Pair trading is a trade where you split your capital between a higher risk and a lower risk share, whilst still maintaining a blended yield of 7% which doubles your income every ten years.

You hope that if you time the market correctly the higher risk share increases in value which you can then use to accelerate your Snowball.

Two to consider who have recently changed their dividend policy.

TEMPLE BAR INVESTMENT TRUST Plc TMPL

Dividend

The Trust’s strong revenue performance was again in evidence, with an increase in revenue earnings per share of c.12.3% compared to the first half of the previous financial year. This has enabled your Board to declare an increased second interim dividend of 3.75 pence per share (2024: second interim dividend of 2.75 pence per share). The second interim dividend will be payable on 26 September 2025 to shareholders on the register of members on 22 August 2025. The associated ex-dividend date is 21 August 2025. This follows the payment of a first interim dividend of 3.75 pence per share on 27 June 2025.

As explained in the Company’s most recent Annual Report and supported by shareholders at this year’s Annual General Meeting, the Company’s dividend has recently been altered to see the Company’s progressive revenue-covered dividend enhanced by the payment of an additional 0.75 pence per quarter funded from capital. This has raised the prospective dividend yield on the Company’s shares to c. 4.4%, higher than the average dividend yield of the FTSE All Share which at the time of writing is 3.4%.

Manchester & London Investment Trust plc
(the “Company”) MNL

Enhanced Dividend Policy

On 24 September 2025 the Company announced it would be pausing on-market share buybacks because the aggregate proportion of the Company’s voting power held by the public (as that term is used in section 446 of the Corporation Tax Act 2010) is now close to the minimum 35 per cent threshold.  The Company paid and/or proposed total dividends last financial year of 28p per Share split between special dividends and ordinary dividends.

Some shareholders have expressed their view to the Manager that the pause of share buybacks means that total capital returns via dividends and buybacks to shareholders will hence reduce.

We have listened and the Company would like to announce that it intends to pay at least 40p per share per annum ordinary dividend for the next five years (representing an Annual Yield of 5.01 per cent based on the closing share price of 798p on 22 October 2025) even if a mechanism is found and executed that allowed share buybacks to continue.

Dan Wright, Chairman of the Company, said: 

“In essence, this makes Manchester & London a unique fund on the London Market that is both exposed to global growth and the opportunities of the Era of Artificial Intelligence, whilst also paying an attractive dividend income which can be relied upon for, at least, the next five years.”

MNL has a wide spread which you can normally deal withing that is until the brown stuff hits the fan.

I’ll update some research on both companies, when I have the time.

GL