Please be aware of scams that can affect investors.
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
Investor warning: Please be aware of scams that can affect investors. Read the full warning here.
Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 27-Aug-2015Ord
|Net Dividend Yield||4.60%|
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 sector breakdown, the twenty largest investments and an outlook for the Trust
The FTSE All-Share Index performed well during July rising by 2.4% on a total return basis. Investor sentiment was buoyed by progress in talks surrounding Greece’s debt position. From a size perspective, the SmallCap and 250 Indices underperformed the FTSE 100 Index. Sectorally, pharmaceuticals and tobacco outperformed and mining and oil underperformed.
UK macroeconomic data during July suggested a small slowdown in economic activity. The Services PMI data printed below expectations in July although it still remains in healthy territory. The Manufacturing PMI survey improved marginally in July compared to June but growth in the sector remains muted given weak demand overseas and the strength of sterling. CPI inflation was unchanged in the year to June. The Monetary Policy Committee continued to leave interest rates unchanged although if it had not been for the uncertainty in Greece, it appears as though a number of members would have been keen on a small rate rise.
During July we added to the holding in Imperial Tobacco given the strong prospects for the company’s activities in the United States. We also took part in GKN’s placing to help fund the acquisition of Fokker Technologies which we believe is a good fit for the company. We continued to write options to gently increase the income available to the Trust with calls in Associated British Foods and Land Securities, and puts in Compass and Inmarsat.
Given the strength of the recovery in share prices, aided by the policies of central banks, and the lack of aggregate earnings growth, it is very difficult to argue that valuations in absolute terms look attractive. Furthermore, the prospect of rising interest rates in the United States may well present further challenges for equities. The Conservative majority at the general election provides on the one hand a more business-friendly setting, however, on the other hand, the market will at some point need to consider the prospects for a referendum on the United Kingdom’s membership of the European Union. Although the short term outlook for equity returns is likely to stay 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