Murray Income Trust PLC

An investment trust founded in 1923 aiming for high and growing income with capital growth


Morningstar rating:
5 out of 5

Daily prices as of {{asOfDate}}

{{item.label}} {{item.value}} {{item.unit}}

Proposed combination with Perpetual Income and Growth Investment Trust plc (PLI)

The Board of Murray Income are thrilled to have won a highly competitive tender run by the board of Perpetual Income and Growth Investment Trust plc for a combination of the two companies to be implemented by way of a scheme of reconstruction under section 110 of the Insolvency Act 1986. It is a recognition of the strength of the people, process and performance of our management team led by Charles Luke, supported by Iain Pyle and the rest of their UK team at Aberdeen Standard Investments. Combined with a projected 0.38% blended management fee, which compares to pre-combination blended fee rates of 0.48% for the Company and 0.55% for PLI, our proposal proved compelling. The two companies have very similar objectives, delivering high and growing income combined with capital growth. If approved by shareholders, the proposed combination with PLI will create a company with gross assets in excess of £1 billion. Further details can be found below:

Annual General Meeting (AGM)

The Company's AGM is scheduled to be held on Friday, 27 November 2020. In the light of developing UK and Scottish Government guidance and measures relating to Covid-19, including restrictions on public gatherings and maintaining social distancing, and the likelihood that these measures will remain in place until at least the end of the year, the Board has determined that this year's AGM will follow the minimum legal requirements. This means that physical attendance at the meeting is extremely unlikely to be possible and the Chairman may, in his or her sole discretion, limit the number of individuals able to attend the meeting. Arrangements will be made by the Company to ensure that the minimum number of shareholders required to form a quorum will attend the meeting in order that the meeting may proceed and the business concluded. A presentation from the Investment Manager, along with the AGM results, will be made available to shareholders on the Company’s website shortly after the AGM.

Shareholders are strongly advised not to attempt to attend the AGM in person and instead exercise their votes in respect of the meeting in advance. The Company's 2020 Annual Report and AGM details can be found below.

Latest news

An update from our investment manager, Charles Luke - 28 September 2020

The coronavirus crisis represents an highly unusual episode for equity markets given that it represents a combination of a demand and supply shock leading to significant concerns about the financial viability of companies. Although there are some exceptions due to the unusual circumstances of the crisis, in general companies with robust business balance sheets and strong business models are best placed to navigate these very challenging times. These are the types of companies that we focus on in the Murray Income Trust portfolio and although it is little consolation given the falls in the market since the start of 2020, on a gross assets basis, we are pleased with the performance of the portfolio in the current conditions.

We have sold a number of companies that are particularly exposed to the coronavirus and are surveying the market closely for opportunities to add to holdings where we believe the market reaction has been too severe. We remain in close dialogue with our holdings to understand their thoughts.

Although the trajectory of an economic recovery will be dependent on a range of factors including further government support, whether we witness a second wave of the virus, the timing and availability of a vaccine, and behavioural changes, it seems likely that the post-coronavirus environment will be characterised by a long period of subpar growth, limited inflation, low interest rates and high corporate debt. In addition, the end of the transition period for Brexit adds a further layer of ambiguity regarding our future relationship with the EU and as a consequence of those negotiations, the rest of the world.  Furthermore, the outcome of the upcoming US election is too close to call. In these difficult circumstances we believe that companies with attractive dividend yields, sound growth prospects and strong balance sheets are likely to be prized more highly than ever. Therefore it seems eminently sensible to maintain our careful and measured approach to these high quality companies that should be able to thrive in this challenging environment and emerge in a stronger competitive position.

About us

Hear more from our investment manager Charles Luke:

 

Key people

Charles-Luke

Charles Luke

Investment Director

Charles Luke is an Investment Director on the UK and European equities team having joined Aberdeen in 2000. Charles started his career at Framlington Investment Management in 1998, covering UK equities.

Charles graduated with a BA in Economics and Japanese Studies from Leeds University and an MSc in Business and Economic History from the London School of Economics.

