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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 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 22-Apr-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 recovered its January losses rising by 5.2% in February on a total return basis. The market was helped by an improvement in investor sentiment. Banks and aerospace underperformed while the tobacco sector outperformed over the month. From a size perspective the FTSE 250 Index outperformed both the FTSE 100 and SmallCap Indices.
UK macroeconomic data during the month continued to highlight an improving economic picture. The second estimate of fourth quarter 2013 GDP growth remained unchanged at 0.7% although the annual growth rate was revised down to 2.7%. CPI inflation continued to fall reducing from 2.0% in December to 1.9% January – the first time since November 2009 that it has fallen below the Government’s target of 2.0%. The Monetary Policy Committee continued to leave interest rates unchanged but noted the increased momentum of recovery in the domestic economy and surmised that a rise in interest rates would be gradual. Overseas, there were continued encouraging signs in developed economies offset by volatility in a number of emerging markets.
During the month we added to BHP Billiton and HSBC as concerns over their emerging market exposure led to share price weakness – our belief is that the long term outlook for their end-markets remains bright. In addition, we also increased our holding in Nordea, following a constructive meeting with the management team. Conversely we sold the holding in AMEC as we believe that the company’s recent corporate activity increases the cyclicality of the business and removes the safety net provided by its strong balance sheet. We continued to write options to gently increase the income available to the Trust with calls in Land Securities, AB Foods, GKN and Close Brothers, and puts in Sage, HSBC and Rolls-Royce.
For the market to make significant further progress it is likely that we will need to see a recovery in earnings as a continuation of the rerating that we have witnessed over the past couple of years seems improbable. We believe that earnings do have the potential to recover, given the improving macroeconomic environment, which has been helped by significantly accommodative policies in developed economies. For the UK recovery to be enduring it would be helpful to experience real wage growth and a rebalancing of the economy. Valuations, although not so appealing on an absolute basis, remain attractive relative to other asset classes. Although a variety of challenges remain, companies are in decent shape and we believe that those with strong competitive positions, experienced management teams and healthy financial characteristics will be able to continue to deliver attractive returns over the longer term.
Source: Monthly Factsheet Aberdeen Asset Managers Limited