North American Income Trust (NAIT)

NAIT, now managed by Janus Henderson since August 2024, is designed to offer investors a disciplined portfolio that blends income and growth within the North American market. Led by Fran Radano, the trust differentiates itself by seeking high-quality, dividend-paying companies, rather than simply following high-growth trends like the Magnificent Seven. With a focus on sustainable earnings, capital discipline, and valuation awareness, the trust maintains a portfolio trading at a lower multiple than the S&P 500, with underlying dividend yields of 2–3.25% and annual dividend growth of around 7%. Following the move to Janus Henderson, the trust has rebalanced towards stronger earnings and dividend growth while retaining a healthy yield, making it suitable for investors seeking both resilience andlong-term compounding returns.

In the interview, Fran discusses the trust’s selective investment strategy, which spans U.S. and Canadian markets and focuses on sectors like healthcare, technology, and consumer staples; why the company’s holdings such as Medtronic, Accenture, and Philip Morris exemplify the trust’s preference for stable, cash-generative businesses with solid management and capital allocation practices; how the team still embraces technological tailwinds like AI through companies benefiting from its adoption; and the importance of face-to-face meetings with management, robust internal research, and staying attuned to macroeconomic shifts - such as tariffs and interest rate changes - when navigating markets.