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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 02-Jul-2015Ord
|Net Dividend Yield||4.42%|
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 May rising by 1.4% on a total return basis. The market was buoyed by the result of the general election. From a size perspective, the FTSE SmallCap and 250 Indices significantly outperformed the FTSE 100 Index. Sectorally, mobile telecoms and support services outperformed and mining and pharmaceuticals underperformed.
Although the picture had been complicated by uncertainty leading up to the general election, UK macroeconomic data during May suggested a slowdown in economic activity. The recent weaker than expected performance in manufacturing appears to have spread to services with the PMI survey suffering a sharp slowdown. The second estimate of first quarter GDP growth was unrevised at 0.3%. Unemployment continued to fall with the unemployment rate reducing to 5.5% for the three months to March from 5.6% in the previous period. CPI inflation turned negative for the first time in more than 50 years falling to -0.1% in April compared to zero in March. The Monetary Policy Committee continued to leave interest rates unchanged.
During May we completed the purchase of a holding in Elementis, a speciality chemicals company. We believe the company has attractive growth prospects, particularly supplying into the personal care industry, a net cash balance sheet and an attractive dividend policy. In addition, we topped up our holding in Ultra Electronics given the attractive valuation and also increased our exposure to Vodafone following a positive meeting with the company’s chief executive. Conversely we reduced our holding in Tesco given the more attractive opportunities listed above.
Given the strength of the recovery in share prices and the lack of aggregate earnings growth over the past 5 years, it is very difficult to argue that valuations in absolute terms look attractive. However, on a relative basis, equities still look appealing relative to bonds and it is this relationship, buoyed by quantitative easing, that has driven the equity market higher. This lack of fundamental valuation support concerns us but the potential for a sustained period of real wage growth, lower oil prices, the impact of quantitative easing in Europe and a businessfriendly general election results provides some comfort.
Source: Monthly Factsheet Aberdeen Asset Managers Limited