Please ensure Javascript is enabled for purposes of website accessibility 493 reasons to look past the ‘Magnificent 7’ | UK Investment Trusts

493 reasons to look past the ‘Magnificent 7’

NAIT

The North American Income Trust plc

Back to Insights

493 reasons to look past the ‘Magnificent 7’

The ‘Magnificent 7’ might dominate headlines, but they’re just 7 names in the S&P 500. That leaves 493 companies across the US and Canada, many already generating cash and delivering growth. The North American Income Trust (NAIT) searches beyond the obvious, finding opportunities wherever they are found.

Discrete year performance (%) Share price (total return) NAV (total return)
30/06/2024 to 30/06/2025 13.86 9.52
30/06/2023 to 30/06/2024 14.52 12.17
30/06/2022 to 30/06/2023 -0.21 2.84
30/06/2021 to 30/06/2022 5.10 8.48
30/06/2020 to 30/06/2021 23.05 19.76

All performance, cumulative growth and annual growth data is sourced from Morningstar.

Source: at 31/08/25. © 2025 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance does not predict future returns.

Dividend

A variable discretionary payment made by a company to its shareholders.

Magnificent Seven (MAG 7)

The term ‘Magnificent Seven’ refers to the seven major technology stocks—Apple, Microsoft, Nvidia, Amazon, Tesla, Alphabet, and Meta—that have dominated markets in recent years.

S&P 500

The S&P 500 is a stock market index weighted by market capitalization that is made up of 500 of the largest public companies in the United States.

Important information

References made to individual securities do not constitute a recommendation to buy, sell or hold any security, investment strategy or market sector, and should not be assumed to be profitable. Janus Henderson Investors, its affiliated advisor, or its employees, may have a position in the securities mentioned.

There is no guarantee that past trends will continue, or forecasts will be realised.

Janus Henderson Fund Managers UK Limited was appointed as the AIFM of the North American Income Trust with effect from 1 August 2024.  Prior to that date, the North American Income Trust’s AIFM was abrdn Fund Managers Limited and all information contained in this document should be considered accordingly.

Not for onward distribution. Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions. Past performance does not predict future returns. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. Nothing in this document is intended to or should be construed as advice. This document is not a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes.

Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which investment products and services are provided by Janus Henderson Investors International Limited (reg no. 3594615), Janus Henderson Investors UK  Limited (reg. no. 906355), Janus Henderson Fund Management UK Limited (reg. no. 2678531), (each registered in England and  Wales at 201 Bishopsgate, London EC2M 3AE and regulated by the Financial  Conduct Authority), Tabula Investment Management Limited (reg. no. 11286661 at 10 Norwich Street, London, United Kingdom, EC4A 1BD and regulated by the Financial Conduct Authority) and Janus Henderson Investors Europe S.A. (reg no. B22848 at 78, Avenue de la Liberté, L-1930 Luxembourg, Luxembourg and regulated by the Commission de Surveillance du Secteur Financier).

Janus Henderson is a trademark of Janus Henderson Group plc or one of its subsidiaries. © Janus Henderson Group plc

When picturing the investment landscape in North America, many think of Silicon Valley’s tech giants or the buzz of Wall Street. However, the celebrated Magnificent Seven are just seven names in the S&P 500, leaving 493 other companies full of potential. At the North American Income Trust, the focus is on those delivering both income and growth. The portfolio includes an outdoor advertiser in Baton Rouge, Louisiana, turning roadside moments into revenue; a casino operator in Wyomissing, Pennsylvania, where steady footfall means steady cash flow; and an electricity provider in Minneapolis, keeping the heartland’s lights on while generating dividends. It also features the creative magic of Burbank, where imagination fuels long-term growth. Dividends have grown faster in the US than almost anywhere else in recent years, driven by innovative companies that reward investors. The Trust seeks businesses already generating cash to fund dividends now or reinvesting so those dividends can grow in the future, recognising that big names don’t always mean big returns. The North American Income Trust explores the breadth of America to deliver income and growth wherever it’s found.

Important information

Please read the following important information regarding funds related to this article.

Before investing in an investment trust referred to in this document, you should satisfy yourself as to its suitability and the risks involved, you may wish to consult a financial adviser. This is a marketing communication. Please refer to the AIFMD Disclosure document and Annual Report of the AIF before making any final investment decisions.
    Specific risks
  • Where the Company invests in assets that are denominated in currencies other than the base currency, the currency exchange rate movements may cause the value of investments to fall as well as rise.
  • This Company is suitable to be used as one component of several within a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested in this Company.
  • Active management techniques that have worked well in normal market conditions could prove ineffective or negative for performance at other times.
  • The Company could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Company.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • The return on your investment is directly related to the prevailing market price of the Company's shares, which will trade at a varying discount (or premium) relative to the value of the underlying assets of the Company. As a result, losses (or gains) may be higher or lower than those of the Company's assets.
  • The Company may use gearing (borrowing to invest) as part of its investment strategy. If the Company utilises its ability to gear, the profits and losses incurred by the Company can be greater than those of a Company that does not use gearing.
  • Using derivatives exposes the Company to risks different from - and potentially greater than - the risks associated with investing directly in securities. It may therefore result in additional loss, which could be significantly greater than the cost of the derivative.
  • All or part of the Company's management fee is taken from its capital. While this allows more income to be paid, it may also restrict capital growth or even result in capital erosion over time.