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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 05-Dec-2013Ord
|Net Dividend Yield||4.05%|
Source: Morningstar, NAV = Net Asset Value, excluding income.
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 ended the month sharply higher, rising by 4.3% on a total return basis. Macroeconomic risk dissipated and hopes for a concerted global economic recovery increased helping to inflate equity markets. Performance was mixed, the life insurance and mobile telecoms sectors outperformed but mining and electricity companies underperformed over the month. From a size perspective the FTSE 100 Index outperformed the FTSE SmallCap and 250 Indices.
UK macroeconomic data demonstrated further encouraging signs during the month. The initial estimate of third quarter GDP growth was 0.8%, its strongest reading for more than three years. Although most of the growth has been driven by consumer demand, recent manufacturing PMI data suggests that the recovery may be broadening out a little. CPI inflation remained steady at 2.7% during September. Unsurprisingly, the Monetary Policy Committee left interest rates unchanged. Overseas, recent data has pointed to a small pick-up in Chinese growth expectations, while on the other hand the US economy has demonstrated signs of weakening, although it is difficult to discern the extent to which this is related to the government shutdown and deficit negotiations.
October was a relatively quiet month for trading. However, the holding in AB Foods was reduced following the assignment of a call option. We continued to write options as a means of gently increasing the income available to the Trust with puts in Sage and Inmarsat, and calls in Wm. Morrison Supermarkets.
The UK equity market has performed strongly over the past year helped by the reduction in macroeconomic tail risks and improving growth expectations. However, economies around the world are providing varied signals in terms of their outlook for growth and a number of salient structural issues remain unresolved. We take comfort that companies are in general in good shape and that valuations, although not cheap on an absolute basis, look attractive relative to other asset classes. The portfolio retains exposure to a mixture of robust businesses with strong competitive positions and healthy financial characteristics. We continue to believe that these attributes are the best way to ensure attractive earnings and dividend growth over the long term.
Source: Monthly Factsheet Aberdeen Asset Managers Limited