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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
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Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.
At close 01-Oct-2015Ord
|Net Dividend Yield||4.81%|
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 particularly poorly during August falling by 5.3% on a total return basis. Concern that China was suffering a sharp slowdown in growth impacted investor sentiment. From a size perspective, the FTSE SmallCap and 250 Indices outperformed the FTSE 100 Index given their greater domestic focus. Sectorally, food producers and insurance companies outperformed and the mining and oil sectors underperformed.
UK macroeconomic data during August suggested a small slowdown in economic activity. The Services PMI data printed below expectations although it still remains in healthy territory. The Manufacturing PMI survey fell marginally in August compared to July but growth in the sector remains muted given weak demand overseas and the strength of sterling. CPI inflation marginally increased to 0.1% in the year to July compared to an unchanged level in the prior month. The Monetary Policy Committee continued to leave interest rates unchanged having weighed up on the one hand a narrowing output gap and nascent signs of wage pressure, and on the other hand, weak inflation due to the strength of sterling and lower commodity prices.
In China, although GDP growth of 1.7% in the second quarter was in line with expectations, data subsequently has been weaker leading to concerns that China is slowing more quickly than expected with significant volatility in the Chinese equity market and government intervention in the currency market further affecting sentiment.
During August we sold the holding in Tesco given concerns over the competitive environment and structural developments in the food retail industry. We also reduced the holding in Centrica following the company’s strategy review which was a little underwhelming. We continued to write options to gently increase the income available to the Trust with calls in Unilever and Nestlé amongst others, and puts in Microsoft and Ultra Electronics.
Despite the recent falls in share prices, it is very difficult to argue that valuations in absolute terms look particularly attractive. Furthermore, the prospect of rising interest rates in the United States may well present further challenges for equities. We remain watchful of slowing growth in emerging markets and China in particular. 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