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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 29-Jan-2015Ord
|Net Dividend Yield||4.00%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.
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, a sctor breakdown, the twenty largest investments and an outlook for the Trust
The FTSE All-Share Index fell by 1.6% in December but ended the year 1.2% higher on a total return basis. Volatility increased during the month as oil prices continued to trend lower. From a size perspective, the FTSE 100 index underperformed over the period given its greater exposure to oil and mining companies which both performed relatively poorly.
UK macroeconomic data during December painted a weakening picture, albeit from a robust starting point. GDP growth for the year to the end of the third quarter was revised down by 0.4% to 2.6%. The current account deficit increased to £27bn representing 6.0% of GDP due to lower receipts from foreign direct investment. Furthermore, the UK Services PMI decreased more than expected although the sector continues to expand. The Manufacturing and Construction PMIs delivered a similar message with activity slowing compared to the prior month. CPI inflation fell from 1.3% in October to 1.0% in November as fuel and transport prices declined. However wage growth increased in the three months to the end of October to 1.6% leading to positive real wage growth. The Monetary Policy Committee continued to leave interest rates unchanged. Overseas, the eurozone experienced deflation for the first time since 2009 increasing the pressure on the European Central Bank to take further measures to stimulate the economy.
During the month we added to our holding in Nordea given the bank’s strong capital position and attractive prospects for dividend growth. There were a number of changes as a result of option assignments: the holdings in AB Foods and Svenska Handelsbanken were marginally reduced and Weir marginally increased. We wrote one option, a call in Sage to help gently increase 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 a relatively benign domestic economic environment is likely to be a helpful underlying dynamic, profit growth is likely to remain hard won given the prospect of rising interest rates and growing political uncertainty. 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