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The Company's AGM was held on Friday, 27 November 2020 and all resolutions were passed with the requisite majority - details of the proxy votes can be found in the announcement of the results of the AGM above.
A link to a presentation from Charles Luke, the Company’s Investment Manager, on the Company’s Annual Results for the year ended 30 June 2020 can also be found above, alongside an update from the Chairman, Neil Rogan.
An update from our investment manager, Charles Luke - 4 December 2020
The coronavirus crisis has represented 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 have been 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 market conditions.
Since the start of the crisis, we have sold a number of companies that have been particularly exposed to the coronavirus and where we believe changes will be structural. Conversely, we have taken the opportunity to add new holdings and to existing holdings where we believe the market reaction has been too severe. We remain in close dialogue with management teams to understand their evolving thoughts.
Although the trajectory of an economic recovery will be dependent on a range of factors, it seems likely that the post-coronavirus environment will be characterised by a long period of modest 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. 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.
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 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.
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.
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 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 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 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.
Georgina Field was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from May 2019. She is Chief Executive Officer and founder of White Marble Marketing Ltd, a marketing consultancy practice for the wealth and asset management industry. Past roles include Head of European Marketing at Aberdeen Asset Management and Marketing Director of Neptune Investment Management.
Alan Giles was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from November 2015. He is Senior Independent Director and Chairman of the remuneration committee of Foxtons Group plc, Chairman of The Remuneration Consultants Group, an Associate Fellow at Saïd Business School, University of Oxford, and an honorary visiting professor at The Business School (formerly Cass), City, University of London. He was formerly Chairman of Fat Face Group Limited, Chief Executive of HMV Group plc, Managing Director of Waterstones, and an executive director of WH Smith plc. He previously held non-executive directorships at The Competition & Markets Authority, Rentokil Initial plc, The Office of Fair Trading, Somerfield plc and Wilson Bowden Plc.
Richard Laing was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from November 2012, including as chairman from July 2017. He is Chairman of 3i Infrastructure plc and a non-executive director of JPMorgan Emerging Markets Investment Trust plc, Tritax Big Box REIT plc and Miro Forestry Ltd, which operates in West Africa. He was previously Chief Executive of CDC Group plc, formerly the Commonwealth Development Corporation, from 2004 to 2011, having joined the organisation in 2000 as Finance Director. Prior to CDC, he spent 15 years at De La Rue, latterly as the Group Finance Director. He previously worked in international agribusiness, at PricewaterhouseCoopers and Marks & Spencer. He has also held a number of non-executive positions across a range of sectors. He obtained an MA from Cambridge University in Engineering and is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA).
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.
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.
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.
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.
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.
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.
Non-Executive Director
Georgina Field was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from May 2019. She is Chief Executive Officer and founder of White Marble Marketing Ltd, a marketing consultancy practice for the wealth and asset management industry. Past roles include Head of European Marketing at Aberdeen Asset Management and Marketing Director of Neptune Investment Management.
Non-Executive Director
Alan Giles was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from November 2015. He is Senior Independent Director and Chairman of the remuneration committee of Foxtons Group plc, Chairman of The Remuneration Consultants Group, an Associate Fellow at Saïd Business School, University of Oxford, and an honorary visiting professor at The Business School (formerly Cass), City, University of London. He was formerly Chairman of Fat Face Group Limited, Chief Executive of HMV Group plc, Managing Director of Waterstones, and an executive director of WH Smith plc. He previously held non-executive directorships at The Competition & Markets Authority, Rentokil Initial plc, The Office of Fair Trading, Somerfield plc and Wilson Bowden Plc.
Non-Executive Director
Richard Laing was appointed a Director on 17 November 2020 after serving as a director of Perpetual Income and Growth Investment Trust plc from November 2012, including as chairman from July 2017. He is Chairman of 3i Infrastructure plc and a non-executive director of JPMorgan Emerging Markets Investment Trust plc, Tritax Big Box REIT plc and Miro Forestry Ltd, which operates in West Africa. He was previously Chief Executive of CDC Group plc, formerly the Commonwealth Development Corporation, from 2004 to 2011, having joined the organisation in 2000 as Finance Director. Prior to CDC, he spent 15 years at De La Rue, latterly as the Group Finance Director. He previously worked in international agribusiness, at PricewaterhouseCoopers and Marks & Spencer. He has also held a number of non-executive positions across a range of sectors. He obtained an MA from Cambridge University in Engineering and is a Fellow of the Institute of Chartered Accountants in England and Wales (FCA).
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.
Non-Executive 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.
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.
| Year End | 30 June |
| Accounts published | September |
| Annual General Meeting | November |
| Dividend Paid | March, June, September, December |
Half year report webcast by Charles Luke for the six months to end 31 Dec 19
'Hear fund manager Charles Luke presenting Murray Income's annual results