"As promised, I now enclose a review of the above fund [Edinburgh Investment Trust (EDIN LN)] which I completed a few months ago for my own subscribers. It is still very relevant. I believe it could fit David's HY bill. I should point out that while the yield was 5.5% when I did the review, it is closer to 5.1% today."

David Fuller's view Many thanks for this thorough review of EDIN, contributed in the spirit of Empowerment through knowledge. UK investors looking for yield mainly in their home market could buy this or other high-yield equity funds, which I would certainly prefer to most bonds. That yield may also edge up a bit during the current market pullback. Alternatively, if they did not want a fund or IT, they could cherry pick among EDIN's top-10 holdings by weighting.

Taking the top five of these, AstraZeneca is a very strong relative performer, still yields 4.59% with a 5-year dividend growth record of 22% and trades on historic and estimated PERS of 8.71 and 8.11, respectively, according to Bloomberg. Here is AZN's yield chart.

GlaxoSmithKline has underperformed but yields 5.14% with a 5-year dividend growth record of 8.45%; its historic and estimated PERs are 15.52 and 10.00. Here is GSK's yield chart.

British American Tobacco's share performance has been exemplary and it still yields 4.42% with a 5-year dividend growth record of 18.16%; the historic and estimated PERs are 16.01 and 12.90. Yield chart.

Reynolds American Inc has outperformed the US market, yields 6.40% with a 5-year dividend growth record of 13.32%; the historic and estimated PERs are 8.41 and 11.27. Yield chart.

Lastly, Vodafone, which I have mentioned previously in this context, has good chart action and yields 5.42% with a 5-year dividend growth record of 12.31%; the historic and estimated PERs are 9.32 and 9.76. Yield chart.

Conclusion - there is value out there and yield is a compelling theme in a low interest rate environment.