Murray Income Trust PLC
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Investor Warning

Please be aware of scams that can affect investors.

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NMPI Status

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.

 

Pre-investment Disclosure Document (PIDD)

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”.

Read the PIDD for Murray Income Trust

 
 

Morningstar Ratings

Analyst Rating

Morningstar bronze award

Fund Rating

4 star Rating
 
 

Risk Warning

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

Past performance is not a guide to future results.
See latest monthly factsheet below for performance history.

 
 

Daily Data

At close 27-Mar-2015

Ord
Price748.50p
NAV790.71p
Prem/-Disc-5.34%
Net Dividend Yield4.18%


Source: Morningstar, NAV = Net Asset Value, excluding income.

 
 
 
 
 

Portfolio Holdings Disclaimer

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.

 
 

Trust Details

Murray Income Trust PLC

Registered Office:
7th Floor
40 Princes Street,
Edinburgh,
EH2 2BY

Registered in Scotland as an Investment Company Number 12725

 

Murray Income Trust PLC

Objective

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.

 
 

Murray Income Trust PLC Annual Report for the Year ended 31 December 2014
Charles Luke, Senior Investment Manager

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

Click here to listen to the presentation.

 

 

Manager's Monthly Report

February 2015

The FTSE All-Share Index performed strongly during February rising by 3.7% on a total return basis. Stabilisation of the oil price and the prospect of the European Central Bank embarking on its policy of quantitative easing buoyed sentiment.

From a size perspective, the FTSE 250 Index significantly outperformed the FTSE 100 and FTSE SmallCap Indices. Sectorally, oil and gas, and mining outperformed and utilities and mobile telecoms underperformed.

UK macroeconomic data during February painted a mixed picture with the Manufacturing PMI increasing more than expected although the Services PMI was a little weaker than forecast. However both readings remain comfortably above the mark denoting growth. The second estimate of fourth quarter 2014 GDP remained unchanged at 0.5%. Unemployment continued to fall with the unemployment rate reaching 5.7% in December. CPI inflation fell from 0.5% in December to 0.3% in January mostly due to the fall in food and fuel prices. With average earnings increasing by 2.1% in the fourth quarter of the year compared to a year earlier, we are likely to see a period of sustained real wage growth. The Monetary Policy Committee continued to leave interest rates unchanged. Overseas, PMI data in Europe hinted at a pick-up in activity. On the other hand, expectations for growth in the Chinese economy in 2015 have gently fallen.

February was a relatively quiet month for trading. However, we did add to our holding in Microsoft based on our view that the shares had been oversold following a mildly disappointing trading update. We also marginally reduced the holding in Tesco, although the share price has performed strongly over the past couple of months we believe the longer term outlook for the company remains uncertain. We wrote a number of options including calls in Unilever and Tesco and puts in Rolls-Royce and BHP Billiton. 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