Iain Pyle

Iain Pyle

Investment Director

Iain has been an Investment Director in the UK Equities team for Aberdeen Standard Investments since 2015. He is the lead manager of Shires Income plc and is deputy manager for Murray Income Trust and Aberdeen Standard Equity Income Trust plc. Within his role, he manages the UK Equity High Income Fund and the Bothwell UK Equity Income Fund and has sector responsibility for oil & gas and banks.

Iain has been covering analyst for the pharmaceutical and healthcare sectors. He is also a member of the Pan-European fund management team. Prior to joining Standard Life Investments, Iain was a Vice President on the number one ranked European Oil & Gas research team at Sanford Bernstein from 2007. He also worked as a management consultant at PwC. Iain holds an MSc, Masters in Chemical Engineering, ACA, CFA and is a qualified accountant.

  • Charles Luke

    Investment Director

    Charles Luke is an Investment Director on the UK and European equities team having joined Aberdeen in 2000. Charles started his career at Framlington Investment Management in 1998, covering UK equities.

    Charles graduated with a BA in Economics and Japanese Studies from Leeds University and an MSc in Business and Economic History from the London School of Economics.

  • Iain Pyle

    Investment Director

    Iain has been an Investment Director in the UK Equities team for Aberdeen Standard Investments since 2015. He is the lead manager of Shires Income plc and is deputy manager for Murray Income Trust and Aberdeen Standard Equity Income Trust plc. Within his role, he manages the UK Equity High Income Fund and the Bothwell UK Equity Income Fund and has sector responsibility for oil & gas and banks.

    Iain has been covering analyst for the pharmaceutical and healthcare sectors. He is also a member of the Pan-European fund management team. Prior to joining Standard Life Investments, Iain was a Vice President on the number one ranked European Oil & Gas research team at Sanford Bernstein from 2007. He also worked as a management consultant at PwC. Iain holds an MSc, Masters in Chemical Engineering, ACA, CFA and is a qualified accountant.

Neil Rogan

Neil Rogan

Chairman

Neil was appointed a Director on 26 November 2013 and became Chairman on 6 November 2017.

He is former Head of the Global Equities Team at both Gartmore and Henderson and former Head of International Equities, as well as a former member of the Investment Division Executive Committee, at Gartmore. He has previously managed Fleming Far Eastern Investment Trust and, while at Touche Remnant, he worked on TR Pacific Basin Investment Trust, TR Technology Trust and Bankers Investment Trust.

Donald Cameron

Donald Cameron

Non-Executive Director

Donald Cameron was appointed a Director in September 2012. He qualified at the Bar of England and Wales in 2002. Having transferred to the Faculty of Advocates, he was called to the Scottish Bar in 2005, and now practises as an Advocate in Scotland. He is a non-executive director of Edinburgh Worldwide Investment Trust plc.

Stephanie Eastment

Stephanie Eastment

Chairman of Audit Committee

Stephanie was appointed a Director on 2 August 2018. Just prior to this she retired from being Head of Specialist Funds Company Secretariat and Accounts at Invesco Perpetual, where she had worked since 1996 specialising in the asset management industry with particular focus on investment trusts. Her career spans over 30 years working in financial services including roles at UBS, Wardley Investment Services International and KPMG. She is a Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of the Institute of Chartered Secretaries and Administrators and a member of the Technical Committee of the Association of Investment Companies.

Jearn Park

Jean Park

Senior Independent Director

Appointed a Director in July 2012 and Senior Independent Director in November 2018, Jean is an independent non-executive director of Admiral Group plc and NHBC. She was formerly Group Chief Risk Officer at Phoenix Group until June 2013 and previously Risk Management Director of the Insurance and Investments Division of Lloyds TSB and Head of Compliance and Audit at Scottish Widows.

Peter Tait

Peter Tait

Non-Executive Director

Peter was appointed as a Director in November 2017, having recently retired from the Nestlé Group where he was initially Head of Investments for the Nestlé UK Pension Fund and then CEO & CIO of Nestlé Capital Management. Prior to Nestlé he worked for many years in the investment management industry managing portfolios for investment trusts, pension funds and charitable foundations.

