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The Company currently conducts its affairs so that securities issued by Murray Income Trust PLC can be recommended by financial advisers to ordinary retail investors in accordance with the FCA’s rules in relation to non-mainstream pooled investment products (NMPIs) and intends to continue to do so for the foreseeable future.
The Company’s securities are excluded from the FCA’s restrictions which apply to non-mainstream investment products because they are securities in an investment trust.
The Alternative Investment Fund Manager Directive (“AIFMD”) requires Aberdeen Fund Managers Limited, as the alternative investment fund manager of Murray Income Trust PLC, to make available to investors certain information prior to such investors’ investment in the Company.
The AIFMD is intended to offer increased protection to investors in investment products that do not fall under the existing European Union regime for regulation of investment products known as “UCITS”.
The value of investments and the income from them may go down as well as up and investors may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Please refer to the Key Facts documents contained in the ISA/Share Plan Brochure & Application form for general and specific investment risks attaching to the individual trusts.Read the detailed Risk Warning
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 26-Aug-2014Ord
|Net Dividend Yield||3.95%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
40 Princes Street,
Registered in Scotland as an Investment Company Number 12725
The objective of Murray Income Trust PLC is to achieve a high and growing income combined with capital growth through investment in a portfolio principally of UK equities.
In this webcast, Charles Luke gives an update on a wide range of subjects including performance, sector breakdown, the twenty largest investments and an outlook for the Trust.
The FTSE All-Share Index ended July marginally lower falling by 0.3% on a total return basis. Geopolitical issues, particularly developments in Ukraine, coupled with the prospect of rising interest rates in the UK, heightened investors’ concerns. The mining and banks sectors outperformed while the food retail sector underperformed during the period. From a size perspective, the FTSE 250 Index underperformed both the FTSE 100 and Small Cap indices over the month.
UK macroeconomic data during July suggested that although growth remains robust, the picture had become a little more mixed. On the one hand, house prices appear to have paused for breath, consumer confidence has retreated and the Manufacturing PMI was a little weaker than expected but on the other hand, the strong Services PMI for July provided an offset to these weaker data points. CPI inflation increased from 1.5% in May to 1.9% in June primarily due to higher clothing and food prices. The Monetary Policy Committee continued to leave interest rates unchanged, and together with the points mentioned above, anaemic wage growth, strong sterling and weakness in the Eurozone provide counter-arguments to those expecting interest rates to rise imminently.
July was a quiet month in terms of trading. We wrote puts in Sage and Inmarsat, and calls in Roche to increase gently the income available to the Company.
The UK equity market has rallied strongly over the past couple of years driven not by an increase in earnings but a rerating of earnings. Although an improvement in economic growth is likely to be a helpful underlying dynamic, reported profit growth is likely to remain hard won given the prospect of rising domestic interest rates and currency headwinds. Although the short term outlook for equity returns may be more difficult, we remain sanguine about the medium to long term opportunities for the companies in the portfolio. We believe that globally competitive businesses with strong balance sheets will prosper over the long term and ultimately offer the best earnings and dividend growth prospects.
Source: Monthly Factsheet Aberdeen Asset Managers Limited