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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 18-Dec-2014Ord
|Net Dividend Yield||4.12%|
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 sctor breakdown, the twenty largest investments and an outlook for the Trust
The FTSE All-Share Index rose during November ending the month 2.9% higher on a total return basis. The fall in the oil price and OPEC’s decision to maintain production resulted in the poor performance of those companies exposed to the sector but elsewhere the market performed well helped in part by the prospective benefits of lower oil prices. From a size perspective, the FTSE 100 outperformed both the FTSE 250 and SmallCap Indices over the month.
UK macroeconomic data during November painted a robust picture. The UK Services PMI rose ahead of expectations, although Manufacturing printed in line and the Construction PMI was a little weaker than expected. These readings suggest growth of around 0.6% in the fourth quarter. CPI inflation rose from 1.2% in September to 1.3% in October as transport costs reduced at a slower rate and computer games prices increased. 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 to the fall in unemployment. Internationally, the story remains similar with generally uneven growth characterised by strength in the United States offset by weakness in the eurozone together with a gentle slowdown in emerging markets.
During the month we sold our holding in Shell’s A shares and bought back the B shares in order to eliminate the withholding tax on the dividend. We also reduced the holding in ENI given concerns about the impact the fall in the oil price would have on the company’s earnings. We continued to write options, including puts in Ultra Electronics and Rolls-Royce, and calls in Compass and Roche 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 a relatively benign domestic economic environment is likely to be a helpful underlying dynamic, profit growth is likely to remain hard won given the prospect of rising 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