I saw some good article in Money Observer recently which highlight the benefits of Investment Trusts or IT's over their open ended cousins. The table above highlights this, although worth noting that the 10 year period covered was obviously positive which will have helped those IT's with gearing. You can read the full article from which this table is extracted here if that is of interest.
You may be sceptical about this and I know that many are keen on either Indexing to avoid the risk of picking and paying for an active fund manager who then goes onto under perform. I'm sure that many hit by the Woodford fall out will be feeling that way. Indeed even the IT structure of his Patient Capital Trust didn't save investors from his poor strategy, highlighting the need to understand the risks that managers are running when selecting a fund to invest in.
Talking of risks, others I know prefer to go it alone and go their own way, often with very focused or concentrated portfolios, which is fine when things go well but could be painful when things don't. Indeed I have done that successfully myself in the past (although I'm more diversified these days) but I have been doing it in recent years with the Compound Income Scores Portfolio. This has out performed well over 4 and half years or so that it has been going (see here for details) but that has not been without some volatility along the way, although the rewards have been more than adequate to compensate for that. If you're interested in trying that yourself you can read how you can gain access to the Scores here if you'd like to use them to help you run your own income portfolio.
Aside from that the other way to go, apart from Index Trackers, would I suggest be a portfolio of quality IT's to give you a diversified and less volatile ride (than a concentrated portfolio) with a decent chance of income growth on top from a selection of the well know Investment Trust Dividend Heroes as they are known as they have grown their dividends for decades. Again see the image below from Money Observer for details of these and you can read the full article here if that is of any interest. Again you would need to investigate the strategy pursued by the manager and the markets they invest in to make sure you are comfortable with the risks they are taking.
Whatever you are doing or if you decide to go your own way or invest in Heroes, however you decide to invest in the future, watch how you go in these interesting times.