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Witan Investment Trust outperformed its benchmark by 1% during 2019, with a net asset value total return of 21.3%.
On a five-year basis, the investment trust returned 73%, compared with 64.9% for the benchmark.
At year-end, the share price was at a 0.7% discount to net asset value.
Witan Investment Trust confirmed a 13.8% increase to the dividend for the year, to 5.35p per share, more than double that paid 10 years ago.
The trust's chairman, Harry Henderson, said equity markets delivered strong gains in 2019, despite the various crosswinds.
'One reason was the weak starting point. 2018 ended with a sharp equity correction, which discounted some of the risks that became more evident in 2019,' he added. 'This fall was quickly reversed in the early months of 2019, followed by a period of consolidation during the middle of the year, when fears of a possible recession took hold.'