“Despite the markets falling, the defensive nature of the UK’s largest listed utility company, National Grid has helped it outperform the market. The eight year agreement in 2013 with its regulators was seen as important and has notably improved confidence. We have long been fans of the group due to it being less exposed than others to political pressure.

“Results in May stated that the company expects to deliver good organic growth and healthy returns and an update in July reported trading to be in line with expectations, as a result of -solid operational and financial performance. In late September it stated that it expects to deliver healthy returns to support its dividend growth policy.

“We recommend National Grid as a ‘buy’ for lower risk income seekers due to a prospective yield of around 5%, combined with the managements focus on improving the return on its US operations. In the current volatile climate the stock is potentially attractive to income investors.”