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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 24-Jul-2014Ord
|Net Dividend Yield||3.92%|
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 June in negative territory falling by 1.3% on a total return basis. Concerns over the impact of rising UK interest rates on a number of domestic-facing sectors coupled with heightened geopolitical risk led to some profit-taking. The oil and gas sector outperformed while the banks sector underperformed during the period. From a size perspective, the FTSE 250 Index underperformed the FTSE 100 Index over the month.
UK macroeconomic data during the month continued to demonstrate the economy showing good momentum with robust Manufacturing and Services PMI surveys pointing to similar levels of GDP growth as the first quarter. CPI inflation fell from 1.8% in April to 1.5% in May primarily due in part to a reduction in air fares. The Monetary Policy Committee continued to leave interest rates unchanged although the Governor, Mark Carney, suggested that interest rates might rise sooner than the market expected during his Mansion House speech. Overseas, the US first quarter GDP figures were revised down to a fall of 2.9% on an annualised basis, much worse than expected, although subsequent data has suggested a sharp rebound in the world’s largest economy during the second quarter.
June was a quite month in terms of trading. The call options in Associated British Foods and AstraZeneca were assigned which lead to a small reduction in these two holdings. We also wrote calls in Nestlé to gently increase the income available to the Trust.
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. Despite the likely trajectory of rising domestic interest rates and the strength of sterling, an earnings recovery seems probable given the gradually improving global macroeconomic environment. Even so, valuations on an absolute basis for many companies still appear stretched. However, we believe that there is value to be found, predominantly in the less exciting areas of the market that tend to be overlooked at times of investor exuberance.
Source: Monthly Factsheet Aberdeen Asset Managers Limited