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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 30-Jul-2015Ord
|Net Dividend Yield||4.46%|
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 June falling by 5.8% on a total return basis, the worst monthly performance in three years. Concern about Greece’s debt issues affected investor sentiment. From a size perspective, the FTSE SmallCap and 250 Indices significantly outperformed the FTSE 100 Index. Sectorally, fixed telecoms and food retail outperformed and mining and aerospace underperformed.
Although the picture has been complicated by the general election, UK macroeconomic data during June suggested a small rebound in economic activity.
The Services Purchasing Manager’s Index (PMI) data improved in June from its reading in May although the Manufacturing PMI remained unchanged. The third estimate of first quarter Gross Domestic Product (GDP) growth was revised up to 0.4%. During 2014 GDP was estimated to have increased by 3.0% although GDP per head only increased by 2.3% emphasising the productivity challenge. Consumer Prices Index (CPI) inflation rose by 0.1% in May compared to a 0.1% fall in April. The Monetary Policy Committee continued to leave interest rates unchanged although for two members the decision to hold or raise rates was finely balanced.
During June we added to the holding in Elementis following the market’s overly negative reaction to the company’s most recent trading update. We marginally increased the holding in Pearson given its attractive long term growth prospects. Finally, we sold the small holding in South32, reinvesting the proceeds back into its parent company BHP Billiton.
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 business-friendly general election result should at least partly offset near term concerns over Greece and the Chinese economy.
Source: Monthly Factsheet Aberdeen Asset Managers Limited