last 70 yea rs, 投資 companies have 生き残るd 一区切り／（ボクシングなどの）試合s of market turbulence.'?

Platinum 業績／成果s?

によれば 投資 壇・綱領・公約 AJ Bell, over the past 20 years, Scottish Mortgage has turned £1,000 into £13,150. BlackRock Smaller Companies, 設立するd in 1906 as the North British Canadian 投資 Company, has turned the same sum into £9,349. No 信用s predating the Queen's 即位 would have lost money over 20 years. The lowest return is 106.3 per cent from Aberdeen Diversified Income & Growth.?

James Carthew, 投資 信用 specialist at 基金 data group QuotedData, agrees the 柔軟性 older 信用s have shown has been 重要な to their success, 説: 'One of the strengths is their ability to adapt to changing market 環境s.'?

An 独立した・無所属 board steers the 信用, 雇うing and 解雇する／砲火／射撃ing 投資 経営者／支配人s, adapting 客観的なs and 運動ing 負かす／撃墜する 管理／経営 料金s.?

However, Carthew says most of the older 信用s 焦点（を合わせる） on 公正，普通株主権s. So 投資家s wanting to 投資する in different types of 資産s, such as 所有物／資産／財産, 組織／基盤／下部構造 and renewable energy, will need to look at newer 信用s.?

Kyle Caldwell, 基金 specialist at Interactive 投資家, says people must also be aware that 投資 信用s have features making them riskier than competing 乗り物s, such as 部隊 信用s or open ended 投資 companies. The 経営者／支配人s can borrow money to 増加する a 信用's （危険などに）さらす to 公正，普通株主権s, 改善するing returns if 株式市場s are rising, but perpetuate losses if 株 prices are 事情に応じて変わる. And because 信用s are 貿易（する）d on the 株式市場, their 株 price may not fully 反映する the value of the underlying 資産s.?

He says: 'They were once derided as 'dinosaurs' run by fuddy-duddies, but, 70 years since the Queen's 即位 to the 王位, they are 栄えるing rather than becoming extin ct.'?

The 基金s to 選ぶ?

の中で the 36 信用s in 存在?longer than the Queen's 統治する, some could 供給する excellent 未来 returns.?

Caldwell likes UK-焦点（を合わせる）d City of London, 設立するd in 1891 and run by 職業 Curtis since 1991. Curtis 焦点（を合わせる）s on high-産する／生じるing, cash?generative 商売／仕事s. 最高の，を越す holdings 含む Diageo, 爆撃する, AstraZeneca, GlaxoSmithKline, 国家の Grid and HSBC.?

Over the past three years, the 信用 has 配達するd an 全体にわたる return of 17 per cent. Its income?is 同等（の） to an 年次の 4.6 per cent.?

Caldwell also 率s 銀行業者s because of its 全世界の 多様制. 最高の，を越す holdings 含む American 表明する, Microsoft and AstraZeneca. Three-year returns are 20 per cent and the income is 同等（の） to 2 per cent a year.?

株 in Scottish Mortgage have almost halved from their November 2021 頂点（に達する）. But three-year returns still stand at 52 per cent. Carthew says the company's 焦点（を合わせる） on 'identifying and 支援 未来 market leaders' should 確実にする strong long-称する，呼ぶ／期間／用語 returns.?

He 追加するs: 'The longevity of these 信用s and the strong 法人組織の／企業の governance that keeps them 焦点（を合わせる）d on the needs of 投資家s makes them ideal long-称する，呼ぶ／期間／用語 貯金 乗り物s.?

'I'd 推定する／予想する most to still be around in 70 years' time.'

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