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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-Oct-2014Ord
|Net Dividend Yield||4.13%|
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, a sctor breakdown, the twenty largest investments and an outlook for the Trust
The FTSE All-Share Index fell during September ending the month 2.8% lower on a total return basis. Despite a vote against independence in the Scottish referendum, the market traded down as concerns over the timing of interest rate rises in the US and the weak economic backdrop in Europe led investors to take profits. The mining and food retail sectors underperformed while the beverages sector outperformed during the period. From a size perspective, the FTSE 250 Index underperformed both the FTSE 100 and SmallCap Indices over the month.
UK macroeconomic data during September suggested that although growth remains robust, the picture had become a little more mixed: for example, both the manufacturing and services PMIs were a little weaker than expected. A change in methodology resulted in the Office for National Statistics declaring that the UK economy had exceeded its preeconomic downturn peak in the third quarter of 2013 rather than, as previously believed, the second quarter of this year. CPI inflation fell to 1.5% in August from 1.6% in July as the cost of petrol and food declined. The Monetary Policy Committee continued to leave interest rates unchanged. However, two members continued to vote in favour of a rate rise based on their belief that wages would soon pick up given a lagged impact.
September was a relatively quiet month in terms of trading. We marginally reduced our holding in Roche following the exercise of a call option. We continued to write options, including a put in BHP Billiton and calls in Close Brothers, ENI and Unilever amongst others to 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 an improvement in economic growth is likely to be a helpful underlying dynamic, profit growth is likely to remain hard won given the prospect of rising domestic 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