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 WarningPast Performance
Past performance is no guide to future performance.
See latest monthly factsheet below for performance history.
Daily Data
At close 17-May-2012
Ord| Price | 617.00p |
| NAV | 598.38p |
| Prem/-Disc | 3.11% |
| Net Dividend Yield | 4.66% |
Source: Morningstar
NAV = Net Asset Value
Literature
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.
Citywire TV - Interview with Charles Luke
February 2012
Manager's Monthly Report
April 2012
The FTSE All-Share Index ended March lower, falling by 0.9% on a total return basis although the market rose by 6.1% over the quarter. During the month concerns over slowing growth in China despite the continued recovery in the US economy weighed on sentiment. The more defensive areas of the market such as tobacco and food retail outperformed while sectors exposed to global growth, and in particular mining, underperformed.
The Budget delivered during the period brought little in the way of surprises. The Office for Budget Responsibility (OBR) massaged its expectations for GDP growth increasing its forecast for 2012 to 0.8% but reducing its forecast for 2013 to 2.0%. The OBR’s expectations for unemployment remain unchanged with a jobless rate of 8.7% for this year and then gradually falling over the medium term. Highlights of the data releases during the month included the manufacturing PMI survey that printed a little ahead of expectations and suggested that the sector is continuing to expand. CPI inflation fell marginally less than expected to 3.4% in February from 3.6% in January. The Monetary Policy Committee left interest rates and the level of asset purchases unchanged.
During the month we added to our holding in pharmaceutical companies GlaxoSmithKline and Roche as we continue to believe that their prospects are being undervalued by the market. In contrast we reduced our holding in Aviva given the uncertain macroeconomic outlook, particularly in Europe. A number of call options were assigned resulting in marginal reductions to our holdings in British American Tobacco, Land Securities and National Grid. These proceeds were used to repay £5m of borrowings that we had drawn down during the period of market weakness last autumn. We continued to write options as a means of gently increasing the income available to the Trust with calls in Close Brothers and Provident Financial and puts in HSBC and Sage amongst others.
Although the market has recovered from its lows since the autumn, the outlook remains difficult and opaque. High levels of European and US government debt, stress in the financial system, the impact of austerity measures and the challenges related to economic rebalancing remain significant barriers to economic growth. However, we take comfort that valuations do not look particularly expensive on an absolute or relative basis, and corporate balance sheets are generally in good shape.
Source: Monthly Factsheet Aberdeen Asset Managers Limited