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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-Mar-2015Ord
|Net Dividend Yield||4.02%|
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 increased by 2.6% in December on a total return basis. Highlights of the month included the move by the Swiss National Bank to end the Swiss franc/euro rate cap and the decision by the European Central Bank to embark on a policy of ‘full’ quantitative easing. From a size perspective, the FTSE 100 Index outperformed both the FTSE 250 and SmallCap Indices over the period. Sectorally, tobacco and pharmaceuticals outperformed and oil and mining companies underperformed.
UK macroeconomic data during January painted a robust picture with both the Services and Manufacturing PMIs posting increases on the prior month. The initial estimate of fourth quarter 2014 GDP suggested an increase of 0.5% compared to 0.7% in the third quarter. GDP in 2014 increased by 2.6% for the year compared to 2013. CPI inflation fell from 1.0% in November to 0.5% in December mostly due to the fall in fuel prices. The Monetary Policy Committee continued to leave interest rates unchanged however Ian McCafferty and Martin Weale who had previously voted for an increase in rates reversed their decisions. Overseas, deflation in the eurozone prompted the ECB to announce the purchase of €60bn of bonds per month from March this year until at least September 2016.
January was a relatively quiet month for trading; however we did add to our holding in Nordea given the bank’s strong capital position and attractive prospects for dividend growth. We wrote a number of options including calls in Land Securities, Schneider Electric and Associated British Foods and puts in Ultra Electronics, Inmarsat and Vodafone. 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 buoyed by the effects of quantitative easing. As such the price the market is willing to ascribe for security of earnings and dividends is now relatively high but as long as bond yields stay low equities are likely to be valued through the lens of the bond market. However, earnings growth is likely to remain hard won and political risk in the UK certainly complicates the picture but there are some rays of light – lower oil prices should act as a potent stimulus, we should see a period of real wage growth as weaker oil prices bear down on inflation and quantitative easing in Europe should increase demand for UK exports all helping the domestic economy to continue to trundle along at a relatively steady clip.
Source: Monthly Factsheet Aberdeen Asset Managers Limited