During that time he was a Managing Director at BlackRock International and, before that, a Director of Dunedin Fund Managers and a portfolio analyst at Scottish Widows Life Assurance Fund. Prior to working as an investment manager, Peter worked for five years as an economist in the agricultural industry.

Merryn_Somerset 250x350px

Merryn Somerset Webb

Director

Merryn Somerset Webb was appointed as a Director on 7 August 2019. She is the Editor-in-Chief of UK personal finance magazine Money Week and comments regularly on financial matters across radio and television. She brings a wealth of investment trust experience as well as a particular knowledge of, and interest in, developing the links between investment trusts and their current and potential retail investor base.

  • Neil Rogan

    Chairman

    Neil was appointed a Director on 26 November 2013 and became Chairman on 6 November 2017.

    He is former Head of the Global Equities Team at both Gartmore and Henderson and former Head of International Equities, as well as a former member of the Investment Division Executive Committee, at Gartmore. He has previously managed Fleming Far Eastern Investment Trust and, while at Touche Remnant, he worked on TR Pacific Basin Investment Trust, TR Technology Trust and Bankers Investment Trust.

  • Donald Cameron

    Non-Executive Director

    Donald Cameron was appointed a Director in September 2012. He qualified at the Bar of England and Wales in 2002. Having transferred to the Faculty of Advocates, he was called to the Scottish Bar in 2005, and now practises as an Advocate in Scotland. He is a non-executive director of Edinburgh Worldwide Investment Trust plc.

  • Stephanie Eastment

    Chairman of Audit Committee

    Stephanie was appointed a Director on 2 August 2018. Just prior to this she retired from being Head of Specialist Funds Company Secretariat and Accounts at Invesco Perpetual, where she had worked since 1996 specialising in the asset management industry with particular focus on investment trusts. Her career spans over 30 years working in financial services including roles at UBS, Wardley Investment Services International and KPMG. She is a Fellow of the Institute of Chartered Accountants in England and Wales, a Fellow of the Institute of Chartered Secretaries and Administrators and a member of the Technical Committee of the Association of Investment Companies.

  • Jean Park

    Senior Independent Director

    Appointed a Director in July 2012 and Senior Independent Director in November 2018, Jean is an independent non-executive director of Admiral Group plc and NHBC. She was formerly Group Chief Risk Officer at Phoenix Group until June 2013 and previously Risk Management Director of the Insurance and Investments Division of Lloyds TSB and Head of Compliance and Audit at Scottish Widows.

  • Peter Tait

    Non-Executive Director

    Peter was appointed as a Director in November 2017, having recently retired from the Nestlé Group where he was initially Head of Investments for the Nestlé UK Pension Fund and then CEO & CIO of Nestlé Capital Management. Prior to Nestlé he worked for many years in the investment management industry managing portfolios for investment trusts, pension funds and charitable foundations.

    During that time he was a Managing Director at BlackRock International and, before that, a Director of Dunedin Fund Managers and a portfolio analyst at Scottish Widows Life Assurance Fund. Prior to working as an investment manager, Peter worked for five years as an economist in the agricultural industry.

  • Merryn Somerset Webb

    Director

    Merryn Somerset Webb was appointed as a Director on 7 August 2019. She is the Editor-in-Chief of UK personal finance magazine Money Week and comments regularly on financial matters across radio and television. She brings a wealth of investment trust experience as well as a particular knowledge of, and interest in, developing the links between investment trusts and their current and potential retail investor base.

 

Financial calendar

Year End 30 June
Accounts published September
Annual General Meeting November
Dividend Paid March, June, September, December

Trust details

Murray Income Trust PLC

Registered Office:
1 George Street,
Edinburgh
EH2 2LL

Registered in Scotland as an Investment Company Number SC12725

Launch Date: June 1923

Risk Warning
Risk warning
The value of investments and the income from them can go down as well as up and you may get back less than the amount invested. The tax benefits relating to ISA investments may not be maintained. Investors should review the relevant Key Information Document (KID) brochure prior to making an investment decision.
Read the detailed risk warning 
Investor warning: Please be aware of scams that can affect investors. Read the full investor risk warning